Former Governor of the Central Bank of Nigeria, Sanusi
Lamido Sanusi, brought the part of the illicit deals to public
attention when he alerted Nigerians that the Nigerian
National Petroleum Corporation (NNPC) had failed to deposit
$20 billion of oil revenues with the CBN. In addition, Mrs.
Alison-Madueke had inked some deals, with the blessing of
former President Jonathan, involving oil swaps and the
transfer of certain oil wells reclaimed from multinational oil
companies to shady Nigerian operators, including Jide
Omokore and Kola Aluko.
An investigation by SaharaReporters discovered that
President Buhari’s administration has begun the difficult and
complex process of retrieving some of the missing petro-
billions. One approach so far adopted by the new president is
aimed at addressing the fuel scarcity that has harmed the
Nigerian economy and threatens to paralyze the country’s
economic activities, according to highly placed officials in the
government.
But one exception involves Mr. Omokore whose Atlantic
Atlantic Energy Oil Company was involved in the controversial
concession of oil wells. A source at the Presidency told
SaharaReporters that Mr. Omokore had volunteered to return
$500 million to the Federal Government. However, the source
added that President Buhari nixed the deal based on
information that Mr. Omokore, believed to be a front for Mr.
Jonathan and Mrs. Alison-Madueke, is in possession of $4.5
billion of funds that should have been deposited in the
federation account.
The sources told SaharaReporters that the government’s
immediate strategy involved targeting oil marketers and
companies “caught red-handed in stealing huge sums of oil
subsidies and oil revenues.” The government has pressured
these companies and their owners to agree to repay the
stolen monies traced to them by immediately importing more
fuel into Nigeria.
The sources said the Buhari government has recorded
significant early success in getting some oil marketers and
their companies to accept the fuel-for-funds deals. “A number
of them have agreed to import massive levels of fuel in lieu
of the funds they received in shady transactions during the
Jonathan administration,” one Presidency source claimed.
Another source revealed that the administration had started
out by putting pressure on former Petroleum Minister,
Diezani Alison-Madueke. She was reportedly quick to deny
responsibility for the illicit deals with the oil marketers.
Instead, she squealed on her subordinates in the NNPC,
accusing them of structuring and doctoring the deals that
robbed Nigeria of billions of dollars.
“The [Buhari] government got her to write a formal account of
her allegations against some NNPC officials and oil
companies. What she put down gave a picture of how some of
the funds went missing. The document was then forwarded to
the Economic and Financial Crimes Commission (EFCC) in the
form of a petition,” one source said.
Mrs. Alison-Madueke’s “petition” reportedly named all the
persons involved in the massive fraud in the oil sector,
including some past and serving officials of the NNPC. Our
sources said those she implicated in the NNPC include the
current General Managing Director (GMD), Haruna Momoh, a
former GMD, Austen Oniwon, Reginald Stanley and Sam
Okeke, a former Group General Manager, New Business
Division of the NNPC.
An EFCC source told SaharaReporters that a crack team of
investigators was currently working on the former minister’s
petition. He said the document had revealed new facts
previously unknown by EFCC agents and Nigeria’s intelligence
officials at Department of State Services (DSS). Among the
scams disclosed by the former minister is information that at
least four companies involved in an oil swap deal had not
accounted for huge sums that should have been remitted to
the account of the Nigerian government.
Among the companies implicated in her “petition,”
Transfigura was reportedly unable to account for $80 million,
Televeras $111million, while Aiteo apparently gulped down
$150 million. Other oil firms named in the defrauding of the
Nigerian people are Ontario, which failed to account for $135
million, and Sahara Energy, accused of skipping the payment
of $120 million to the government.
Our EFCC source revealed that two companies, Transfigura
and Sahara Energy, had made some gesture towards paying
back some missing funds. However, a source at the
Presidency told our correspondent that “so far the
reconciliation has involved just paperwork and has not
scratched the heart of the scam.” Investigators described
Aiteo and Ontario as particularly problematic because they
have completely cooked their records. An investigator also
disclosed that the two companies are most directly linked to
Mrs. Alison-Madueke and former President Jonathan. Both
Ms. Alison-Madueke and Mr. Jonathan are currently in the UK,
with the former Petroleum Minister reportedly undergoing a
weeklong cancer therapy.
Some of the companies have agreed in principle to return the
funds by bartering imported fuel for the funds they acquired
illegally.
Our sources disclosed that other downstream companies
caught in the storm of missing and stolen funds include Forte
Oil, owned by businessman Femi Otedola, Folawiyo Energy,
and, Oando, owned by Wale Tinubu and Honeywell Oil
Company owned by Oba Otudeko.
Officials of the Buhari administration declined to give official
confirmation of the stolen assets recovery process relating to
other officials of the Jonathan Presidency.

First of the many good news I expect to read and hear from the chosen one-PMB after the deflation caused by the treachery of Saraki.
We believe our trust and belief in PMB would not be in vain and expect several billions of dollars to be recovered as he said he will.
But I hope jail is still part of the bargain,even if its just 2 years in kirikiri for those thieves.

Na wa o. this peeps are just transferring billion billion as if it chicken change

Ishilove:
Na wa o. this peeps are just transferring billion billion as if it chicken change

the thing tire me oo

As juicy as this news is, no source.

Just bland and insipid.

I hope it's all true sha

Ishilove:
Na wa o. this peeps are just transferring billion billion as if it chicken change

Trillion is the new Billion

Uhmm

Shebi Some people here said Jonathan and Alison were falsely accused.

Thank God Jonathan did not come back for second term, it would have been a disaster for Nigerians

This is the second thread on this news and not yet deemed qualified for FP!

Lalasticlala Ishilove Obinoscopy Seun, please do the needful.

Hmm Ontario oil and gas

Nigerian's should stop absconding with business money. It is very bad. That is why there is so much poverty amidst riches. One person will decide to run away with money that can help people. This is why these foolish governors don't trust us enough to give us contracts. See foreigners getting everything. when you were transacting the business, you included your profit. Why run away with the profit and the contract money.

ok

http://saharareporters.com/2015/06/10/stolen-assets-recovery-buhari-demands-fuel-imports-oil-marketers-implicated-fraud

Slow and steady,we will get there. BTW, how come GEJ and DAM are both in the U.K at the moment?

The fear of Buhari is the beginning of freedom

I did not waste my vote on PMB.

Keep up the good work Baba. God will continue to protect you for us and give you the wisdom to move our dear country forward, while jokers keep caressing Israeli flag and screaming the land of the setting sun.