LACK of strict guidelines and failure to follow due process by government agencies have been identified as leeway exploited by oil marketers allegedly involved in the N2 trillion oil subsidy scam, the Nigerian Tribune investigation has revealed.

Credible source in-formed the Nigerian Tribune that the issu-ance of oil import licences to marketers was not regulated, as relevant Federal Govern-ment agencies discarded due process while granting approvals to businessmen to import petroleum pro-ducts into the country.

This disclosure came as the 15-man presidential committee on fuel subsidy regime wound up its sitting, amidst other shocking revelations, including cases of payments to oil marke-ters without verifications.

The panel, headed by Mr Aigboje Aig-Imou-kuede, which sat in Abu-ja, had interviewed vari-ous government agen-cies, including the Petroleum Product Pric-ing Regulatory Agency (PPRA), Central Bank of Nigeria (CBN), the Niger-ian National Petroleum Corporation (NNPC), officials of the Budget Office and Ministry of Finance.

The source hinted that despite N2 trillion expended on fuel subsidy regime in 2011, pay-ments were made at the whims and caprices of top officials, who were supposed to verify the authenticity of supplies.

According to the source, various oil mar-keters, who benefited from the foreign exchan-ge obtained from the CBN to import oil, allegedly used their connections to secure licences and other documentations needed to partake in the deals.

Investigations revealed that the chairman of the committee, who is also the Managing Director of Access Bank, shifted the sitting of the committee to Lagos, last week, where more oil marketers were grilled on their alleged involve-ment in the oil subsidy fraud.

The panel, which would round up its sitting in Abuja today, was expected to relocate to Lagos to write its report, while those indicted would be charged to court for prosecution.

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