₦airaland Forum

DaLover: Sorry ooo, but I am still not convinced that you have no problem with women, I believe you have a small problem....please open up we are here to help...

Its not in my place to convince u. Attempting such is definately a suicide mission am not ready to undertake. enjoy ur morronic stance.

jossytes: will u vote for goodluck if he goes for second term

Besides the Retardeen has already told us that he will be going for a single term.

naijaking1: @poster
I have just read the entire committee report, I don't even see Madueke and Okonjo mentioned with such venom as your thread suggests. That's why i say, your personal battle against these women needs to be personal not public.
Is the NNPC corrupt? Does something need to change? Has the system been working suboptimally for Nigerians since 1970? Yes, yes, and Yes.

The title of this thread says : Sack Okonjo, madueke. Civil societies to GEJ
not
Sack Okonjo, madueke. House committee societies to GEJ

[size=15pt]^^^^^
dont be stuppid. earn money as per getting more funds for govt to spend not neccessary for their pockets[/size]

This came as apprehension mounted in the presidency and the ruling Peoples Democratic Party, PDP yesterday over the contents of the House of Representatives report on investigation of the utilization of the subsidy in the prices of petroleum products.

The apprehension based on the indictment of some major contributors to the party’s campaign coffers of 2011 heightened as the PDP summoned a meeting with the members of the House for April 30.

The party, however, dismissed the alleged anxiety saying that it welcomed the probe even as it admitted that only 12.75% of those indicted by the House report were contributors to the party’s campaign purse.

https://www.nairaland.com/919129/oil-thieves-pdp-financiers-pdp

Beaf: You sound suddenly ill, bro. I guess lying has made you tired.
You are exhausted and your battery is weak.

Please, entertain us with more lies from your wretched masters. What is the latest from your winshes coven?

Really? The truth must prevail


CHAPTER 7

GENERAL RECOMMENDATIONS

Based on the facts, issues and investigative interactions, the Committee hereby makes the following recommendations for the consideration and approval of the House.

1. From the findings of this Committee the consumption level for 2011 is estimated at 31.5 million litres per day.However, in 2012 marginal increment of 1.5 million litres a day is recommended in order to take care of unforeseen circumstances, bringing it to 33 million litres per day. And to maintain a strategic reserve, an additional average of seven (7) million litres per day(or 630million litres per Quarter) for the first quarter of 2012 only is recommended. Thus, PPPRA is to use 40 million litres of PMS in the first quarter as its maximum ordering quantity per day. In subsequent quarters PMS daily ordering quantity should be 33 million litres per day. For Kerosene, the Committee recommends a daily ordering quantity of 9 million litres.

2. With regards to the 445,000bpd allocation to NNPC to refine for local consumption, the Committee established that the allocation is sufficient to provide the nation with forty million litres per day for PMS and Ten million litres of HHK.



The above can be achieved conveniently through;
• SWAP arrangement,
• Offshore processing,
• Outright sale of the 445,000bpd and or partial sale of the excess from the local refining capacity of 53%.
Therefore there is no reason for government to grant subsidy importation to any other marketer.

Eventhough we have quoted 40 million litres as a liberal figure, in the course of monitoring the implementation of the subsidy regime the actual daily consumption will then be determined.

3. The NNPC should refund to the Federation Account, the sum of N310,414,963,613 (Three hundred and ten billion, four hundred and fourteen million, nine hundred and sixty three thousand, six hundred and thirteen naira only) paid to it illegally as subsidy for kerosene contrary to the Presidential Directive of July 29th, 2009 withdrawing subsidy on the product.

4. The Committee recommends that the NNPC should be unbundled to make its operations more efficient and transparent, and this we believe can also be achieved through the passage of a well drafted and comprehensive Petroleum Industry Bill. The Committee therefore urges the speedy drafting and submission of the bill to the National Assembly.

5. The Committee wishes to recommend that the House do direct for the auditing of the NNPC to determine its solvency. This was as a result of plethora of claims of indebtedness and demands for payments by NNPC’s debtors which, if not well handled, will not only affect the entire economy of Nigeria, but also the supply and distribution of petroleum products.

