Zenon Never Benefited from Policy Payments

18 Jan 2012
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Mr. Femi Otedola

Managing Director of Zenon Petroleum and Gas, Mr. Kanmi Kareem Otaru, has denied that the company had anything to do with the subsidy regime.

He made the denial to the House Ad hoc Committee investigating the subsidy regime chaired by Hon. Lawan Farouk. He stated that he decided to honour the Committee’s invitation out of deep respect for the House leadership and to also use the opportunity to clear the air about the rumours and outright misinformation going on through the social media platforms that Zenon and indeed Mr Otedola belong to a “cabal” exploiting the subsidy scheme, revealing that it was all a figment of people’s imagination.

He said “for the avoidance of doubt Zenon never participated or benefited from the subsidy scheme or Petroleum Support Fund, PSF.”

According to him going by the Act which established the PSF scheme, “Zenon couldn’t participate in it because we don’t have a network of PMS retail outlets which was one of the key criteria beneficiaries must meet and as such we are not qualified to participate in drawing from subsidy payments on PMS. So we never collected as records will show” he declared.

Stating further that the need to set the record straight had become urgent as a result of wild rumours and innuendos being circulated by mischief makers who are out to impugn the integrity of the company and its managers.

He told the committee after he was asked if Zenon imported PMS in 2011, that Zenon did not import any (AGO and/or PMS) in 2011. He further mentioned the losses sustained by the company in 2007/08, of over a N100 billion, due to the fall in international crude and products prices and the devaluation of the naira.

Earlier, Farouk had said neither Zenon or Otedola was on trial but that Zenon was invited by the committee because of its role as a key player in the downstream sector and that such input into the committee’s work was needed from Zenon.

http://www.thisdayonline.com/

I think the Custom boss gave us a clue to where the stealing came from: NNPC, Petroleum Ministry (and minister) and Ministry of Finance (and minister). These inept officials did not even know the actual volume of products imported and refined in The country but kept making phony payments.

So, who pocketed the billions of naira allegedly paid out to Zenon last year ??

Nollywood Scripts playing out. Truth will be out soon. OBJ are you there ?

Somebody should be made to pay for this and let not this be
one  of the family affair issues. I support that the minister of petroleum and NNPC GMD should both step aside for effective investigation.

Otedola did not collect. Jimoh Ibrahim did not. I collect em all.

They should proof it to the investigators not to talk blah bla to the media.

The last election was very expensive, look where the funds came from.

wind don dey blow beyond,
fowl nyash don dey correspond
ride on Goodluck Ebele Jamesbond

Copy and paste this news on Dwitch social network and get $0.95 Every time someone reads it!

Thatdave:

Copy and paste this news on Dwitch social network and get $0.95 Every time someone reads it!

Mr switch, dwitch or witch. You are evrywhere I go on this forum. What's happening to u? If you have that much to pay us, why not just give some to google and let them get us there.

aren't these guys bound by oath, how can nnpc guy post figures showing zenon got paid then in same committee the MD of zenon says they didn't import one cent of PMS, wtf?

I go confess №ω abeg . Na M̶̲̥̅ε̲̣̣̣̥ chop all the money. Since nobody agree. Looters hisssss

dummie criminals

Jonathan is a big fool.

Otedola did not collect. Jimoh Ibrahim did not. I collect em all.

Don't mind them, bloody yoruba rogues and protest sponsors.

yes zeno oil may not have participated in the subsidy regime but African petroleum did and got paid N104.83 bn; who is zenon oil and who is african petroluem,or wat is the difference between six and half dozen.abegii make we hear word

I don't believe this story

These guys are clever by half. Why didn't they invite AP MD? We all know Otedola collected subsidy through AP and not zenon.

Are they saying its only Ifeanyi Uba who stole all the subsidy money? Something is not adding up

Retardeen abeg release the names of the thieves

dayokanu:

Are they saying its only Ifeanyi Uba who stole all the subsidy money? Something is not adding up

Retardeen abeg release the names of the thieves

Hmmm

Who are they?

dayokanu:

Are they saying its only Ifeanyi Uba who stole all the subsidy money? Something is not adding up

Retardeen abeg release the names of the thieves

Otedola is the dominant force in diesel business among oil marketing concerns

And diesel is deregulated.

Nobody said Zenon benefited, you id!ot, it was AP that was listed. So let otedola delegate AP's MD to come out and try and do the clean up job for him and see how it unfolds. Fukking thieving id!ots.

This report is NOT complete. Otedola said the tapes have been submitted to EFCC. EFCC says they haven't received any tapes.
Check here for the full story.
www.thisdaylive.com/articles/fuel-subsidy-probe-otedola-confirms-bribe-to-lawmakers/117757/#.T9WvFo7M8bU.mailto