TRUTHTELA:

Senate Joint Committee on Petroleum Resources (Downstream), Appropriation and Finance yesterday formally unveiled the names of beneficiaries of the fuel subsidy scheme operated by government agencies. The list comprises both major oil marketers and independent depot owners, with 77 beneficiaries.

Major oil marketers include: AP; Oando; Total; MRS and ConOil, while the independent beneficiaries are Bovas, Eterna, Eurafric Oil & Coastal Services, Integrated Oil, Matrix, Northwest Petroleum Pinnacle, RAHAMANIYYA, Sea Petroleum, Maizube Pet, Triquest, Ecogree, Ontario, Dupot, IMAD oil, Nadabo, Brila, SIFAX, Taurus, Yanaty Petro Chemical, AITEO, AMG, Ascon, Dee Jones, Honeywell, Swift, Acorn, Avant Garde, Majope Inv, Spog Petrochemical, Knighsridge, Lloys Energy, Masters Energy, Dupot Marina, Lumen Skies, Nasaman, Somerset, Sirius Energy, Tonique, Ventro Energy, Channex Oil, Valzira, Zenro, Donny Oil and Gas, Naticel, AA Rand, Lingo Oil, Ocean Energy Trading, Ryden, Chiteld Pet, Avidor, Setana Energy, Shorelink Oil, Fradro Int, Linetrale Oil Supply and Trading, Sahara, Valcore, ASB Inv, Lubcon, Ceoti, First Deepwater and Agacan.

Committee Chairman, Magnus Abe, read out a list of the oil subsidy beneficiaries, as at August 2001. Some of them are: Oando Nigeria Plc (N228.506 billion); Integrated Oil and Gas Plc (N30 billion); MRS (N224.818 billion), Con Oil (N37.96 billion), Enak Oil & Gas (N19.684 billion), Bovas & Co. Nig Ltd (N5.685 billion), Obat (N85 billion) and[b] AP (N104.5 billion).[/b]

Others are: Folawiyo Oil (N113.3 billion), IPMAN Investment Limited (N10.9 billion), ACON (N24.1 billion), Atio Oil (N64.4billion), AMP (N11.4 billion), Honey Well (N12.2 billion), Emac Oil (N19.2 billion), D.Jones Oil (N14.8 billion) and Capital Oil (N22.4 billion), AZ Oil (N18.613billion).
Abe, however, differed from the amount of N1.346trillion earlier presented by the Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Reginald Elijah Stanley. He placed the figure at N1.426trillion.

Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mr. Austin Oniwon, incurred the wrath of the Senator Magnus Abe-led committee when he could not tell them the units of crude oil refined per day in the nation’s refineries.

He had earlier told the committee that all the refineries combined couldn’t operate below 60 percent capacity, while the Port Harcourt refinery has not been operational for more than a month now.
“By the design of the refineries, they can’t run below 60 percent when you charge it. That’s why we say it’s 60 percent. Unfortunately, for over a month now, the Port Harcourt refinery has been shut down. But when it runs, technically, it can’t run below 60 percent,” he said.

Committee member, Senator Bukola Saraki, whose motion triggered the Senate probe asked Oniwon to tell senators “the average capacity utilization of the refineries.”
Oniwon replied:” I’ll get back to you on that.”
This did not go down well with Saraki who pressed on with more questions. He asked again: “What amount of PMS would the refineries give us for the months of October, November and December?”
Again, Oniwon replied: “ At 60 percent, we’ll produce 13 million litres.”
An angry Senator Saraki repeated his question and demanded details and documents on the amount of crude refined for those months to which Oniwon replied: “I didn’t come with the figures but I can submit them later.”

http://www.sunnewsonline.com/webpages/news/national/2011/dec/03/national-03-12-2011-015.html

jensinmi:


Arghhh,  See Nigeria.

OTEDOLA MUST GO TO PRISON OH.

