Stakeholders seek probe from 1999

The House of Representatives Ad hoc Committee on Fuel Subsidy has asked 69 oil marketers to refund N241.247billion.
Besides the illegal cash they got last year, 46 companies did not pay taxes, according to the Federal Inland Revenue Service.


The committee established that N1.692trillion was paid as subsidy last year.
But stakeholders in the industry, including some oil majors, are insisting that the probe ought to be from 1999 to date.
Besides, the presentation of the report today by the committee has assumed ethnic dimension with a group, the South-South Youth Caucus, accusing the North of plotting to undermine President Goodluck Jonathan’s administration.


The Farouk Lawan-led committee discovered that disqualified subsidy claims by 69 companies amounted to N241.247 billion.


Some of the companies are: Acorn Plc, Alminnur Resources Ltd, AMG Petro-Energy Ltd, Anosyke Group of companies Ltd, Ascon Oil & Gas Company, Avant Garde Energy, A-Z Petroleum, CAH Resources Association Ltd, Conoil Plc, Crust Energy Ltd, Downstream Energy Source Ltd, Dozzy Oil and Gas Ltd, Duport Marine Ltd, Eco-Regen Ltd, Eurafic Oil and Coastal Services Ltd, and First Deep water Discovery Ltd.


Others are: Frado International Ltd, Fresh Synergy Ltd, Heyden Petroleum, Ibafon Oil Ltd, Imad Oil & Gas Ltd, Integrated Resources Ltd, Ipman Investment Ltd, Knightsbridge, Linetrale Oil supply and Trading Company, Lingo Oil & Gas Company Ltd, Lloyds Energy Ltd, Lottoj Oil & Gas Ltd, Maizube Petroleum Ltd, Matrix Energy Oil & Gas Ltd, Menol Oil & Gas Ltd.


The report of the committee reads in part: “Discharges that suffered one or more of the above infractions were adjudged not sustainable and, therefore, not good enough to attract any subsidy. The disqualified claims to subsidy amount to N241.247billion.


“The associated PMS volumes of 3,453,690,070 litres are, therefore, deductible from the annual mass volume, with a view to determining the appropriate volume of consumption.


“These defective transactions should be further investigated by the EFCC to ensure that all those who collected unmerited subsidy are made to refund the amounts collected.”


The committee asked the Office of the Accountant-General of the Federation to account for over N213.678billion being excess subsidy payments in 2009 and 2010.


The report added: “The Office of the Accountant-General of the Federation (OAGF) should account for N213.678billion being total of excess payments made by it over and above what the PPPRA identified as paid in 2009 and 2010. The OAGF is not only responsible for the accounts of the Federation, including the Petroleum Subsidy Funds (PSF) and Domestic Crude Account, but refused to provide further details on the account when requested to do so during the public hearing.


“EFCC and ICPC should ensure that the OAGF accounts for the over-recovery figures of NGN 2.766billion and NGN5.27billion.”


The panel faulted alleged conflicting figures from the Nigeria National Petroleum Corporation (NNPC).


It said: “NNPC had two sources of recovery of its subsidy viz: (i) Direct deductions from Domestic Crude receipts accruable to the Federation. (ii) Payment by CBN through deduction from distributable revenues as per the Federation Account Component Statement.
“NNPC, in its submission, claimed to have earned N586 billion as subsidy from the supply of 7,576,726, 157 litres of PMS in 2011.


“However by PPPRA’s presentation, NNPC was paid a subsidy of N667.533billion for supplying 5,470,007,111 litres of PMS.
“By CBN’s presentation, NNPC was paid N844.944billion as subsidy in 2011. In addition to CBN’s payment of N844.944billion as represented on the Federation Account Component Statement, NNPC made a direct deduction of N847.942billion as subsidy in 2011, bringing all claims to N1.692 trillion.”


On the jump in subsidy to N1.6trillion in 2011, the Lawan committee said the PPPRA’s argument that it was due to computed arrears was untenable and illegal.


It said: “PPPRA, in its presentation to the House of Representatives, had hinted that the noticeable upsurge in subsidy payment in 2011 was due not only to increase in subsidy per litre but also due
to the computed arrears due NNPC for HHK discharges. This was established from NNPC’s submission to be N284.580billion.


