Though the battle for the reversal of the pump price of petrol to N 65 per litre has been won and lost, the resultant effects still linger on. With the commencement of the probe into the removal of the subsidy on petrol, many Nigerians expect heads to start rolling soon.

Investigations revealed that the fraud being perpetrated in Nigeria’s oil sector defies competent description. The whole structure has been eroded by corruption thereby leaving the Government at the mercy of corrupt marketers, fraudulent staff and even not so clean government officials.

Incidentally, many of those behind these shady moves that set the Federal Government back by billions of Naira on a daily basis are friends of the ruling class- some have even received national honours.

Street Journal’s investigation revealed that the Chief Executives of some the companies involved in the fuel subsidy scam that blew open recently own companies outside the country. They are the ones that obtain PFI (Pro Forma Invoice) for such companies to import petrol into Nigeria. As it is almost always the case, they build up margins in the PFI for onward importation of products. That way, it is ensured that both the company here and the one abroad make money.

It was discovered that one of the companies that has become a name in Nigeria’s oil circles, Fineshade Energy Inc. is owned by billionaire business mogul, Femi Otedola whose other company, Zenon bought AP over. Running checks on the company, it was found out that the company situated in the United Kingdom claims it has annual revenue of $ 158, 472 while the staff strength was p, read more here: http://questionmarkmag.com/2012/01/how-zenon-capital-oil-and-other-marketers-swindled-the-federal-government-via-fuel-subsidy/