Stolen Assets Recovery: Buhari Demands Fuel Imports From Oil Marketers Implicated In Fraud
Facing a huge cash crisis, President Muhammadu Buhari has resorted to unusual strategies for recovering some of the funds stolen from Nigeria’s treasury through a series of shady deals between former Petroleum Minister Diezani Alison-Madueke and a group of indigenous oil companies and oil marketers she and former President Goodluck Jonathan favored.
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.
Source: http://saharareporters.com/2015/06/10/stolen-assets-recovery-buhari-demands-fuel-imports-oil-marketers-implicated-fraud

Good Development! If true.

Source?

Anyi3:
Source?

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

good if it is true.

How long will SR Carry on with their propaganda against Allison? Please see this...
SR wrote

“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.

This is false. It was actually Diezani that wrote PRESIDENT JONATHAN to grant approval for EFCC to carry out probe on the Swaps/OPAs. Jonathan granted the approval. The then Minister went further to write the EFCC. Buhari was NEVER in the picture

The probe, which started at EFCC is also being looked at by the DSS in the last two weeks, has led to the interrogation, arrest, watch-listing and seizure of international passports of some NNPC officials and oil trading firms by the DSS. Those affected include Aiteo founded by Mr. Benny Peters, Sahara Energy founded by Tonye Cole, Tope Sonubi and Ade Odunsi; Ontario Oil & Gas founded by Walter Wagbatsoma; Taleveras founded by Mr. Igho Sanomi. NNPC officials being questioned and watch listed include Managing Director of NPDC, Mr. Tony Moneke; Executive Director, Commercial, PPMC Mr. Frank Amego; Group General Manager, Crude Oil Marketing Division, Mr. Gbenga Komolafe; and former MD of NPDC and later NNPC Group Executive Director, E&P, Mr. Abiye Membere.

Whereas Sahara Energy and Aiteo handled the OPAs, Taleveras, Ontario, international commodity trader Trafigura, and again Aiteo got crude oil allocations under the swap programme.

In a letter dated May 18, 2015, Alison-Madueke had, with the approval of former President Goodluck Jonathan, written to the EFCC requesting that it looked into the Swaps/OPAs "in order to clarify the status of crude oil allocations to the trading firms and the petroleum products that had imported into the country on behalf of NNPC’s product distribution subsidiary – Pipelines & Products Marketing Company."
http://www.thisdaylive.com/articles/oil-traders-nnpc-officials-interrogated-watch-listed-in-major-investigation/211388/

Contrary to Sahara Reporters lies, NOBODY has agreed to refund a dime (for now). There is no source that told SR anything. They sit in NY in full comfort to write thrash. If Buhari's administration have anything against Jonathan and Allison he should go ahead and state it. This propaganda won't sell, and it won't distract us from holding Buhari accountable

Officials of the Buhari administration declined to give official confirmation of the stolen assets recovery process relating to other officials of the Jonathan presidency.

An old/wornout pussycat can still scare a vibrant mouse/mice.....
Buhari is the cat, while ---dash----, ---dash---- and ---dash--- are the mice.... Hehehehe if you can stop corruption na then i will fully support you......

barcanista:

How much for this land?

As things dey go now, some people go sell their car use am buy tire I swear.

it is just so sad that current Nigerian leaders don't love their people. Billions of dollars meant for economic development ends up in a few pockets at the detriment of the entire nation...Nigerians are wiser now,those that have a voice will protest and those that have MB will do their own naming and shaming on social media.

francizy:


How much for this land?

N10.5Million Only

Thieves

God bless PMB

omokore ko,ayeigbeni ni.
rubbish... he was in possession of $4.5b but has agreed to return $500m.
who are the officials?
buhari asked for account today and instantly the guy covering up for Gej decides to drop $500m.same way we were told Obj promise to return money he took.

apc got the seat with lies and still wants to run the government with lies.

South west


Stealing from government since 1960

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

sahara reporters too na source?
A news agency with NO credibility. Smh

*Faints*

Still jail him please.

abiambo:
sahara reporters too na source?
A news agency with NO credibility. Smh

Says who? I'd trust SR any day anytime

Instead of paying the looted funds, they should Import more fuel?

This means Tanker explosions is going to increase geometrically. *just kidding*

I think this oil marketers should pay the looted fund in cash and no other way. The lost money could be used in improving other sectors

El Rufai disclose dis about 10 days ago, so it is not news atall to me

brize:
An old/wornout pussycat can still scare a vibrant mouse/mice.....
Buhari is the cat, while ---dash----, ---dash---- and ---dash--- are the mice.... Hehehehe if you can stop corruption na then i will fully support you......

your mumu no get pat two.
are you the dullard of dash---?
muaazu!

Sahara reporters? Their story confuse me most times

Am so speechless..so d past administration can actually be dis dispassionate, wasteful and callous to service.. all dis funds pocked by some individuals and d minimum salary can't even buy a good working android phone, Nysc fed allowance can't buy 3 bags of rice..PMB is just few weeks in govt and we are richer without spending a dime...

Jonathan and Madueke ran Nigeria like their private business. No accountability, no responsibility, no security only mediocrity.

Let them call Kirikiri to reserve window bunk bed because I hear say heat too much inside there

.

abiambo:
sahara reporters too na source?
A news agency with NO credibility. Smh

Na source oo. No matter what true or false they will be held responsible for their reports.

YoursGEJ:
Jonathan and Madueke ran Nigeria like their private business. No accountability, no responsibility, no security only mediocrity.

Let them call Kirikiri to reserve window bunk bed because I hear say heat too much inside there

I second your motion.

naija we hail thee.