Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,715,563 members, 6,418,419 topics. Date: Tuesday, 03 August 2021 at 06:10 AM

FG Indicts Conoil, MRS, Capital Oil, 18 Others - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / FG Indicts Conoil, MRS, Capital Oil, 18 Others (9878 Views)

DPR Suspends Import Permits Of Capital Oil, Sahara & Folawiyo / #FuelScarcity; Senators Visit Capital Oil And Other Petroleum Depots..photos / Ministerial Screening: Fashola Indicts Himself Before The Senate (2) (3) (4)

(1) (2) (Reply) (Go Down)

FG Indicts Conoil, MRS, Capital Oil, 18 Others by supereagle(m): 4:17am On Aug 18, 2012
The Federal Government has indicted Conoil Plc, MRS Oil and Gas Ltd., Capital Oil and Gas Industry Ltd., and 18 other firms in the fuel subsidy imbroglio.

It said that these companies were being investigated based on the evidence that they might have engaged in fraudulent activities under the fuel subsidy regime.

The Ministry of Finance, in a statement on Friday, gave the names of the other companies as Aluminnur Resources Ltd., Brilla Energy Ltd., Caades Oil and Gas Ltd., Downstream Energy Source Ltd., Eterna Plc and Eurafric Oil and Gas Ltd.

Others are Lumen Skies Ltd., Majope Investment Ltd., Matrix Energy Ltd., Menon Oil and Gas Ltd., MOB International Services, Nasaman Oil Services Ltd., Natacel Petroleum Ltd., Ocean Energy Trading and Services, Pinnacle Contractors Ltd., Sifax Oil and Gas Company, Tonique Oil Services Ltd. and Top Oil and Gas Development Company Ltd.

According to the statement, a report by the Presidential Committee on Fuel Subsidy Payments led by Aig Aig-Imoukhuede, had recommended that the firms refund various amounts to the national treasury.

The statement said, “There is a second group of companies with infractions which are relatively minor. They are in discussion with the government for a quick resolution of their issues. The government is prepared to settle their claims under the following circumstances.

“For oil marketers under investigation for possible refunds to the government, their 2012 outstanding claims will be netted out against their expected refunds to the government and those with a positive net balance, i.e. outstanding claims greater than expected refunds, will be processed and paid.

“For marketers with a negative balance with the government, i.e they owe the government more in refunds than the government owes them, the Aig-Imoukhuede committee will accelerate the review of their documents after the Sallah break so that their claims can be processed and settled, if cleared, without further delay.

“It is clear that those behind the strikes are marketers being investigated for possible fraud. These elements have now resorted to hiding behind the unions to unnecessarily antagonise the government and create hardship for Nigerians.

“We want to make it clear that the government will fully investigate their activities and if found guilty, bring them to book and recover all public funds fraudulently obtained in the guise of fuel subsidy claims.

“No degree of blackmail will stop the government from doing its work. The government will, therefore, pursue justice and ensure that those who are found guilty are appropriately sanctioned.”

The Federal Government had already spent N493.67bn on fuel subsidy claims this year.

Out of the amount, N451bn was used to settle the 2011 arrears. Also, a total of N888bn was earmarked for subsidy payments in the 2012 budget.

The FG had earlier stated on Tuesday that indicted oil marketers would not be paid subsidy claims, while dismissing the threat of strike by the marketers.
The current scarcity of petroleum products in some parts of the country, particularly the Federal Capital Territory, has been blamed on the refusal of the marketers to lift products due to the decision of the FG to withhold further subsidy payments.

The government said in a statement on Tuesday by the Senior Special Assistant to the Minister of Finance, Mr. Paul Nwabuikwu, that it had been discharging its responsibilities to marketers whose claims had been verified.

Nwabuikwu said, “The claim by some marketers that they have embarked on strike because the FG has failed to pay them for fuel imports is not accurate. The true position is that the FG has been meeting its obligations to oil marketers in respect of all legitimate claims.

“For instance, between April and May 2012, batches D/12 and E/12 involving 14 oil marketers with a claim of N17bn were fully settled through the issuance of Sovereign Debt Notes and other relevant documentation.

“In addition, since the directive by the minister to the Debt Management Office to continue payments of all verified claims, N25.6bn worth of claims has been fully settled with the issuance of Sovereign Debt Notes. In all, between April and August this year, in respect of 2012 PMS claims, Sovereign Debt Notes amounting to N42.666bn have been issued to 31 oil marketers.”

