Video 1 - Oando's Wale Tinubu sets record straight on fuel subsidy issue - Full Video1
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https://www.youtube.com/watch?v=ztBnOZwaHFg


Video 2 - Oando's Wale Tinubu sets record straight on fuel subsidy issue - Full Video2
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https://www.youtube.com/watch?v=9U-BpF3dDws


Video 3 - Oando decries tagging as subsidy beneficiary
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https://www.youtube.com/watch?v=MYTIKFAgOr0&feature=related


"It's a bit of a misnomer for us to use the expression "benefited" from the PSF scheme,  We don't benefit from the scheme, the Nigerian public benefits from the scheme,  We simply make a claim, we bring in a cargo for $30m and sell at the pump for the equivalent of $15m, we simply make a claim to the government for the differential pursuant to a law that exists. We do not benefit from the scheme,  the money belongs to our Nigerian shareholders and Nigerian banks, "


- Wale Tinubu, CEO Oando PLC
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Oando denies benefiting from oil subsidy, claims N4bn outstanding
On January 30, 2012 · In Energy , Email0
BY PETER EGWUATU

The Group Chief Executive Officer of Oando Plc, a quoted company on the Nigerian Stock Exchange (NSE), Mr. Wale Tinubu, has denied alleged reports that his company was a beneficiary of fuel subsidy, just as he disclosed that the company has outstanding N4 billion of unpaid subsidy in 2011.

Tinubu noted that Oando Plc is the largest publicly quoted energy company in Nigeria and sub-Saharan Africa’s largest indigenous energy company, based on revenues, with primary listing on the NSE with a secondary listing on the Johannesburg Stock Exchange.

Speaking at the public hearing on the management of subsidy being organised by an ad–hoc committee of the House of Representatives, the Oando boss noted that the money paid to marketers as subsidy was not a profit or windfall but under-recovery, arising from the differentials between the landing cost of petroleum products and the official pump price.

He stated that the use of the word ‘beneficiary’ was a misconception as the money was not a special favour from the government but a refund of the actual cost incurred by marketers in the importation of petrol.

Tinubu stated that the marketers spent an average of $30 million to import a 30,000 metric tonnes cargo of petrol but sold the products at almost $15 million; while the balance was paid to marketers as subsidy.

“The Petroleum Support Fund (PSF) expected that there would be under-recovery. For example, when the landing cost was higher than the pump price, the government owed us money, which is paid as subsidy. When there is over-recovery, that is, when the landing cost is less than the pump price, we pay back to the government. For example, during the Yar’Adua administration, when the petrol price was N65 and the crude oil price dropped to $50 per barrel, the marketers paid back to the fund. I remember that Oando paid  N1.6 billion back to the Federal Government,” he said.

Tinubu stated that when the subsidy regime was introduced in 2006, three major marketers, including Oando Plc, participated in the scheme, along with NIPCO Plc and the Nigerian National Petroleum Corporation (NNPC).

According to him, Oando accounted for 53 per cent of petrol importation in 2006 and 47 per cent of subsidy payment. He, however, stated that the company’s market share in terms of subsidy receipts and petrol importation dropped to 11 per cent in 2011 due to proliferation of companies that participated in the PSF scheme.

Tinubu stated that when the subsidy regime was introduced in 2006, only companies that had at least 25 petrol stations and 5,000MT storage capacity were allowed to participate, according to the PSF guidelines. He said the scheme was abused when companies that did not have retail outlets and storage facilities were allowed to participate in the importation business, at the detriment of companies that built capacity.

“In terms of summary of our subsidy payment, we collected approximately N120 billion by the end of 2011 and we imported well in excess of one billion litres or about 700,000 metric tonnes as at August 2011. By the end of 2011, we had imported about 1.3 million MT into the country,” he said.

http://www.vanguardngr.com/2012/01/oando-denies-benefiting-from-oil-subsidy-claims-n4bn-outstanding/

Apparently, all corruption in Nigeria is perpetrated by ghosts and evil spirits. Everybody knows there is corruption, but no actual persons ever admit their culpability in it. Maybe we need more exorcists and spiritualists in the EFCC and other anti-corruption agencies, since spirits are responsible for all the corruption here.

next pls

Na me and my papa benefit from fuel subsidy. Buncha liars. Infact, all managers of oil companies should be arrested whether they benefitted or not. At they've done some crooked business in the past.

old news na

That small rat shld shut up. He didnt need to make a statement. Neither he nor Oando can survive even the most basic scrutiny of the books. And why did it take him so long to speak up? He should enjoy his loot quietly rather than draw unnecessary attention to himself and Oando

He would deny though, wouldn't he.