“This payment of subsidy arrears on HHK was an illegality, having been proscribed by a presidential directive in 2009. NNPC was stopped from further collecting subsidy on HHK. The corporation abided by the presidential directive but unilaterally reversed the situation without any counter directive or order from the President.”


Following the leakage of the report, some stakeholders in the oil industry met last night in Abuja ahead of its presentation today.
After the session in a posh hotel, one of the stakeholders, who spoke in confidence, said: “For Nigerians to know the truth about fuel subsidy, we are demanding that the House should extend the probe to subsidy payment since 1999 or pre-1999 era.
“That is the only condition the report can be acceptable or credible. They cannot make those who imported fuel from 2009 to 2011 scapegoats. We want fairness for all.
“Nigeria can only clean its oil industry, if there is a comprehensive inquiry into the subsidy management since 1999 or before 1999.”


The Coordinator of the Southsouth Youth Caucus, David Osaro, in a statement last night, said: “The North wants to use the House of Representatives probe to bring down Jonathan’s government.


“It has become very clear that the current House of Representatives probe of the petroleum industry and the deregulation of the downstream sector is nothing but a subtle plot by the North to discredit and ultimately bring down the Jonathan administration.


“It is very evident that in order to achieve their aim, the North quickly cashed in on the fuel subsidy removal issue, and due to its sensitivity, everything was put in place to actualise their plans of truncating this administration. Otherwise, how else do you explain the fact that a probe into the activities of the oil industry should have predated the current administration of Dr. Goodluck Jonathan?


“Even more curious is the fact that similar probes in the past have not yielded anything that the ordinary Nigerian can be proud of, both in terms of findings and implementation of probe reports. Ordinarily, it would have been taken for granted that the House of Representatives panel may find nothing actually incriminating against the current government of Mr. President but the manner in which the House is going about it truly leaves much to be desired, in terms of its sincerity.


“If tradition is also anything to go by, it may be pertinent to state that the North is trying to use the House of Representatives to achieve its plan of shifting the power equation back to the North. If this were not the case, how then do you rationalise the failure of the House to actually extend the probe to also include the oil industry from 2009 till date?”

http://www.thenationonlineng.net/2011/index.php/news/43451-69-oil-marketers-to-refund-n241-247b-petrol-subsidy.html

hmmm

we are all busy praising uk today because our enemy has been jailed but when it will get to our friends tomorrow, with this same mouth, we will all remember how they stole our oil and money in the name of colonisation.
if una say some ppl go refund money, my question is when? how will the money they will refund be used? shared among the presidency and gov as usual?
if u ask me, i will tell them to keep the money because we celebrated the recovered loots of abacha but till today no one can point to where the money is. what is the need of recovering and stealing at the same time.
another question, after recovering this funds, it will mean no one is stealing our oil money again abi? will fuel go back to N65?

Please who has 'The Nation Newspaper'? I want to the see the comprehensive list of thieves and how much each stole.

We hear that all the time. Why cant these thieves leave us alone instead of announcing sad news all the time. The money is coming from a lesser thief to a bigger one. They are all thieves.

1025: we are all busy praising uk today because our enemy has been jailed but when it will get to our friends tomorrow, with this same mouth, we will all remember how they stole our oil and money in the name of colonisation.
if una say some ppl go refund money, my question is when? how will the money they will refund be used? shared among the presidency and gov as usual?
if u ask me, i will tell them to keep the money because we celebrated the recovered loots of abacha but till today no one can point to where the money is. what is the need of recovering and stealing at the same time.
another question, after recovering this funds, it will mean no one is stealing our oil money again abi? will fuel go back to N65?

.... Tell dem make dem hear!

ZUBY77: We hear that all the time. Why cant these thieves leave us alone instead of announcing sad news all the time. The money is coming from a lesser thief to a bigger one. They are all thieves.

.... Na u talk am ooo!!!

Why r some Nigerians always chasing shadow? GEJ personally mandated the Farouk led c'tee to probe the fuel subsidy charade and now that the report is out some ppl are trying to distract us frm d issue at stake all in the name of ETHNICITY!

I don't even knw wat to say..am short of words

FRESH AIR B,itches!!

In Jonathan we trust!!

The Commander in Chief and Egberipapa 1 of Nigeria!!

GEJ should be given kudos.
He was the first to smell a rat in the
management of subsidy and started moves to undo the cabals.

