ANOTHER can of worms appears to have been opened in the management of oil subsidy as it emerged, at the weekend, that the Federal Government had paid the sum of N2.7 billion to an unregistered company.

The company given as Pinnacle Contractors Limited, got a total of N2.7 billion from the oil subsidy funds without supplying any litre of fuel and also without registration with the Corporate Affairs Commission (CAC).

Searches at the CAC indicated only Pinnacle Company Nigeria Limited, with Registration number RC. 8740, while no trace could be found of Pinnacle Contractors.

A search conducted on September 18 showed that only Pinnacle Company Nigeria Limited is registered on the CAC system.

The Federal Government had, in August, announced that Pinnacle Contractors Limited was one of the 25 companies that mismanaged different sums of the subsidy funds.

Details from the Ministry of Finance had showed that Pinnacle Contractors Limited got N1.2 billion for alleged importation of fuel into Nigeria, when the vessels said to have supplied the fuel was not at the location where it could actually do so.

The company also got another N1.5 billion for supplying fuel through a vessel that was no longer in operations at the time of the supply.

It was gathered from officials of CAC that Pinnacle Contractors Limited could not have been registered since Pinnacle Company Nigeria Limited had already been registered on the CAC website.

Searches on the CAC system indicated that Pinnacle Company Nigeria Limited was registered on September 18, 1981 with registration number RC. 8740. Its registered office is given as 12, Iwehen Street, Benin City, Edo State.

The directors are given as Samuel Okhorutomwen Uwadie and Samuel Omorodion Iwadie.

According to the data at the CAC, the company is registered as importers, exporters, manufacturers’ representatives, as well as sellers and distributors of general goods.

to read more: http://tribune.com.ng/index.php/lead-stories/48050-fg-pays-n27bn-subsidy-money-to-unregistered-company

we go c

GEJ should jail the person(s) that directly or indirectly included that ghost company in the payroll. This is economic sabotage!

Government of corruption, fraud and scandal. I dey laff

jamace: GEJ should jail the person(s) that directly or indirectly included that ghost company in the payroll. This is economic sabotage!

And who would jail GEJ for giving this saboteurs a free hand/reign?

Minister linked with N2.7bn subsidy scam

There is disquiet in the Presidency over a ‘close’ relationship between a serving minister and a firm which was indicted for N2.7billion oil subsidy claims.

The firm, Pinnacle Contractors Limited, is unknown to law as it was not registered with the Corporate Affairs Commission (CAC) before engaging in phony fuel importation and smiling to the banks with N2.7billion.

There were strong indications that the company was used for slush funds by some powers that be for “a certain purpose.”

The ‘strange’ company is one of the 25 firms recommended for criminal investigation by the Federal Ministry of Finance.

The company received subsidy payments in 2011 without importing any fuel.

It was gathered that anti-corruption agencies are currently probing the status of the company and those behind it.

But it was learnt that preliminary findings have shown that the affected agencies are also looking into a “close link” between a minister and the ‘strange’ company which was 22 on the list of firms due for criminal investigation.

A reliable source in one of the anti-graft agencies, who spoke in confidence, said: “Pinnacle Contractors Limited is one of the firms we are probing as part of the fuel subsidy scam. There are issues concerning its ownership, registration by CAC and its legal existence.

“We are also trying to unravel the directors of the said company in order to establish those who will face trial for the N2.7billion subsidy scam. We are still on the case.

“What we are doing is to investigate these companies in batches because many issues were involved in tracking the subsidy fraud.”

Responding to a question, the source added: “There have been insinuations that a member of the Federal Executive Council has links with the company but we are still probing this angle.

“The challenge at hand is that in terms of ownership, there seems to be a link with a member of the Federal Executive Council. But on the surface, it is a flat situation. We are to dig beneath the surface and that is what we are doing.

“At the end of our investigation, we will be able to clarify whether the said firm is owned by a serving government official or not and how it came about the N2.7billion fuel subsidy claim.”

Another source added: “A search in CAC has so far confirmed that only Pinnacle Company Nigeria Limited is registered.

“It was actually registered on September 18, 1981 with registration number RC. 8740. Its registered office is given as 12, Iwehen Street, Benin City, Edo State. The directors are Samuel Okhorutomwen Uwadie and Samuel Omorodion Uwadie.

“Certainly, it is not an oil firm but it is in business for general goods. Therefore, it has no relationship with this Pinnacle Contractors Limited that we are investigating.

“Whatever is the case, we are determined to unravel those behind Pinnacle Contractors Limited which claimed N2.7billion as subsidy in 2011.”

But findings revealed that investigation might have suffered a setback because the suspected minister was one of those mandated by President Goodluck Jonathan to draft white papers on the three reports meant to clean the oil sector.

One of the sources said: “There is that suspicion against the minister but since we have not reached a conclusive bend, you cannot say he or she should not perform his or her statutory duties as a member of the Federal Executive Council.

“All I know is that we are looking into issues bordering on those behind the ‘oil’ company.”

The President had raised white paper committees on the reports of the Petroleum Revenue Special Task Force, the National Refineries Special Task Force and the Governance and Controls Special Task Force.

The Anti-Corruption Network, a non-governmental organisation headed by a former member of the House of Representatives, Dino Melaye, had protested to the Federal Ministry of Finance in Abuja to ask for the legal status of the company.

Source

If a GEJ can pay illegal $1.1billion to a convict in the name of Malabu Oil why should I be surprised that the government paid a token N2.7billion to an unregistered firm! Na thief thief government we get

When we then say GEJ, Allison-Madueke et al are ultra-corrupt their childish and clannish fans on NL will distractingly begin throwing insults around because they are unable to accept the truth or face stark reality. How the hell is is possible to see what is written below happen without the collusion of the FG and NNPC who happen to be the only authorities who can issue Marketers licence?

The company given as Pinnacle Contractors Limited, got a total of N2.7 billion from the oil subsidy funds without supplying any litre of fuel and also without registration with the Corporate Affairs Commission (CAC).

jamace: GEJ should jail the person(s) that directly or indirectly included that ghost company in the payroll. This is economic sabotage!

Very funny. As if GEJ, Allison-Madueke et al will jail themselves. How many times will it be repeated that only the FG and NNPC can issue marketers Licence. Who is foolish enough to not understand that the FG and NNPC must have abetted all these fraudsters with how it was those without capacity or competence who gained marketers licence?

Are we now ridiculously suggesting to the world that things are so hideously lax in Nigeria to the extent the FG and NNPC lack the competence to vet potential fuel importers? Or is it that the FG and NNPC simply 'dashed' licence to their cronies and fronts in a deliberate conspiracy to loot Nigeria? Take your pick?