He, however, said claims by marketers who had been recommended for further investigation by the Aig-Imoukhuede committee had not been paid.

Payments or sanctions to this category of marketers, according to the statement, will be determined by the outcome of investigations.

Nwabuikwu said in the statement, “Against this background, it is clear that the strike was instigated mainly by marketers who were indicted by the Aig-Imoukhuede committee, which investigated fuel subsidy payments.

“Their obvious intention is to blackmail the FG in order to escape sanctions for the crimes they have committed. Nigerians should not be deceived by their antics. Such tactics will not succeed because the FG is determined to ensure that persons and organisations that did wrong things do not get away with the wrong actions and behaviour.”

He gave an assurance that the payment of marketers whose claims had been verified would continue in a consistent and structured way that would protect the best interests of the country.

“All marketers who have genuine issues regarding their claims are encouraged to come forward for discussions or clarifications,” he said.


http://www.punchng.com/news/fg-indicts-conoil-mrs-capital-oil-18-others/
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by slimming: 8:12am On Aug 18, 2012
Charge them to court rather than going to the publish house to announce.

2 Likes

Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by Nobody: 10:53am On Aug 18, 2012
Indict is a mere word that means, we are heading to out-of-the-court settlement. Naija has a meaning for every phrase

1 Like

Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by Nwoka(m): 11:14am On Aug 18, 2012
I hope nobody collects $620,000 bribe :/
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by alaoeri: 11:15am On Aug 18, 2012
Another action film that won't have any meaningful ending. undecided
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by mkmyers45(m): 11:16am On Aug 18, 2012
We are watching..Will Anything be done?
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by slimdiggi: 11:20am On Aug 18, 2012
Waiting for what Adenuga will do...
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by VoodooDoll(m): 11:21am On Aug 18, 2012
ocman: Indict is a mere word that means, we are heading to out-of-the-court settlement. Naija has a meaning for every phrase

Nigerian media has bastardised that word.
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by nonen(m): 11:22am On Aug 18, 2012
The governments proposal on resolving the issues shows that the government cant get us anywhere fighting financial crimes. The government, as a whole, is a criminal organization.
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by dmainboss: 11:26am On Aug 18, 2012
slimming: Charge them to court rather than going to the publish house to announce.

I thought some of you used to shout name them! Name them! Name them! They have named them now, why are you complaining again? Na wa oh!
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by epio: 11:32am On Aug 18, 2012
wot of facrook,the best bet is trash bin,toothless bulldog
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by kimmy777: 11:33am On Aug 18, 2012
all this people wey they loot nigeria money and fuel subsidy...make government take evey one of them to aiyelala to swear.
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by Nedu31(m): 11:34am On Aug 18, 2012
[color=#990000][/color]Another media brain wash,why not charge them to court?
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by superior1: 11:35am On Aug 18, 2012
I have since lost faith in the Federal Government and her propaganda
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by kjhova(m): 11:40am On Aug 18, 2012
PPPRA (FG) grants marketers import allocation every quater. DPR (FG) issues licences for same period. NPA (FG) monitors the cargo on arrival. Min. of Finance (FG)/PPPRA/DPR monitor transfer of cargo to port/depot & validate quantity/quality. PPPRA issues sovereign debt advice (SDA) on marketers subsidy claims. On the strength of this SDA, DMO (FG) issues a sovereign debt note (SDN) to the marketer payable in 45 days. Upon maturity, CBN (FG) pays the marketer at face value of the SDN.

Any indictement coming from Aig committee (FG) that excludes recommendation of punishment for PPPRA/MoF/DPR/DMO/CBN (all FG agents) is a sham.

There is only one cabal in existence and this cabal is called the Federal Govt of Nigeria!!!