Oando - N228 billion
MRS - N224 billion
AP - N104 billion
Obat - N85 billion

For those asking for what happened to subsidy money, we should ask those who own the above companies. Chei,

And the useless Group Managing Director of NNPC - Oniwon.

Oando Oil, CONOIL, African Petroleum and MRS Oil are among the powerful players in the petroleum sector that have shared over N3.655 trillion between 2006 and September 2011 in pursuit of importation of refined petroleum products. Jesus Christ

This was revealed today in Abuja by the Nigerian Senate joint Committee on Petroleum (Downstream), Appropriation and Finance.

Senator Magnus Ibe, the chairman of the committee, also disclosed that some 100 companies in the downstream sector and in construction, shared over N1.426 trillion between January and August 2011 alone. What the hell?

Oando Oil is owned by Wale Tinubu’s Oando; Mike Adenuga owns CONOIL, Femi Otedola owns AP, while MRS Oil is run by Aliko Dangote's brother, Sayyu Dantata. Other key players named today include Pinaccle Construction Ltd, as well as Integrated Oil and Gas, which is owned by a former Minister of the Interior, Capt. Emmanuel Iheanacho.

The full list, and their individual haul, as read out by Senator Abe, is as follows:
1. Oando Nigerian Plc. – N228.506 billion
2. MRS –N224.818 billion
3. Pinnacle Construction-N300 billion
4. Enak Oil & Gas –N19.684 billion
5. CONOIl – N37.960 billion
6. Bovas & Co. Nig. Ltd. – N5.685 billion,
7. Obat N85 billion and AP; N104.5billion.
8. Folawiyo Oil - N113.3 billion
9. 8.IPMAN Investment Limited- N10.9billion
10. ACON - N24.1billion
11. Atio Oil-N64.4billion
12. AMP- N11.4billion
13. Honeywell-N12.2billion
14. Emac Oil- N19.2billion
15. D.Jones Oil-N14.8billion;
16. Capital Oil - N22.4 billion
17. AZ Oil- N18.613billion
18. Eterna oil- N5.57 billion
19. Dozil oil- N3.375 billion
20. Fort oil-N8.582 billion.
21. Integrated Oil and Gas- N30.777 billion

With reference to 2011, the companies named by the Senate and the amount of money they have received this year alone include Otedola's African Petroleum, N104.58 billion; A.A. Rano, N1.14 billion; A.S.B, N3.16 billion; Arcon Plc, N24.116 billion; Aminu Resources, N2.3 billion; Avante Guard, N1.14 billion; Avido, N3.64 billion; Boffas and Company, N3.67 billion; and Brilla Energy, N960.3 million.

Others also listed are: DownStream Energy, N789.648 million; Dosil Oil and Gas, N3.375 billion; Inco Ray, N1.988 billion; Eternal, N5.574 billion; Folawiyo Energy, N113.32 billion; Frado International, N2.63 billion; First Deepwater Oil, N257.396 million; Heden Petrol, N693 million; Honeywell Petrol, N12.2 billion; Integrated oil, N30.777billion; AMP, N11.417 billion; Ascon, N5.271 billion; Channel Oil, N1.308 billion; Fort Oil, N8.582 billion; Enak Oil & Gas, N19.684 billion; IPMAN Investment Limited, N10.9 billion; Atio Oil, N64.4billion; AMP, N11.4billion; and Emac Oil, N19.2billion.

Findings by SaharaReporters correspondent indicate that in 2006, only MRS, TOTAL and OANDO were officially listed as beneficiaries of the fuel subsidy recognised by the Federal Government. The three companies were said to have been listed as “major marketers.”

In the following year, 2007, AP and MOBIL joined the three companies and became listed under the category of majors. The same year NIPCO was introduced and listed under the category of petrol depot owners. A new category of “independents” included some marketers who had no depots.

AITEO Energy Resources and TRIQUEST Energy were also added in 2007, bringing the total to eight beneficiaries of the fuel subsidy.

