Chairman, Senate Ad-hoc Committee probing the management of fuel subsidy regime in the country, Senator Magnus Abe, read the names of companies benefitting from the fuel subsidy at the resumed investigation by the committee in Abuja.

Senate President, Senator David Mark, had lamented the existence of those he referred to as “oil industry mafia” and charged the investigative panel to unearth those behind oil deals.

President Jonathan had also lamented his helplessness and inability to tackle this powerful cabal hence his resolve to remove the subsidy.

Among the names reeled out by Senator Abe are; Oando Nigerian Plc. – N228.506 b, MRS oil – N224.818 billion, Enak Oil & Gas – N19.684 billion, CONOIl – N37.960 billion, Bovas & Co. Nig. Ltd. – N5.685 billion, Obat N85 billion and AP; N104.5billion.
Also on the list are Folawiyo Oil - N113.3billion; IPMAN Investment Limited- N10.9billion; ACON - N24.1billion, Atio Oil-N64.4billion, AMP- N11.4billion; Honeywell-N12.2billion; Emac Oil- N19.2billion; D.Jones Oil-N14.8billion; Capital Oil - N22.4billion; AZ Oil- N18.613billion; Eterna oil- N5.57 billion; Dozil oil- N3.375 billion; and Fort oil-N8.582 billion.

Also, Integrated Oil and Gas owned by former Minister of Interior, Capt. Emmanuel Iheanacho was mentioned and is said to have benefitted to the tune of N30.777 billion, while IPMAN Investment Limited pocketed the sum of N10.9 billion.
Oba Otudeko owns Honeywell oil; Oando Oil is owned by Wale Tinubu who is Asiwaju Bola Tinubu's nephew; Mike Adenuga owns CONOIL; Femi Otedola owns and runs AP; MRS Oil is run by Aliko Dangote's nephew, Sayyu Dantata; and Integrated Oil and Gas, which is owned by a former Minister of the Interior, Capt. Emmanuel Iheanacho.

Regarding 2011subsidy pay out, the companies named by the Senate and the amount of money they have received this year alone include Otedola's African Petroleum, N104.58 billion; A.A. Rano, N1.14 billion; A.S.B, N3.16 billion; Arcon Plc, N24.116 billion; Aminu Resources, N2.3 billion; Avante Guard, N1.14 billion; Avido, N3.64 billion; Boffas and Company, N3.67 billion; and Brilla Energy, N960.3 million.

Others also listed are: DownStream Energy, N789.648 million; Dosil Oil and Gas, N3.375 billion; Inco Ray, N1.988 billion; Eternal, N5.574 billion; Folawiyo Energy, N113.32 billion; Frado International, N2.63 billion; First Deepwater Oil, N257.396 million; Heden Petrol, N693 million; Honeywell Petrol, N12.2 billion; Integrated oil, N30.777billion; AMP, N11.417 billion; Ascon, N5.271 billion; Channel Oil, N1.308 billion; Fort Oil, N8.582 billion; Enak Oil & Gas, N19.684 billion; IPMAN Investment Limited, N10.9 billion; Atio Oil, N64.4billion; AMP, N11.4billion; and Emac Oil, N19.2billion.

Abe, however, differed from the amount of N1.346trillion earlier presented by the Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Reginald Elijah Stanley. He placed the figure at N1.426trillion.

Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mr. Austin Oniwon, incurred the wrath of the Senator Magnus Abe-led committee when he could not tell them the units of crude oil refined per day in the nation’s refineries.

He had earlier told the committee that all the refineries combined couldn’t operate below 60 percent capacity, while the Port Harcourt refinery has not been operational for more than a month now. “By the design of the refineries, they can’t run below 60 percent when you charge it. That’s why we say it’s 60 percent. Unfortunately, for over a month now, the Port Harcourt refinery has been shut down. But when it runs, technically, it can’t run below 60 percent,” he said.

Committee member, Senator Bukola Saraki, whose motion triggered the Senate probe asked Oniwon to tell senators “the average capacity utilization of the refineries.”Oniwon replied:” I’ll get back to you on that.” This did not go down well with Saraki who pressed on with more questions. He asked again: “What amount of PMS would the refineries give us for the months of October, November and December?”

Again, Oniwon replied: “ At 60 percent, we’ll produce 13 million litres.” An angry Senator Saraki repeated his question and demanded details and documents on the amount of crude refined for those months to which Oniwon replied: “I didn’t come with the figures but I can submit them later.”