6 Likes

Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by 1025: 11:43am On Aug 18, 2012
jonathan and his administration can be charged for abuse of this word INDICT.
practically everybody in nigeria has been indicted by jonathan and his govt.
senator ndume was indicted for his role in boko haram and today he is in far away saudi arabia enjoying himself and will be still come back to continue fromwhere he stopped all with tax payers'money.
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by Bukkyade: 11:45am On Aug 18, 2012
This government is simply magical. they re doing what none other has done. I never believed they will release the names of those indicted as clamoured by the press and civil society group. But here they are. They have given us the names of the oil cabal that has held us to ransome for years. It's remarkable. With this alone, I'm ok. At least, I can now point to the cabal with mathematical exactitude. Nigerians now know the face of their enemies.
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by SamMilla1(m): 11:45am On Aug 18, 2012
Weldone gej
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by bakila: 11:49am On Aug 18, 2012
dmainboss:

I thought some of you used to shout name them! Name them! Name them! They have named them now, why are you complaining again? Na wa oh!
Naming criminals is publicity stunt. The Job of most importantly is to prosecute, convict and get back stolen funds.
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by Orikinla(m): 11:50am On Aug 18, 2012
Sam Milla: Weldone gej

I DEY LAFF O! grin
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by chidexy(m): 11:52am On Aug 18, 2012
Nedu31: [color=#990000][/color]Another media brain wash,why not charge them to court?

Sometimes, it is better to impose fines and sanctions than going to court. They are business entities and time is of essence to them. If they forfeit their fraudulent claims and pay fines, the course of justice would have been served
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by bakila: 11:54am On Aug 18, 2012
kj_hova: PPPRA (FG) grants marketers import allocation every quater. DPR (FG) issues licences for same period. NPA (FG) monitors the cargo on arrival. Min. of Finance (FG)/PPPRA/DPR monitor transfer of cargo to port/depot & validate quantity/quality. PPPRA issues sovereign debt advice (SDA) on marketers subsidy claims. On the strength of this SDA, DMO (FG) issues a sovereign debt note (SDN) to the marketer payable in 45 days. Upon maturity, CBN (FG) pays the marketer at face value of the SDN.

Any indictement coming from Aig committee (FG) that excludes recommendation of punishment for PPPRA/MoF/DPR/DMO/CBN (all FG agents) is a sham.

There is only one cabal in existence and this cabal is called the Federal Govt of Nigeria!!!
Simple and short.
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by Sealeddeal(m): 12:03pm On Aug 18, 2012
I think the failure of GeJ regime may begin here.he has actually stepped on the toe of the big ones.he may be trying to drag the lions by the tail.well,democracy is not enough to fight corruption in nigeria.this issue,if govt is serious,may continue to linger for years.the best way to fight corruption remains closing the holes thru which its carried out.remove subsidy completely and follow the recommendation of House of Reps. indict and so on are just child play.nothing will happen.
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by Dollarman101: 12:05pm On Aug 18, 2012
superior1: I have since lost faith in the Federal Government and her propaganda
What is propaganda here? Govt has told us the names of those responsible for our oil problems and you call it propaganda. Is that how you interprete your own?
So you rather prefer the govt does not make the names public?
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by BlackBaron: 12:08pm On Aug 18, 2012
It's not enough to name them alone. Charge them to court and convict or penalise these bunch of thieving defrauding bastards.

Here we go again as it looks like they'll only get away with slaps on their wrist. angry
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by JayKid1(m): 12:08pm On Aug 18, 2012
What have they done about those that have been indicted already? These guys should just stop wasting our time joor, we're tired of hearing all this rubbish undecided
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by dedeike: 12:17pm On Aug 18, 2012
Sealeddeal: I think the failure of GeJ regime may begin here.he has actually stepped on the toe of the big ones.he may be trying to drag the lions by the tail.well,democracy is not enough to fight corruption in nigeria.this issue,if govt is serious,may continue to linger for years.the best way to fight corruption remains closing the holes thru which its carried out.remove subsidy completely and follow the recommendation of House of Reps. indict and so on are just child play.nothing will happen.
I align with this position. The publication of these names or the prosecution of the cabal,though laudable, is not exactly the solution to the problem.
Subsidy removal is the only way forward. Close this window of corruption called subsidy. Once it's closed, only genuine importers will engage in the business of importation.
Private individuals will then go into building refineries. When private refineries are built, prices will come down and importation will end.
There will be massive employment in the refineries and competition will make the masses king.

2 Likes

Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by kjhova(m): 12:27pm On Aug 18, 2012
Has an agency of govt (say EFCC or police) conducted proper investigations? Do we have conclusive evidence at hand? Has our Attorney General or any other public prosecutor charged anyone to court? Has their been a complete prosecution? Has anyone gone to jail?

