By Henry Umoru & Inalegwu Shaibu
ABUJA — Senate Joint Committee, probing the management of the Federal Government petroleum subsidy scheme, has discovered that the Petroleum Product and Pricing Regulatory Agency, PPPRA, gave right of approval to portfolio investors to import petrol under the subsidy scheme.

The committee, at the ongoing investigative hearing on the management of N1.7trn subsidy funds, found out that many companies without the capacities to import fuel and with no storage facilities or retail distribution outlets were given licence of importation by PPPRA.

The committee, upon the discovery, summoned the management of Keystone Bank and Union Bank to appear before it on Monday with details of transactions and payment of all subsidy claims to the beneficiaries.

Chairman of the Committee, Senator Magnus Abe, who issued the summons, yesterday, in Abuja also ordered the management of PPPRA and Petroleum Product Marketing Company of Nigeria, PPMC, to appear before it on Monday to explain why approvals were given to unqualified companies.

MOMAN petition

Chairman of Oando Nigeria Limited, Mr. Wale Tinubu, was also ordered by the committee to appear before it following his petition to Major Oil Marketers Association of Nigeria, MOMAN, accusing some oil majors of diverting domestic kerosene for aviation fuel.

Abe said: “Clearly, there are some operators we need to talk to and some persons we invited to brief us. From our resolution here, we can see that there are briefcase companies that were getting approval to import fuel, there are serious operators and those that have invested heavily in the oil sectors.

http://www.vanguardngr.com/2012/02/how-pppra-shared-subsidy-funds-to-portfolio-investors/

Nothing realy new about this, what they shld be doing now is start prosecuting these cabals

What happens after all this committee meetings sef?

Same story at the end of the day. The law makers are bribed with hefty sums, and it's business as usual. Next!

Same story at the end of the day. Highest they can do is ask the oil marketers for refund, no prosecution. And the 'refund' is partly sent to the lawmakers pockets, and it's business as usual. Next!

This ls not news! Dog bite man is not news but when man bite dog that's news.
So we want to see offenders in jail! Then I will begin to have faith in nigerian politicians.
Thief no dey call his fellow thief, THIEF!