Wednesday, 18 April 2012

How Nigeria's N241billion was looted by oil companies in Fuel Subsidy jamboree!

President Jonathan

Part of the House of Representatives fuel subsidy probe committee report leaked today ahead of its presentation to a committee of the whole House has revealed how Aviation Minister, Stella Oduah’s oil firm, SPG along with 68 others stolen over N241 billion of the fuel subsidy fund.
The 200 page probe report accused 69 oil companies of embezzling N229,706,023,200 between 2006 and 2011, in addition to extra funds stolen by the Nigeria National Petroleum Corporation (NNPC) bringing the figure to N241 billion.
The committee in its recommendation has asked that the total sum be refunded to the federal government by the indicted companies which were also recommended for further investigation and prosecution by the Economic and Financial Crimes Commission (EFCC).
The report further said that “The office of the Accountant General of the federation should account for N213.678b being total of excess payments made by it over and above what PPPRA identified as paid in 2009 and 2010.”
The panel ordered that the EFCC and ICPC should ensure that” the Accountant General’s office accounts for the over-recovery figures of N2.76b and N5.27b respectively.”
On NNPC, the report said “In addition to CBN’s payment of N844.944b as represented on the federation accounts components statement, NNPC made a direct deduction of N847.942b as subsidy in 2011, bringing all claims by the NNPC on subsidy in 2011 to N1,692.886 trillion.”
Part of the panel’s recommendations also states that Integrated Oil & Gas should cough out N13,252 billion as refund while Conoil is to refund over N3 billion of the looted fund.
The SPG Oil owned by Jonathan’s Aviation minister is also to refund over N1billion, precisely N1,019,571,609, and Total Oil the sum of N1.931 billion.


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