Indictment is a loose English word that has been unleashed on us many times by the powers that be. Think straight posters, have you ever witnessed prosecution & jail terms after these indictments?
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by Mekusnwa: 12:28pm On Aug 18, 2012
supereagle: The Federal Government has indicted Conoil Plc, MRS Oil and Gas Ltd., Capital Oil and Gas Industry Ltd., and 18 other firms in the fuel subsidy imbroglio.

It said that these companies were being investigated based on the evidence that they might have engaged in fraudulent activities under the fuel subsidy regime.

The Ministry of Finance, in a statement on Friday, gave the names of the other companies as Aluminnur Resources Ltd., Brilla Energy Ltd., Caades Oil and Gas Ltd., Downstream Energy Source Ltd., Eterna Plc and Eurafric Oil and Gas Ltd.

Others are Lumen Skies Ltd., Majope Investment Ltd., Matrix Energy Ltd., Menon Oil and Gas Ltd., MOB International Services, Nasaman Oil Services Ltd., Natacel Petroleum Ltd., Ocean Energy Trading and Services, Pinnacle Contractors Ltd., Sifax Oil and Gas Company, Tonique Oil Services Ltd. and Top Oil and Gas Development Company Ltd.

According to the statement, a report by the Presidential Committee on Fuel Subsidy Payments led by Aig Aig-Imoukhuede, had recommended that the firms refund various amounts to the national treasury.

The statement said, “There is a second group of companies with infractions which are relatively minor. They are in discussion with the government for a quick resolution of their issues. The government is prepared to settle their claims under the following circumstances.

“For oil marketers under investigation for possible refunds to the government, their 2012 outstanding claims will be netted out against their expected refunds to the government and those with a positive net balance, i.e. outstanding claims greater than expected refunds, will be processed and paid.

“For marketers with a negative balance with the government, i.e they owe the government more in refunds than the government owes them, the Aig-Imoukhuede committee will accelerate the review of their documents after the Sallah break so that their claims can be processed and settled, if cleared, without further delay.

“It is clear that those behind the strikes are marketers being investigated for possible fraud. These elements have now resorted to hiding behind the unions to unnecessarily antagonise the government and create hardship for Nigerians.

“We want to make it clear that the government will fully investigate their activities and if found guilty, bring them to book and recover all public funds fraudulently obtained in the guise of fuel subsidy claims.

“No degree of blackmail will stop the government from doing its work. The government will, therefore, pursue justice and ensure that those who are found guilty are appropriately sanctioned.”

The Federal Government had already spent N493.67bn on fuel subsidy claims this year.

Out of the amount, N451bn was used to settle the 2011 arrears. Also, a total of N888bn was earmarked for subsidy payments in the 2012 budget.

The FG had earlier stated on Tuesday that indicted oil marketers would not be paid subsidy claims, while dismissing the threat of strike by the marketers.
The current scarcity of petroleum products in some parts of the country, particularly the Federal Capital Territory, has been blamed on the refusal of the marketers to lift products due to the decision of the FG to withhold further subsidy payments.

/
I like this.
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by Bukkyade: 12:34pm On Aug 18, 2012
kj_hova: Has an agency of govt (say EFCC or police) conducted proper investigations? Do we have conclusive evidence at hand? Has our Attorney General or any other public prosecutor charged anyone to court? Has their been a complete prosecution? Has anyone gone to jail?

Indictment is a loose English word that has been unleashed on us many times by the powers that be. Think straight posters, have you ever witnessed prosecution & jail terms after these indictments?
I disagree. Indictment creates the first basis for trial. You must be indicted in a scandal first before EFCC or Police investigates and prosecutes. indictment is not an abuse, it kick starts the process.
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by sbeezy8: 12:39pm On Aug 18, 2012

The Federal Government has indicted Conoil Plc, MRS Oil and Gas Ltd., Capital Oil and Gas Industry Ltd., and 18 other firms in the fuel subsidy imbroglio.

It said that these companies were being investigated based on the evidence that they might have engaged in fraudulent activities under the fuel subsidy regime.

makes no sense...... how can you make such statemnts
Re: FG Indicts Conoil, MRS, Capital Oil, 18 Others by honeymix77(m): 12:41pm On Aug 18, 2012
question how long are we going to continue this. question wat happend to d word refiney.

(1) (2) (Reply)

OBJ - I'm Getting Tired Of Politics / Is Governor Chime's Cancer Relapsing? / Saraki In Fresh Move Against CCB Trial

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. All rights reserved. See How To Advertise. 165
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.