[img]http://s01.flagcounter.com/count/7uR/bg=FFFFFF/txt=FFFFFF/border=FFFFFF/columns=1/maxflags=1/viewers=3/labels=0/pageviews=0[/img][img]http://s10.flagcounter.com/count/oH/bg=FFFFFF/txt=FFFFFF/border=FFFFFF/columns=1/maxflags=1/viewers=3/labels=0/pageviews=0[/img][img]http://2.s01.flagcounter.com/count/7uR/bg=FFFFFF/txt=FFFFFF/border=FFFFFF/columns=1/maxflags=1/viewers=3/labels=0/pageviews=0[/img]

i expected him to say this. I could have quoted them verbatim had i not seen it here.

Well Mr Wale AKA "use Oandos money to rent Jets anywhere you are going to" a very close friend of mine, working for the company had told me that Oando hired the services of an accountant to re-write their books and keep it clean. They had already prepared for the probe first hand. The ad-hoc committe would find nothing incriminating there.

What they should do is investigate the numerous filling stations that Oando have in neigbhouring countries, the mini refineries they possess, how they smuggle what government had already paid for to other countries, how they bribe their way through customs at the border etc.

No single company did what was wrong yet a budgeted 255 billion has walloped 1.73 trillion as of December. Shameless liars!

So they acoount for like 53% of imports and 47% of subsidy shiit?
The truth will come out about if they are criminals or not.

From this write-up, OandO did not deny being paid subsidy.
Infact, their argument is that the subsidy paid to them was earned
through business activities with NNPC and PPPRA, not fraud.

We have heard these stories before and were not expecting
Tinubu to come tell us his company has defrauded Nigeria of billions of naira, No!.

Sanusi had said it before that the collusion and connivance that goes on there between
importers, Customs, NPA, NNPC, PPPRA, Navy, Auditor Gen of the Federation and Fed Ministry
of Finance makes it impossible for FG to defeat them in court should govt choose to prosecute them.

Beaf:

So they acoount for like 53% of imports and 47% of subsidy shiit?
The truth will come out about if they are criminals or not.

STFU - COME and lick my a55 boy - why do u like talking shit . how can onado be 53% when NNPC import at least 60% of the country fuels. The corruption is at NNPC , for example , NNpc have their tank farms but they have decided to store their fuel in rented tank farms - does that make sense.

big lie

even if na me, i go gree? no way baby

farouk , naija is watchin

According to him, Oando accounted for 53 per cent of petrol importation in 2006 and 47 per cent of subsidy payment. He, however, stated that the company’s market share in terms of subsidy receipts and petrol importation dropped to 11 per cent in 2011 due to proliferation of companies that participated in the PSF scheme.
He said the scheme was abused when companies that did not have retail outlets and storage facilities were allowed to participate in the importation business, at the detriment of companies that built capacity.

The Petroleum Support Fund (PSF) expected that there would be under-recovery. For example, when the landing cost was higher than the pump price, the government owed us money, which is paid as subsidy. When there is over-recovery, that is, when the landing cost is less than the pump price, we pay back to the government. For example, during the Yar’Adua administration, when the petrol price was N65 and the crude oil price dropped to $50 per barrel, the marketers paid back to the fund. I remember that Oando paid  N1.6 billion back to the Federal Government,” he said

 

Oando as a private firm owes none of you any responsibility save for CSR,what you should do is to hold your disgraceful and utterly clueless politicians to account for their stewardship.
Oando may write their accounts as much as they want,its the responsibility of those who are handing out subsidy cash to have records/schedules of payment made and to whom.

Nigerian businesses do a lot of dodgy and unacceptable stuffs to stay in business cos of the lax regulatory environment but on this subsidy issue,face the Government you all voted for and leave the businesses alone.

Ufeolorun:



Oando as a private firm owes none of you any responsibility save for CSR,what you should do is to hold your disgraceful and utterly clueless politicians to account for their stewardship.
Oando may write their accounts as much as they want,its the responsibility of those who are handing out subsidy cash to have records/schedules of payment made and to whom.

Nigerian businesses do a lot of dodgy and unacceptable stuffs to stay in business cos of the lax regulatory environment but on this subsidy issue,face the Government you all voted for and leave the businesses alone.

