Subsidy fraud: EFCC begins probe of indicted oil firms

The Economic and Financial Crimes Commissioner has written some companies on their involvement in the alleged scam in the management of fuel subsidy

Investigations on Tuesday in Abuja showed that the Head of Operations of the EFCC and the commission’s team on the issue, Mr. Olaolu Adegbite, had written some fuel importers to inform them that EFCC operatives would be visiting them in relation to their records of fuel importation and the administration of the subsidy fund.

It was gathered that the anti-graft agency intensified what its operatives described as a law enforcement investigation by interrogating some officials of the Nigerian National Petroleum Corporation, the Petroleum Products Pricing Regulatory Agency, the Ministry of petroleum Resources and others in relation to the subsidy fraud.

A source, who spoke to our correspondent on the condition of anonymity said the EFCC had since dispatched the letters to the affected companies.

The source, who spoke to our correspondent, said, “The EFCC has been monitoring the probe in the House. But the letters are part of the commission’s independent investigation. This is not to say that the EFCC will disregard the report of the probe. The report will assist in the independent investigation.”

The ad hoc committee had in its report recommended 72 companies for further investigations by “the relevant anti-corruption agencies, with a view to establishing their culpability and recovering N230.1bn indicated against their names.”

It also recommended that marketers, who obtained foreign exchange but did not import petroleum products, should be referred to anti-corruption agencies with a view to verifying what they used the FOREX for.

The marketers, according to the executive summary of the report, should respectively make refunds as follows: Business Ventures Nigeria Limited, $ 22,927,339.96; East Horizon Gas Company Limited, $20,735,910.81; Emaded Energy, $6,606,094.30; Pokat Nigeria Limited, $3,147,956.19 and Synopsis Enterprises Limited, $51,449,977.47.

Others are Zenon Pet and Gas Limited, $232,975,385.13; Carnival Energy Oil Limited, $ 51,089.57; Crownliness, $4,756,274.94; Ice Energy Petroleum Trading, $2,131,166.32; Index Petroleum Africa, $ 6,438,849.64; Ronadoil Gas West Africa, $4,813,272.00; Serene Greenfield Limited, $4,813,360.75; Supreme and Mitchelles, $16,947,000.00; Tridax Energy Limited; $ 15,900,000.00 and Zamson Global Res, $8,916,750.00


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