The Economic and Financial Crimes Commission (EFCC) has
recovered N329.150billion from 10 marketers from 2016 to date.
The marketers defaulted in payment for products supplied to them
by the Nigerian National Petroleum Corporation (NNPC) through its
subsidiary, the Petroleum Products and Marketing Company
(PPMC).
About N20, 604, 109, 123.90 is yet to be recovered.
The PPMC has written to the EFCC to help recover the funds.
Following a petition against the marketers, EFCC Acting Chairman
Ibrahim Magu raised a special task force to investigate how the
marketers incurred the debts of about N349, 818,411,556.37.
The Task Force, which was managed by the EFCC Zonal office in
Kano, recovered the N329.150billion from 10 marketers.
After the reconciliation at the weekend, the PPMC gave a status
report to the Acting Chairman.
The report, signed by Umar Ajiya reads in part: “Further to our
previous correspondence to your office in respect of the above
subject matter, please note that till date, the debts recovered
from major oil marketers include N87, 028, 851, 268.17 and N242,
121, 256,468.03 for legacy and current debts respectively, leaving
a balance of N20, 604, 109, 123.90 broken down into N4, 426,439,
240(legacy debts) and N16, 177,669, 883.90(current debts)
“These amounts have been agreed with the marketers that they
shall be deducted and paid from outstanding entitlements or
payments due to the marketers from the Federal Ministry of Finance
and which will bring to the end the debt recovery effort.
We wish to express our profound gratitude for the successful
collaboration between the EFCC and PPMC/ NNPC which largely
resulted in the huge recovery of debt from the marketers from the
inception of the recovery exercise in 2016 to date.”
A source, who spoke in confidence, said if the EFCC had not
moved in, some of the marketers would have been foot-dragging on
the debts.
“You can imagine what N349billion can do in the life of a
nation. Some of these marketers were supplied products but they did
not pay even after selling to customers.
“The EFCC detectives are still working on the recovery of the
over N20billion still outstanding,” he said.
Earlier, the Head of Media and Publicity of EFCC, Mr. Wilson
Uwujaren, had given an insight into the breakthrough by EFCC
detectives.
He said: “Findings by the operatives of the EFCC revealed that
the oil marketers were actually indebted to the Federal Government
to the tune of N91,519,485,204.44billion between 2010 and 2016.
”Further investigation into the allegation also revealed that
the oil marketers had continued to obtain petroleum products from
the government without proper payment, in violation of the
NNPC/PPMC credit facility regulations.
”Upon the conclusion of the preliminary investigation, officials
of NNPC/PPMC and all the managing directors of the concerned
companies which are NNPC retails , Conoil Plc, Total Plc, OVH
Energy Plc, Oando Plc, Forte Oil and Gas Plc, Mobil Plc, MRS Oil
Plc, and NIPCO Oil Plc were invited to the Kano Zonal Office of the
Commission where their statements were recorded following which the
recovery process commenced.”
Shady deals in the oil sector, including the fuel subsidy
scandal, were said to have cost the nation over N1.3 trillion in
2011.
But the manipulation of subsidy claims caused an uproar
nationwide.
The Presidential Committee on Verification and Reconciliation of
Fuel Subsidy Payments had initially indicted 21 firms for
fraudulent claims that cost the nation N382 billion but the list
was later increased to 25 by the Federal Ministry of Finance, based
on fresh evidence.
The former Chairman of the Committee, Mr. Aigboje
Aig-Imoukhuede, said of the N422 billion scrutinised, N18 billion
was found to be duplication; N21 billion was cleared.
He also confirmed out of the 116 oil marketing and trading
companies (OM&T) invited, 107 honoured the invitation.
He said: “Of the N422 billion, N18 billion was found to be
duplication. So, the actual amount that was being verified is N403
billion. Of this amount, N21 billion was cleared and that leaves
N382 billion as the sum in contention for which the committee
recommended that the process of recovery should be made,” the
report noted
The Economic and Financial Crimes Commission (EFCC) has
recovered N329.150billion from 10 marketers from 2016 to
date.