Thank you verry much, NNPC is the main fraud in this subsidy issue. To me I dnt see all the fuss in how the media has been using its headlines ang how government presented this whole issues of subsidy to Nigerians

Ovularia:

Oando denies benefiting from oil subsidy, claims N4bn outstanding
On January 30, 2012 · In Energy , Email0
BY PETER EGWUATU

The Group Chief Executive Officer of Oando Plc, a quoted company on the Nigerian Stock Exchange (NSE), Mr. Wale Tinubu, has denied alleged reports that his company was a beneficiary of fuel subsidy, [b]just as he disclosed that the company has outstanding N4 billion of unpaid subsidy in 2011.[/b]Tinubu noted that Oando Plc is the largest publicly quoted energy company in Nigeria and sub-Saharan Africa’s largest indigenous energy company, based on revenues, with primary listing on the NSE with a secondary listing on the Johannesburg Stock Exchange.

Speaking at the public hearing on the management of subsidy being organised by an ad–hoc committee of the House of Representatives, the Oando boss noted that the money paid to marketers as subsidy was not a profit or windfall but under-recovery, arising from the differentials between the landing cost of petroleum products and the official pump price.

[b]He stated that the use of the word ‘beneficiary’ was a misconception as the money was not a special favour from the government but a refund of the actual cost incurred by marketers in the importation of petrol.[/b]Tinubu stated that the marketers spent an average of $30 million to import a 30,000 metric tonnes cargo of petrol but sold the products at almost $15 million; while the balance was paid to marketers as subsidy.

“The Petroleum Support Fund (PSF) expected that there would be under-recovery. For example, when the landing cost was higher than the pump price, the government owed us money, which is paid as subsidy. When there is over-recovery, that is, when the landing cost is less than the pump price, we pay back to the government. For example, during the Yar’Adua administration, when the petrol price was N65 and the crude oil price dropped to $50 per barrel, the marketers paid back to the fund. I remember that Oando paid N1.6 billion back to the Federal Government,” he said.

Tinubu stated that when the subsidy regime was introduced in 2006, three major marketers, including Oando Plc, participated in the scheme, along with NIPCO Plc and the Nigerian National Petroleum Corporation (NNPC).

According to him, Oando accounted for 53 per cent of petrol importation in 2006 and 47 per cent of subsidy payment. He, however, stated that the company’s market share in terms of subsidy receipts and petrol importation dropped to 11 per cent in 2011 due to proliferation of companies that participated in the PSF scheme.

Tinubu stated that when the subsidy regime was introduced in 2006, only companies that had at least 25 petrol stations and 5,000MT storage capacity were allowed to participate, according to the PSF guidelines. He said the scheme was abused when companies that did not have retail outlets and storage facilities were allowed to participate in the importation business, at the detriment of companies that built capacity.

“[b]In terms of summary of our subsidy payment, we collected approximately N120 billion by the end of 2011 and we imported well in excess of one billion litres or about 700,000 metric tonnes as at August 2011. By the end of 2011, we had imported about 1.3 million MT into the country,” he said.[/b]http://www.vanguardngr.com/2012/01/oando-denies-benefiting-from-oil-subsidy-claims-n4bn-outstanding/

To me I dnt see anything wrong as the company has done its business within the confines of the law, WELL TIME WILL TELL

Ufeolorun:

 

Oando as a private firm owes none of you any responsibility save for CSR,what you should do is to hold your disgraceful and utterly clueless politicians to account for their stewardship.
Oando may write their accounts as much as they want,its the responsibility of those who are handing out subsidy cash to have records/schedules of payment made and to whom.

Nigerian businesses do a lot of dodgy and unacceptable stuffs to stay in business cos of the lax regulatory environment but on this subsidy issue,face the Government you all voted for and leave the businesses alone.

thank you

+ 100

Ufeolorun:

 

Oando as a private firm owes none of you any responsibility save for CSR,what you should do is to hold your disgraceful and utterly clueless politicians to account for their stewardship.
Oando may write their accounts as much as they want,its the responsibility of those who are handing out subsidy cash to have records/schedules of payment made and to whom.

Nigerian businesses do a lot of dodgy and unacceptable stuffs to stay in business cos of the lax regulatory environment but on this subsidy issue,face the Government you all voted for and leave the businesses alone.

seconded.

We av a fed govt that oversee rice, flour, and fertilizer subsidy along with fuel subsidy. The centre shld be sanitized and every other part will comply.

free us this details pls! who doesn't know oando benefited from subsidy, You'Ve stolen from the masses don,t call them fools too with your cooked lies.

Abi o
We are now getting so overwhelmed with shadow-chasing everywhere!,some will blame Hausa-fulani/core north for their problems while ignoring the highly probable connivance of their local leaders,others would shout Boko haram is killing our people and still  they continue to hug this same government that has failed to protect its citizen,at least try to!.