Our reporters gathered that the list of subsidy beneficiaries increased sharply in 2008, rising to of 23, including six majors. Also in 2008, CONOIL and NIPCO were joined by Capital Oil and Folawiyo Energy, under the category of depot owners.

The list of independents also increased from two in 2007 to 14 in 2008 as AITEO and TRIQUEST were said to have been joined by TONIQUE Oil services, IMAD Oil & Gas, Integrated Oil and Gas, Rahamaniyya, AMG Petro Energy, Brittania, ACORN, A-Z Petroleum, SHIELD Petroleum and MAJOPE Investment Limited.

And in 2010, while the beneficiaries of the subsidy payment under the category of major marketers remained steady at six and the depot owners remained two, the list of independent marketers jumped up to 28, with the curious inclusion of many relatively unknown and unheard-of companies.

Competent sources said that the lion’s percentage of N1.426 trillion fuel subsidy for this year will go to Otedola's AP, Wale Tinubu's OANDO, TOTAL, Sayyu Dantata's MRS and And Mike Adenuga's CONOIL.

These revelations, which are certain to enliven discussions about the management of the Nigerian economy, come as the government of Mr. Goodluck Jonathan prepares to withdraw the subsidy on petroleum products next month.

Please stop the damn subsidy with immediate effect

Beaf:

The truth of who fiddles Nigeria will come into the open with that list. You will also notice that those who scream loudest against the removal of the subsidy are reps of those companies.

Does the average Nigerian who refuses to read know that during Abacha's regime, with Buhari at the head of the PTF racket; the refineries were deliberately run down and monies for their turn around maintenance routinely vanished into thin air? But wait for the cracker! At the time this lot were running down our local refineries, Abacha actually used FG funds to build a personal refinery in Sierra Leone, so he and his cronies could milk the nation dry as a fuel importers!

Beaf:


Now for the clanger! Guess who helped Abacha fund the that refinery and suck the blood of the common man? TINUBU!
Through his Oando front, he got 24% ownership of the Abacha refinery. Is it any surprise that Tinubu pressed for a deal to trade SW votes in return for the right to choose the minister of petroleum? When he didn't get that crazy demand that would finally have wrapped his blood sucking tentacles around the country and Deziani was deftly picked instead, we suddenly started seeing all sorts of paid slander articles in the press. Deziani promised to carry out deep reforms and she is doing it quite well, thank you!

Beaf:


Babangida also built private refineries with govt money like Abacha, to enjoy the same "subsidies" on the sweat and blood of the common man. His refineries were in Ivory Coast and Benin Republic. We have had presidents who have industrialised foreign countries, while phucking up Nigeria.

Beaf:

^
You are wrong. We need to know those who have benefited since IBB's and Abacha's times; that is when Nigeria started getting seriously phucked. Once we have those names's, the average person will once and for all know the true enemies of the country. For starters, see my earlier post.

BetaThings:

Otedola is one of the largest backers of Jonathan
He was reported to SEC as having falsified AP's accounts
And did not pay for AP's shares he bought in 2008
His relationship with Jonathan only got stronger after these accusations

The average person does not need names
He needs action
The true enemy of Nigerians is the leader who refuses to jail criminals

Black_Revo:

This is some serious poo, to even think that the data collated already was for the year ending in 2001. One has to wonder what would be the figure for the year 2002 to 2011?  .

Boyloaf:

Is anybody s[b]till wondering why
SW so desperately wants to hold
on tightly to one Nigeria, at the
expense of SS and some SE states.[/b]
Refusing to either go left or go
right. They just took a lopsided
stand at the middle. [b]Jonathan is
not a fool. He know his people
has been rode like a donkey all
these years. The more reason he
wants to end it all, No wonder GEJ said nigeria will crash if subsidy stays! [/b]Go ahead my president u hav my support! MEND/Boko HARAM here is a fresh list of new targets! So get to work boys, kill them all!