The marketers defaulted in payment for products supplied to them
by the Nigerian National Petroleum Corporation (NNPC) through its
subsidiary, the Petroleum Products and Marketing Company
(PPMC).
About N20, 604, 109, 123.90 is yet to be recovered.
The PPMC has written to the EFCC to help recover the funds.
Following a petition against the marketers, EFCC Acting Chairman
Ibrahim Magu raised a special task force to investigate how the
marketers incurred the debts of about N349, 818,411,556.37.
The Task Force, which was managed by the EFCC Zonal office in
Kano, recovered the N329.150billion from 10 marketers.
After the reconciliation at the weekend, the PPMC gave a status
report to the Acting Chairman.
The report, signed by Umar Ajiya reads in part: “Further to our
previous correspondence to your office in respect of the above
subject matter, please note that till date, the debts recovered
from major oil marketers include N87, 028, 851, 268.17 and N242,
121, 256,468.03 for legacy and current debts respectively, leaving
a balance of N20, 604, 109, 123.90 broken down into N4, 426,439,
240(legacy debts) and N16, 177,669, 883.90(current debts)
“These amounts have been agreed with the marketers that they
shall be deducted and paid from outstanding entitlements or
payments due to the marketers from the Federal Ministry of Finance
and which will bring to the end the debt recovery effort.
We wish to express our profound gratitude for the successful
collaboration between the EFCC and PPMC/ NNPC which largely
resulted in the huge recovery of debt from the marketers from the
inception of the recovery exercise in 2016 to date.”
A source, who spoke in confidence, said if the EFCC had not
moved in, some of the marketers would have been foot-dragging on
the debts.
“You can imagine what N349billion can do in the life of a
nation. Some of these marketers were supplied products but they did
not pay even after selling to customers.
“The EFCC detectives are still working on the recovery of the
over N20billion still outstanding,” he said.
Earlier, the Head of Media and Publicity of EFCC, Mr. Wilson
Uwujaren, had given an insight into the breakthrough by EFCC
detectives.
He said: “Findings by the operatives of the EFCC revealed that
the oil marketers were actually indebted to the Federal Government
to the tune of N91,519,485,204.44billion between 2010 and 2016.
”Further investigation into the allegation also revealed that
the oil marketers had continued to obtain petroleum products from
the government without proper payment, in violation of the
NNPC/PPMC credit facility regulations.
”Upon the conclusion of the preliminary investigation, officials
of NNPC/PPMC and all the managing directors of the concerned
companies which are NNPC retails , Conoil Plc, Total Plc, OVH
Energy Plc, Oando Plc, Forte Oil and Gas Plc, Mobil Plc, MRS Oil
Plc, and NIPCO Oil Plc were invited to the Kano Zonal Office of the
Commission where their statements were recorded following which the
recovery process commenced.”
Shady deals in the oil sector, including the fuel subsidy
scandal, were said to have cost the nation over N1.3 trillion in
2011.
But the manipulation of subsidy claims caused an uproar
nationwide.
The Presidential Committee on Verification and Reconciliation of
Fuel Subsidy Payments had initially indicted 21 firms for
fraudulent claims that cost the nation N382 billion but the list
was later increased to 25 by the Federal Ministry of Finance, based
on fresh evidence.
The former Chairman of the Committee, Mr. Aigboje
Aig-Imoukhuede, said of the N422 billion scrutinised, N18 billion
was found to be duplication; N21 billion was cleared.
He also confirmed out of the 116 oil marketing and trading
companies (OM&T) invited, 107 honoured the invitation.
He said: “Of the N422 billion, N18 billion was found to be
duplication. So, the actual amount that was being verified is N403
billion. Of this amount, N21 billion was cleared and that leaves
N382 billion as the sum in contention for which the committee
recommended that the process of recovery should be made,” the
report noted
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