I am personally getting really disappointed in some of the senators from my sphere,they just went into the senate and they vanished save for tepid statements they make at times,( and you hear some people shouting Oduarepublic,its a non -starter with the kind of leadership we have at the moment,seriously).
We just blame this man at Aso rock but our senators are bigger failures.

Hahaha! Anybody that has taken a cursory look at Oando's books and strategy would know that the company is one huge giant air-brushed scam! I have said this on here before and I'll say it again and again. Oando is a giant scam! They have only managed to use their illegal profits and government looting to launder the company's image.

Ufeolorun:

Oando as a private firm owes none of you any responsibility save for CSR,what you should do is to hold your disgraceful and utterly clueless politicians to account for their stewardship.
Oando may write their accounts as much as they want,its the responsibility of those who are handing out subsidy cash to have records/schedules of payment made and to whom.

Nigerian businesses do a lot of dodgy and unacceptable stuffs to stay in business cos of the lax regulatory environment but on this subsidy issue,face the Government you all voted for and leave the businesses alone.

Ufeolorun:

Abi o
We are now getting so overwhelmed with shadow-chasing everywhere!,some will blame Hausa-fulani/core north for their problems while ignoring the highly probable connivance of their local leaders,others would shout Boko haram is killing our people and still  they continue to hug this same government that has failed to protect its citizen,at least try to!.

I am personally getting really disappointed in some of the senators from my sphere,they just went into the senate and they vanished save for tepid statements they make at times,( and you hear some people shouting Oduarepublic,its a non -starter with the kind of leadership we have at the moment,seriously).
We just blame this man at Aso rock but our senators are bigger failures.

On point. Businesses are setup to make profit and any business owner including Seun and everyone on nairaland will take advantage of poor/lax regulatory framework. so blame the regulators (Government) not the business. Boko Haram is a different matter however.

monex:

On point. Businesses are setup to make profit and any business owner including Seun and everyone on nairaland will take advantage of poor/lax regulatory framework. so blame the regulators (Government) not the business. Boko Haram is a different matter however.

There is a big difference between regulatory arbitrage and pure criminality. The logical extension of your argument is that we would all steal if given the opportunity. That's patently NOT true but it is attitudes like yours that give Nigerians world over a terrible name.

moremi2008:

Hahaha! Anybody that has taken a cursory look at Oando's books and strategy would know that the company is one huge giant air-brushed scam! I have said this on here before and I'll say it again and again. Oando is a giant scam! They have only managed to use their illegal profits and government looting to launder the company's image.

Wat Oando's MD said was the truth, so weda u believe him or not,dat doesn't matter, period,

ChimexOlajideAli:

Wat Oando's MD said was the truth, so weda u believe him or not,dat doesn't matter, period,

I noticed that you have only one post count. So you joined NL just to reply me? LOL!!! Are you a paid shill? How much is Wale paying you? Let me guess, you are that ugly PA that follows him to every business meeting? Is this now part of your job description? Defending Oando on the internet? Poor you! Please you don't want me to start on Oando. I have seen the books (or at least what Wale calls the books) and I can personally verify that they stink to high heavens! Oando is a giant scam! Better believe it.

I am totally shocked that some will come here and say Oando owes no explanation and infer that importers are not part to blame for the problems we have in that sector. Oando is a public company offering public services paid partly by tax payers money that is being stolen willy-nilly and they should not be held accountable. Haba. What has this country turned to. Oh if it was a transaction between Oando and xyz and money was being lost in payments Oando principals alone are to blame. They cannot summon the management of xyz. This is unfortunate.

For our information oil marketers are as culpable as any government agency involved be it NNPC, Customs, DPR, PPPRA, Nigerian Navy, anyone and if the House Committee is serious about getting to the bottom of this matter they should sequest any member of staff working for or with these parties, not just their CEO's Put them on the stand and under oath, you will see just how much real information will come out. I can give them a hand. I can tell them the level and designation of staff to call. Any company that interfaces with the public is subject to legislative scrutiny without exception, not to talk of companies involved in massive robberies of the national treasury.

If we continue to feel and think that corruption is a government thing alone and as such only government and its officials should answer then we have not started yet. Is this what we will get when the oil sector is eventually privatised.

.

Isn't it funny how people, at the drop of a hat, bring down a company/people without the slightest proof?

Wale Tinubu has given his explanations, it is now left for the committee and you critics to prove he perpetrated crime.

He even said his company had written petitions to the govt in the past, complaining about shady activities in the system, but no action was taken. You critics did not see that.
You armchair critics also did not question why the conditions for granting oil importing licence(a number of retail stations, tank farms, and other assets) were relaxed in 2007.
You also ignored why the number of oil importers suddenly jumped to 100 plus in the last 2 years, and how companies that dont even have assets or even office(briefcase companies) are granted licence to import oil. Questions and more questions; Musikilu Majeed, NEXT's investigative reporter even did a report in the Next then how Diezani was just distributing licence to everybody, including her jeweller, Chris Aire, who now has a briefcase 'oil company'.

