President Goodluck Jonathan on Thursday set up another committee that will review the findings of the Aigboje Aig Imoukhuede led Technical Committee set up by the Federal Ministry of Finance to conduct a detailed review of all subsidy claims and payments made in 2011.

The Technical Committee had in the report which it recently submitted to the Ministry of Finance accused some oil marketers of collecting over N400 billion in subsidy payment without importing petroleum products into the country.

However, many of the oil marketers have rejected the claims in the report. Some of the companies indicted for receiving subsidy payments without importing products into the country also said the Committee failed to invite them or request for necessary documents that could facilitated its investigations before it reached its conclusions.

The credibility of the document was also put in doubt with revelations that only Aig-Imokhuede, the Chairman of the Committee signed the report.

There have also been speculation that some members of the 15-man committee are planning to write a minority report.

In a statement signed on his behalf by Reuben Abati, his spokesperson today, President Goodluck Jonathan the new Committee is set up to verify and reconcile the findings of the Aig-Imokhuede Technical Committee.

“President Jonathan has directed the 15-member committee headed by Mr. Aigboje Aig-Imoukhuede to begin work immediately and conclude its assignment by 1700 hours on Friday, July 13, 2012 as a prelude to immediate action on all identified cases of fraud”,Abati said in the statement.

“Other members of the new committee are: Dr. Abraham Nwankwo (DG DMO), Mr. Bernard Otti (GED Finance & Accounts, NNPC), Mrs. Oyinye Ahuchogu (CBN), Mrs. Sola David-Borha (MD Stanbic/IBTC, representing the Banking Community), Mr. Mike Osatuyi (National Secretary, IPMAN), Mr. Obafemi Olawore, Mr. Jonah Otunla (Accountant-General of the Federation), Mr. Bright Okogwu (DG, Budget Office), Mr. Reginald Stanley (Executive Secretary, PPPRA), Mrs. Aisha Waziri-Umar and Mr. Jalal Arabi.

“The Attorney-General of the Federation, the Inspector-General of Police and the Director-General of the State Security Service will also be represented on the Committee which has the following terms of reference:

1. To further verify and reconcile all claims made in the report of the Technical Committee on Fuel Subsidy Payments;

2. To properly identify all cases of overpayment and/or irregular payment;

3. To accurately identify all likely fraudulent cases for criminal investigation and

4. To review any other pertinent issues that may arise from its work and make appropriate recommendations.

“On receiving the Verification and Reconciliation Committee’s report, President Jonathan will order whatever action he deems necessary to ensure justice and the full recovery of all fuel subsidy funds that may have been illegally paid”, President Jonathan concluded in the statement.

Beaf: This is the real subsidy fraud report, not the fuckry Farouk and his clowns paraded to us (only for dollars to be stuffed in caps).
It has many names the Farouk report omitted.

Pataki: Fresh Panel+Fresh Committee = Fresh Air.

After this otueke drunkard and retardeen has guzzled down his early morning ogogoro, he looks for what committee to set up to investigate a committee that has just finished conducting investigation on another committee. What do we go get?

DOUBLE CONFUSION. The more you look, the less you would definitely see.

Tintinix:
You will eat your words!!!! is the handwritting on the wall not clear enough? Mr President is working!!!

timbros: By next month now u will hear of another committee set up to verify and reconcile the findings of this committee...Not to mention of yet another committee that will probe that committee...

2. We found out that the subsidy regime, as operated between the period under review (2009 and 2011), were fraught with endemic corruption and entrenched inefficiency. Much of the amount claimed to have been paid as subsidy was actually not for consumed PMS. Government officials made nonsense of the PSF Guidelines due mainly to sleaze and, in some other cases, incompetence. It is therefore apparent that the insistence by top Government officials that the subsidy figures was for products consumed was a clear attempt to mislead the Nigerian people.

3. Thus, contrary to the earlier official figure of subsidy payment of N1.3 Trillion, the Accountant-General of the Federation put forward a figure of N1.6 Trillion, the CBN N1.7 Trillion, while the Committee established subsidy payment of N2,587.087 Trillion as at 31st December, 2011, amounting to more than 900% over the appropriated sum of N245 Billion. This figure of N2, 587.087Trillion is based on the CBN figure of N844.944b paid to NNPC, in addition to another figure of N847.942b reflected as withdrawals by NNPC from the excess crude naira account, as well as the sum of N894.201b paid as subsidy to the Marketers. The figure of N847.942b quoted above strongly suggests that NNPC might have been withdrawing from two sources especially when the double withdrawals were also reflected both in 2009 and in 2010.

4. On its part, NNPC was found not to be accountable to any body or authority. The Corporation, in 2011, processed payment of N310.4 Billion as 2009 – 2011 arrears of subsidy on Kerosene, contrary to a Presidential Directive which removed subsidy on Kerosene in 2009. The Corporation also processed for itself, direct deduction of subsidy payment from amounts it received from other operations such as joint venture before paying the balance to the Federation Account, thereby depleting the shares of States and Local Governments from the distributable pool. Worse still, the direct deduction in 2011 alone, which amounted to N847.942 Billion, was effected without any provision in the Appropriation Act.

13. With regards to the 445,000 bpd allocation to NNPC , the Committee believes that with the current refining capacity of 53% and the SWAP/Offshore processing arrangement of the balance of 47%, it is sufficient to provide the nation with the following products:
a. 40 Million Litres Per Day (MLPD) of PMS,
b. 10 MLPD of Kerosene (HHK)
c. 8.97 MLPD of Diesel (AGO) ,
d. 0.62 MLPD of LPG and
e. 2.31 MLPD of FO
It is only AGO whose average daily consumption of 12 million Litres per day will not be achieved in full. Since AGO has been deregulated, other marketers can make up for the 3.03 MLPD AGO shortfalls. The implication of this finding is that if NNPC properly manages the allocation of 445 bpd efficiently, the availability of the products can be achieved by the NNPC alone. This contrasts the situation where in 2009-2011 NNPC got the daily allocation of 445,000bpd and the nation still had to import through Marketers.

Kay-Dee:
[size=13pt]Haha, a brand new committee.

This has a different setup though, with professionals like Aig on it, it should be hard to bribe through this committee. [/size]

jay di: the committee president......if oly d committee can really work out things to prosecute dose indicted....bt unfortunately no 1 we be held responsible....gej ur govt is too full of committe dis nd commttee dat yet notin is happening...just waste of publi funds...

Beaf: This is the real subsidy fraud report, not the fuckry Farouk and his clowns paraded to us (only for dollars to be stuffed in caps).
It has many names the Farouk report omitted.

blacksta: if i were Gej, i would instantly setup a committee to review my brain. Only people who have no plans to do the right will forever setup useless committee to stall the obvious

Demdem:


Why don't you wait and see the reports of the new committee,you are busy criticing the govt,why are always pessimistic in the country?




A govt with the connivance of its ministers and agencies that perpetrated the above frauds and so many like the above against his people is investigating itself using the same agencies that facilitated this fraud. Only a Retaard will believe that a good job will be done