Boyloaf:

Is anybody still wondering why
SW so desperately wants to hold
on tightly to one Nigeria, at the
expense of SS and some SE states.
Refusing to either go left or go
right. They just took a lopsided
stand at the middle. Jonathan is
not a fool. He know his people
has been rode like a donkey all
these years. The more reason he
wants to end it all, No wonder GEJ said nigeria will crash if subsidy stays! Go ahead my president u hav my support! MEND/Boko HARAM here is a fresh list of new targets! So get to work boys, kill them all!

PROUD-IGBO:

^^^ On the bolded, i doubt there's enough zeros on the calculator to compute the mind boggling amount.

Jesus wept!!! My blood is boiling right now. Later they will tell you Igbo man is the problem with Nigeria. What do these thieving bastards do with all these billions of $$$ for chrissake!!!? I wonder how they go to sleep at night -with all the poverty around them- feeling smug that they've made an extra couple of million and shafted the average Nigerian in the process.

It's just pure greed and avarice, and the blood of anyone that has died for lack of adequate healthcare; the blood of the poor young graduate that spent years without finding a job and then went on to commit suicide b'cos he/she felt all alone and abandoned; the blood of all those who have died on our roads for lack of maintainance; the blood of all those who have died in foreign lands b'cos of lack of opportunities back home; the blood of all these poor souls is partly on the heads and conscience of these greedy thieving scum, and they'll get theirs for sure- if not in this life, then on the day of judgement b/4 God almighty. Amen.

sheyguy:

Mr. Ndigbo apologist dont be too quick to start a tribal war here, the igbos have their share in this list too. Plus dont forget things like "the estimated N118B loss to importation of fake energy-sajving electrical bulbs alone", we still have fake drugs, electrical appliances among others while patonising slave labour factories in Asia. [size=14pt]
Don't let us start that thread within this thread pls!!![/size]

High_Chief:

Do you have any source to confirm the above assertions? Meanwhile, we are talking about Yorubas that are stealing directly from the country's coffers and impoverishin the masses. Now we know why you so much want the "One Nigeria"

Boyloaf:

Is anybody still wondering why
SW so desperately wants to hold
on tightly to one Nigeria, at the
expense of SS and some SE states.
Refusing to either go left or go
right. They just took a lopsided
stand at the middle. Jonathan is
not a fool. He know his people
has been rode like a donkey all
these years. The more reason he
wants to end it all, No wonder GEJ said nigeria will crash if subsidy stays! Go ahead my president u hav my support! MEND/Boko HARAM here is a fresh list of new targets! So get to work boys, kill them all!

PROUD-IGBO:

^^^Honestly, if God could grant me one request now it would be for the South East (including Igbo parts of Delta and Rivers States) together with Cross Rivers and Akwa Ibom, break away from this cursed nation and form a loose confederation where each constituting part gets to keep 80% of its rescources/revenue, with just 20% going to a weak centre for Defence, Int'l Affairs, etc. A confederation where fairness, merit and the fear of God are the principle values/ethos on which the nation is built and every ethnic group has an equal 'vote' irrespective of population/size. When this nation is set up and running, then we can welcome new members on equal terms.

I've had it with this country Nigeria: a place where some bastards see public office at the centre solely as a means to violation and plunder the commonwealth. They've been in and around the corridors of power since the late 60's and what do they have to show for being in control of the all powerful Federal Government since then?: Absolutley fuc*k-all , unless of course you're counting their ever burgeoning foreign bank accounts, and opulent palaces they've built for themselves and their families while the wretched poor all around them fester in their disease-ridden slums.

You can see how they're now bitter and disgruntled that a 'bloody fisherman' apparently didn't read the script and now wants to put sand in their garri.

May God punish all of them (including any Igbo collaborators involved over the years) responsible for putting us in this mess.