Yet, it is Oando that has assets all over the country and a decent company doing Nigeria proud in the global oil industry, you have to blame.

Jarus:

Isn't it funny how people, at the drop of a hat, bring down a company/people without the slightest proof?

Wale Tinubu has given his explanations, it is now left for the committee and you critics to prove he perpetrated crime.

He even said his company had written petitions to the govt in the past, complaining about shady activities in the system, but no action was taken. You critics did not see that.
You armchair critics also did not question why the conditions for granting oil importing licence(a number of retail stations, tank farms, and other assets) were relaxed in 2007.
You also ignored why the number of oil importers suddenly jumped to 100 plus in the last 2 years, and how companies that dont even have assets or even office(briefcase companies) are granted licence to import oil. Questions and more questions; Musikilu Majeed, NEXT's investigative reporter even did a report in the Next then how Diezani was just distributing licence to everybody, including her jeweller, Chris Aire, who now has a briefcase 'oil company'.

Yet, it is Oando that has assets all over the country and a decent company doing Nigeria proud in the global oil industry, you have to blame.

Hahaha! It is sycophants like you that make Nigeria a pig circus! Obasanjo Farms also has assets all over the country and is doing Nigeria proud, right?! How about SAPetro? You're proud of that as well? Olodo rapata! No wonder they have sold your inheritance and mortgaged your destiny to Swiss banks and Dubai property developers! Keep suffering, smiling and "Ranka de'ing" your oppressors!

ps - why should I prove a thing? Wetin come concern me? Is it my money that Wale used to buy his private jet, his stunning penthouse in Jo'burg or his mansion on the West End (and these are only the properties I have personally seen and confirmed)? Abeg jor! Comot with this nonsense! I am just saying what I know for a fact. You can believe or not believe. I don't send you.

I am totally shocked that some will come here and say Oando owes no explanation and infer that importers are not part to blame for the problems we have in that sector. Oando is a public company offering public services [b]paid partly by tax payers money that is being stolen willy-nilly [/b]and they should not be held accountable. Haba. What has this country turned to. Oh if it was a transaction between Oando and xyz and money was being lost in payments Oando principals alone are to blame. They cannot summon the management of xyz. This is unfortunate.

For our information oil marketers are as culpable as any government agency involved be it NNPC, Customs, DPR, PPPRA, Nigerian Navy, anyone and if the House Committee is serious about getting to the bottom of this matter they should sequest any member of staff working for or with these parties, not just their CEO's Put them on the stand and under oath, you will see just how much real information will come out. I can give them a hand. I can tell them the level and designation of staff to call. Any company that interfaces with the public is subject to legislative scrutiny without exception, not to talk of companies involved in massive robberies of the national treasury.

If we continue to feel and think that corruption is a government thing alone and as such only government and its officials should answer then we have not started yet. Is this what we will get when the oil sector is eventually privatised.

.
[quote][/quote]
Bruv im not sure you read the article of b4 commenting. Please do so

The truth is that no matter how hard we probe; you cannot catch anyone! So the proper thing to do is REMOVE THE "FUEL" SUBSIDY, every bit of it. Remove it now and subsidize other sectors!

So far, with all the probe and media frenzy, how many persons have been named?

Jarus:

Isn't it funny how people, at the drop of a hat, bring down a company/people without the slightest proof?

Wale Tinubu has given his explanations, it is now left for the committee and you critics to prove he perpetrated crime.

He even said his company had written petitions to the govt in the past, complaining about shady activities in the system, but no action was taken. You critics did not see that.
You armchair critics also did not question why the conditions for granting oil importing licence(a number of retail stations, tank farms, and other assets) were relaxed in 2007.
You also ignored why the number of oil importers suddenly jumped to 100 plus in the last 2 years, and how companies that dont even have assets or even office(briefcase companies) are granted licence to import oil. Questions and more questions; Musikilu Majeed, NEXT's investigative reporter even did a report in the Next then how Diezani was just distributing licence to everybody, including her jeweller, Chris Aire, who now has a briefcase 'oil company'.

Yet, it is Oando that has assets all over the country and a decent company doing Nigeria proud in the global oil industry, you have to blame.

Now that I just figured out that you work for Oando, everything makes sense. Bros, I don't blame you. A paycheck is a paycheck and madam and the children have to eat. Na so life be.