Friday, January 20, 2012

SUBSIDY: EFCC probes beneficiaries

Nigeria - The EFCC has already been mandated to investigate all the subsidy beneficiaries, which include Oando, Integrated Oil and Gas, MRS, AA Rano. A-Z Petroleum, ASB, Arcon Oil, African Petroleum, Aminu resources, Con Oil, Avante Guard, Avido, Boffas and Brila Energy.

Other are D Jones Petroleum, Downstream Energy, Dosil Oil Inco Ray, Eternal, Folawiyo Energy, Frado International, First Deepwater, Heden Oil, Honeywell Petrol, AMP, Channel Oil, Fort Oil, Bovas, Obat Oil, Ipman Investment, Atio Oil, AMP, and Ernac Oil.

President Goodluck Jonathan who is insisting that there must be no sacred cows is spearheading the Hunt for all those who have defrauded Nigeria through subsidy. Sources hinted that some members of Jonathan's kitchen cautioned that going after the subsidy cabal could hurt his Petroleum Minister, but the President maintained that whoever was involved should be taken down.

Meanwhile, the Federal Government through the Assets Management Corporation of Nigeria (AMCON) has given Capital Oil owned by Ifeanyi Uba 60 days to pay back N5 Billion being rogue proceeds he made from Kerosene subsidy or risk arrest and prosecution. Capital made N22.4 Billion from petrol subsidy. NNPC allocated to Uba’s Capital Oil 75% of kerosene supplies to distribute to the entire country at N50 pump price. But the cheapest of the product at the depot is N120 per litre & N135 at the filling stations while Capital Oil makes more than N70 on each litre of kerosene sold. 

A Trendy Africa Media Report.

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