Showing posts with label Subsidy claims. Show all posts
Showing posts with label Subsidy claims. Show all posts

Tuesday, 18 December 2012

Okonjo-Iweala: My Mother was Abducted over Subsidy Claims


Barely three days after her mother, Prof. Kamene Okonjo, was freed, Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, disclosed that the kidnappers told the octogenarian that the minister’s purported refusal to pay subsidy claims as well as the non-release of the Subsidy Reinvestment and Empowerment Programme (SURE-P) funds were the motives behind their heinous action.
The minister, who said the old woman’s freedom from the abductors was miraculous, added that although she was denied food and water for the five days she was in captivity, she was in excellent health.
Briefing journalists in Abuja, Okonjo-Iweala, who described her mother as a very courageous woman, said while she was in their custody, the woman had inquired from the kidnappers the motive behind the ordeal they had subjected her to. The abductors, she said, had told her mother in no uncertain terms that her daughter (the minister) had refused to pay subsidy claims to marketers as well as blocked the release of funds accruing to SURE-P.
To set the record straight, the minister noted that nobody had stopped the payment of subsidy to marketers whose claims had been verified by the Aig-Imoukhuede Committee, stressing that the insistence of the Federal Government remained that only claims emanating from genuine transactions and had been verified should be paid – a position she said Nigerians had also championed.
On SURE-P, the minister stated that the programme was a different process, under a special committee, which is not under her control, adding that the Federal Government would continue to do what is right and in the overall interest of Nigerians. “I can’t give all the details because we don’t want to compromise ongoing investigations. “But I can tell you one thing: My mother suffered a great deal during this ordeal. It was only the Almighty God that rescued her from a situation that could very easily have ended tragically.

Monday, 17 September 2012

N8 billion Subsidy Claims: Integrated Oil petition PPPRA

Integrated Oil and Gas Limited through its legal firm, Tayo Oyetibo & Co. has written to the management of the Petroleum Products Pricing Regulatory Agency, PPPRA, over an outstanding claim of about N8.68billion owed the company for petroleum products importation under the Federal Government’s Petroleum Support Fund, PSF. In a 10-page letter tiled, “Demand for the Immediate Settlement of Outstanding Refunds Owed Integrated Oil and Gas Limited Under the Petroleum Support Fund Scheme,” the lawyers gave the breakdown of PPPRA’s indebtedness to its client to include:
i.    Outstanding Principal PSF refund  —N6.548 Billion
 ii.    PPPRA Advice not yet issued for Access Bank’s —N0.5 Billion balance cargo of Dec 2011.
 iii.    PPPRA’s earlier short payments on our claims —N0.98 Billion
 iv.    Outstanding Accrued Interest  —N0.651 Billion
The lawyers maintained that their client submitted a total of 38 documents for the claims verification, adding that “From the date our Client joined the operation of the PSF Scheme, it has dutifully and honestly performed its obligations by importing and supplying Premium Motor Spirit (PMS) to the Nigerian market based on the agreement it had with the PPPRA.” They further maintained that the inability of the PPPRA to honour its part of the agreements “has completely hampered our Client’s ability to honour the contractual obligations it owes to its financiers notably, Access Bank Plc.”

Monday, 3 September 2012

Subsidy Claims: Federal Government Pays N259bn

The Ministry of Finance has announced that the Federal Government has paid a total of N259, 339, 041, 657.85 as subsidy for 2012 and the arrears of 2011 claims.
The ministry, in a statement by the Senior Special Assistant to the Coordinating Minister for the Economy and Minister of Finance, Mr. Paul Nwabuikwu, said that contrary to the impression given by some marketers, the Federal Government, which has budgeted N888 billion for fuel subsidy, has continued to pay marketers whose claims had been duly verified.
A breakdown of the payments to the marketers, according to the ministry, shows that 24 companies submitted and were paid 43 different subsidy claims for 2012; totalling N78,899,342,509.65. Of the total amount of N78.9 billion paid so far under this category, the ministry said N34.6 billion was paid on August 22 following a thorough process of claims verification. The list also showed that 79 companies, including the 25 companies recommended for further criminal investigation by the Aig-Imoukhuede Committee, were paid arrears of 2011 claims in 2012, bringing the total payment to N259,339,041,657.85.
Among the oil marketers that the ministry listed as having received payment, are: Integrated Oil and Gas Limited; Masters Energy Oil and Gas Limited; Mobil Oil Nigeria Plc; MRS Oil and Gas Limited; NIPCO Plc; Oando Plc; and Total Nigeria Plc. They are some of the 24 companies that were paid a total of N78.9billion as their 2012 subsidy claims.
Capital Oil and Gas Limited; Ceoti Limited; Eterna Oil and Gas Plc; Forte Oil Plc; Heyden Petroleum Limited; Integrated Oil and Gas Limited; MRS Oil and Gas Company Limited; MRS Oil Nigeria Plc and Pinnacle Contractors Limited are among the 79 companies that were paid arrears of 2011 subsidy claims in 2012.
The statement did not however disclose if these companies were paid all their claims or not.