The panel also discovered a good number of the marketers did not meet the conditions for pre-qualifications to benefit from the subsidies adding that they are most times in the habit of making false claims; “leading to drain in the nation’s oil and gas industry”.

According to Abe, prospective marketers were required to own tank farms (petrol deports) of not less than 5000 metric tonnes, and should be registered with the Corporate Affairs Commission (CAC) as oil companies.

“Yet it was discovered that while only 11 marketers own storage facilities, the rest were “throughput” (sharing depots with filling stations) and some were registered construction companies,” he said.

Nonetheless, the Group Managing Director of the NNPC, Austin Oniwon told the panel that whereas a locally refined barrel of petrol costs $5, with a subsidy of N11.85 per barrel, the independent marketers were being subsidized with N77 per litre of N138.71, amounting to N12, 243 per barrel.

While adjourning sitting to Monday December 12, Senator Abe directed Oniwon to produce total amounts expended on turn around maintenance from 1999 to date, total dividends accruing to NNPC from the Joint Venture Companies, names of accused marketers, investigations conducted, results and subsequent punishments to defaulters at the next sitting.

www.transparencyng.com/index.php?option=com_content&view=article&id=5898%3Afuel-subsidy-cabal-named&catid=68%3Abusiness-and-economy&Itemid=131

Up Yorubaboons!
See how OBJ used Nigeria's petroleum to enrich his Yoruba bwodas eh kwa?
Tinubu
Adenuga
Otedola

. . . .ole 'swaggers'!
No wonder their JOBLESS pickins dem nor dey let us see road for NL.
One Nigeria indeed!
Awon ole!!!!!

More pweeeeeeeeeeeeeeeease!!!!

all na lie.
if that idiot is sure of what he is saying, let him arrest and persecute the so called beneficiaries but nigerians are saying no to removal of fuel subsidy.

Up Yorubaboons!
See how OBJ used Nigeria's petroleum to enrich his Yoruba bwodas eh kwa?
Tinubu
Adenuga
Otedola

. . . .ole 'swaggers'!
No wonder their JOBLESS pickins dem nor dey let us see road for NL.
One Nigeria indeed!
Awon ole!!!!!

More pweeeeeeeeeeeeeeeease!!!!

If not for those same Yorubas, your brothers will be trekking endless miles in your God forsaken interior land.

i dey laff ooh! as Normal GEJ can't do shit! Unless the people bring down the foundations that will make all of them flee.

Sinachay:

Up Yorubaboons!
See how OBJ used Nigeria's petroleum to enrich his Yoruba bwodas eh kwa?
Tinubu
Adenuga
Otedola

. . . .ole 'swaggers'!
No wonder their JOBLESS pickins dem nor dey let us see road for NL.
One Nigeria indeed!
Awon ole!!!!!

More pweeeeeeeeeeeeeeeease!!!!

That educational standards have fallen in Nigeria cannot be disputed. To see that fact displayed so vividly is , frankly, amazing. I am no fan of OBJ but what our "we-are-clean-and-only-the-Yaribas-and-almajiri steal" brothers need to know, once and for all, are the facts. The facts should be examined that actually make OBJ , as far as fuel subsidy goes, appear less of a glutton than the "new age" Presidents.

Fact: fuel subsidy hovered around N300.00 billion under OBJ.

Fact: OBJ never pushed for the FG to gain the authority to issue Marketers licence. That happened in 2009 under Yar Adua. Thereafter, and under Yar Adua and GEJ, a raft of licences were issued to "independent" marketers to include construction companies and others with nothing to do with oil. This swelled "beneficiaries" to over a 100 whereas the figure was , by a huge margin, less than that under OBJ.

Fact: It is under "Ebele" That the highest increase in fuel subsidy , with no plausible explanation, has been seen.  I.e an amazing N1.4 trillion spent on subsidy between Jan and Nov 2011 . That figure, amazingly, is almost 50% of what has been spent on subsidy, i.e N3.65 trillion, in 5 years from 2006 to 2011   !!!!!!!!

You guys can get as emotional as you want and play Ostrich in trying to justify your holier-than-thou mentality. Meanwhile the fact balanced folks don't deny is that all politicians, from every corner of the nation, loot in Nigeria and the biggest enrichment of private pockets ,as far as subsidy is concerned, appears to have happened under "Ebele".