BIG time importers involved in the oil subsidy regime currently being probed by the House of Representatives ad hoc committee may be in for serious trouble in the days ahead as operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Economic and Financial Crimes Commission, (EFCC) and the State Security Service (SSS) have laid siege to the venue of the probe panel in the National Assembly.

It was gathered that the operatives were said to be at the venue taking records of proceedings and submissions of the representatives of the agencies and companies involved in the oil subsidy regime probe.

Consequently, nearly all the managing directors and chief executive officers of the major oil companies have failed to show up before the panel. Rather, they have been sending in their cronies with claims by them that their principals were indisposed.

Irked by this development, the chairman of the panel, Honourable Farouk Lawan, directed that all the top management of the major oil importers must appear before the committee physically and not through any representatives.

He equally warned that if any of the importers failed to submit relevant documents on the petroleum products they imported during the subsidy regime, “the committee will take it that they made no importation and they will be made to refund all the money they collected from the Federal Government as subsidy.”

Those documents which must be submitted to the committee any time from now by the importers, according to Honourable Lawan, include certificates of incorporation, letters of credit, letters of allocations, bills of lading, invoices, quantities of products imported and their countries of origin, evidence of payments, among others.

However, a member of the panel, Honourable Ali Ahmed claimed that most of the oil companies were owned by politically exposed persons, like top government officials, members of the National Assembly, among others.

Another member of the panel, who is the chairman, House Committee on Appropriation, Honourable John Enoh, warned the major oil companies against feeding the panel with lies and doctored documents, saying, “the companies should be more truthful in their submissions, the excuse of high exchange rates as responsible for increase in subsidy payments cannot fly before this committee.”

This is coming just as the outstanding debts being owed the importers by both the Nigerian National Petroleum Corporation (NNPC) and Petroleum Products Pricing Regulatory Agency (PPPRA) are now on the high side, as all the oil companies which appeared before the panel on Thursday claimed that they were being owed between N1.9 billion and N10 billion as of December last year.

The panel had earlier raised the alarm that the outstanding oil subsidy payments from its record might hit between N2 trillion and N3 trillion against the conflicting figures of N1.3 trillion by NNPC and N1.7 trillion by Central Bank of Nigeria (CBN).

Meanwhile, some of the companies mentioned in the KPMG audit report were grilled by the committee on Thursday, including the Managing Director of Dee Jones Petroleum, Mr Richard Eze, and the Managing Director of Vitol Company, an offshore organisation, Mr Rodney Gavshon.

Comments (4)

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You all are thiefs......................Stop Fooling Us
written by Government, February 03, 2012

Subsidy or no subsidy EFCC, SSS, ICPC, House of rep, you all are thief's because you all are been appointed by this same top criminals of this country and you listen to them what so ever they tell you so stop wasting our time as citizen of this country you all should go to hell

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NNPC/EFCC /NASS /MINISTER-- MOCKING NIGERIA
written by danieli, February 03, 2012

Established by the NNPC Act No. 33 of 1st April, 1977

Mandate Management of All Government in the Nigerian oil Industry
Coordinating the development of Nigerias first gas master plan (GMP)
Ensures efficient and effective operations in both downstream and upstream
operations in the oil and gas sector
Co-ordinates the activities of its subsidiaries for effective service
delivery

Nigerians Please READ the NNPC Policy above .

And TELL me why the crops of thieves starting from the GROUP managing Directors
are STILL in office.

Madam Minister,

(1) Please ASK yourself, Have these managers respected there VALUES?.

(2) With the fraud within the NNPC and its agents, the
managers, starting from GROUP Managing directors have failed Woefully,
defrauding the NATION and bastardising the sector with huge abuse in the oil sector which
ought to keep every Nigerian happy.

(3) No body is above the law, these guys have committed crimes, relocating
them within NNPC is Nothing More like a MOCKERY to Nigerians.

MADAM Minister IT’S A BIG SHAME.

EFCC - SHAME TO YOU.

NASS -- SHAME YOU ARE ALL INVOLVED.

PRESIDENT - NIGERIAN ARE DISAPPOINTED

READ BELOW NNPC POLICY

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...
written by Nasir Shatta, February 03, 2012

With the calibre of people involved in this subsidy probe,
can it achieve anything? time will tell.

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...
written by danieli, February 05, 2012

Nigerians please READ the NNPC Policy.

And TELL me why the crops of thieves starting from the GROUP managing Directors are STILL in office.

Established by the NNPC Act No. 33 of 1st April, 1977

Mandate
Management of All Government in the Nigerian oil Industry
Coordinating the development of Nigerians first gas master plan (GMP)
Ensures efficient and effective operations in both downstream and upstream operations in the oil and gas sector
Co-ordinates the activities of its subsidiaries for effective service delivery.

Madam Minister,

(1) Please ASK yourself, Have these managers respected there VALUES .

(2) With the huge fraud within the NNPC and its agents, the managers, starting from GROUP Managing directors have failed Woefully, defrauding the NATION and bastardising with huge abuse the oil sector which ought to keep every Nigerian happy.

(3) No body is above the law , these guys have committed crimes, relocating them within NNPC is Nothing More like a MOCKERY to Nigerians .

MADAM Minister IT’S A BIG SHAME, you cannot take action on the thieves .

EFCC - SHAME TO YOU.

NASS -- SHAME YOU ARE ALL INVOLVED.

PRESIDENT - NIGERIAN ARE DISAPPOINTED

READ BELOW NNPC POLICY

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