Nigerians would never have known the
charade involved in this subsidy regime
if not for GEJ's bold move to dump subsidy profiteers.

Demdem:

My friend shut ur trap. The retardeen didnt order any probe. instead he should be ashamed that under his watch, these enormous amounts were released without due diligence.

Taaa Shattap!! You with all your brains why are you not the governor of your state?! Y'all know how to disrespect niggas that are way bigger than y'alls. .

The boy unraveled a plot that had fed many fat for years and instead of saying kudos to the nigga, you call him a retard. Well I hope you feel great knowing with all your intelligence, you are being led by a retard.

ZUBY77: We hear that all the time. Why cant these thieves leave us alone instead of announcing sad news all the time. The money is coming from a lesser thief to a bigger one. They are all thieves.

True Talk!

Demdem:

And how do u know these bunkum? When u say the boy hope u no dey refer to retardeen? What roles exactly did he play to acheive this? was is not for the protest this early this year that almost brought this nation to her knees that made the House go for this probe? the senators started theirs last year. U tell me the roles of the retardeen here? abi the guy has started interfering in the activities of NASS?

yes i am governed by the rretard because the majority felt the rretard is a better candidate. thats one of the disadvantages of democracy. i have to live with that

[size=13pt]You always lovingly mention this "retardeen." Is he or she or it one of your beloved ancestors?[/size]

What a pity?

pls can smone post the comprehensive list

Demdem:

And how do u know these bunkum? When u say the boy hope u no dey refer to retardeen? What roles exactly did he play to acheive this? was is not for the protest this early this year that almost brought this nation to her knees that made the House go for this probe? the senators started theirs last year. U tell me the roles of the retardeen here? abi the guy has started interfering in the activities of NASS?

yes i am governed by the rretard because the majority felt the rretard is a better candidate. thats one of the disadvantages of democracy. i have to live with that

If Jonathan did not decide to take off the subsidy, you and your Occupy Nigeria friends would not have known that over 500 Billion Naira had been siphoned from the economy.

If Jonathan had not given a proper break down of the budget, you and your Occupy Nigeria friends would not have known about the 1 billion naira food budget for the President.

If the president hadnt alowed for the investigation of the pension scheme, you would not have known that there were Nigerians with 2 billion in cash sitting in their houses.

If s'hit is going south, you blame Jonathan. . Boko Haram and all is all Jonathan then when shit goes right, you remember the technicalities of the fact that Jonathan was/is not directly responsible for said achievment.

Negro please!!

^
Shon of Alhaji Lekan Retardeen!

^^^^

Accursed wassup

Why r some Nigerians always chasing shadow? GEJ personally mandated the Farouk led c'tee to probe the fuel subsidy charade and now that the report is out some ppl are trying to distract us frm d issue at stake all in the name of ETHNICITY!

@unlk,
i am from imo state but let the truth be told. how many committees has jonathan formed since he came to power? in all these, how many persons dey jail for corruption under this man. if not for the pension scam woman, how will u believe that committee members do ask for bribe?
u form committees, give them funds with different names, seating, drinking, sh.i.ting, looking and thinking allowances.
u wasted almost N100B printing papers in the name of voters'cards and now u want to make 40million permanent with N2.8B. who is fooling who?
why do u think the whole west african countries preffered the benin republic president to jonathan for ecowas chairman? why do u think i have been against Okonjo iweala winning the world bank position?
u can fool the foolish nigerians but it is a difficult thing to confuse the outside world.
those returning these funds now, are they different from those jonathan called untouchable cabals? how will the money change our lives or will it be john return money jonathan take money? where is the abacha loots?

Demdem: ^^^^

Accursed wassup

Brother, who is that one beating the drums for the retardeen family?
Gege gu! Ge gu gu! Ge ge!

[img]https://www.nairaland.com/download/683289[/img]

Demdem:

Actually Accursed, i dont know. It originated from u so u better enlighten us
The only retardeen i know is the kai-kai drinking fisherman who is our current president.

Is it your uncle Lekan Retardeen that you are abusing like that? Na wa o for the retardeen family!

Beaf:
Is it your uncle Lekan Retardeen that you are abusing like that? Na wa o for the retardeen family!

Actually close to this. hope u understand now

Beaf no go use laugh kill person for here o. . .

The glory should go to the house if these funds are returned and GEJ and his people should cover their head in shame, they paid so much without proper accounting.