Examples: Nigeria Customs Service = N46 billion
Nigeria Ports Authority = N6 billion
Trafigura et al = $3.5 billion

6. The House should direct the NNPC to stop any form of deduction not captured in the Appropriation Act before remittance to the Federation Accounts, and the Corporation should submit its transactions to the operational Guidelines of the Subsidy Scheme.

7. NNPC Retail, Independent Petroleum Marketers Association of Nigeria (IPMAN) and Major Oil Marketers Association of Nigeria (MOMAN) should be the outlets for the distribution of Kerosene to ensure availability and affordability of the product to Nigerians.

8. The NNPC should also refund to the Federation Account the sum of NGN285.098Billion being over-deductions as against PPPRA approvals for 2011. The Relevant Anti- Corruption Agencies
should further investigate the Corporation for deductions for the years 2009 and 2010.

9. As postulated earlier in this report, data provided by NNPC and CBN tends to suggest that for 2009, 2010, and 2011, NNPC deducted subsidy payments from two different accounts. It is the recommendation of this Committee that Relevant Anti- Corruption Agencies conduct thorough investigations into this matter and where it is established that double withdrawals were made, the extra amounts should be paid back to the Treasury and those involved prosecuted.


10. The Management and Board of the NNPC should be completely overhauled and all those involved in the following infractionsbe further investigated and prosecuted by the Relevant Anti -Corruption Agencies:
a. Payment of N285.098 Billion in excess of the PPPRA recommended figure for 2011
b. Subsidy deductions of N310,414,963,613 for kerosene against a Presidential Directive
c. Direct deductions from funds meant for the Federation Account in contravention of Section 162 of the Nigerian Constitution
d. Illegal granting of price differential (discounts) of crude oil price per barrel to NNPC to the tune of N108.648Billion from 2009-2011.

11. The relevant Anti- Corruption Agencies should carry out a due-diligence investigation to determine the total demurrage payments and outstanding incurred by NNPC for the period 2009 - 2011.

12. Under the PSF Scheme, importers especially NNPC should be mandated to patronize Nigerian Flagged vessels provided they produce the standard safety and sea-worthiness certificates in tune with international best practices.

13. All the payments which the PPPRA made to itself from the PSF account in excess of the approved administrative charges which were due to it under the Template should be recovered and paid back into the Fund. The officials involved in this infraction should be further investigated/prosecuted by the relevant Anti- Corruption Agencies. These confirmed illegal payments were the sum of NGN156.455Billion in 2009, and the sum of NGN155.824Billion in 2010, a total sum of NGN312,279Billion.

14. All staff of PPPRA and DPR involved in the
a. processing of Applications by importers, and
b. verification, confirmation and payment for imported products by Importers and NNPC
should be investigated/prosecuted by Anti- Corruption Agenciesfor negligence, collusion and fraud.

15. The Executive Secretaries of the PPPRA who were the accounting officers, and under whose watch these abuses were perpetrated that led to the Government losing billions of naira, should be held liable. Therefore, we strongly recommend that those who served as Executive Secretaries of PPPRA from January 2009 to October 2011 should be further investigated/prosecuted by relevant Anti- Corruption Agencies. This should also include GM Field Services, ACDO/Supervisor-Ullage Team 1, and ACDO/Supervisor-Ullage Team 2 within the same period,for their roles in the management of the ullaging under the subsidy scheme.

16. The Chairman of the Board of PPPRA from 2009 – 2011, and the entire Members of the board during the period are hereby reprimanded and their decision which opened the floodgate for the Bazaar is condemned in the strongest terms.

17. It is hereby recommended that Mr President should reorganize the Ministry of Petroleum Resources to make it more effective in carrying out the much needed reforms in the oil and gas sector.

18. Given the large and complex nature of the Ministry of Petroleum Resources, the Committee recommends that two ministers should be appointed to take charge of the upstream and downstream.

19. The current template being used by PPPRA in computing and paying PSF is full of in-built prices for wastages and inefficiencies (eg. Lightering exercise, demurrage) that could be plugged to save the Nation’s scarce resources. We therefore recommend the revision of the template.

20. Henceforth the PPPRA margin of error on the payment Template for ascertaining allowable volumes on imported products should not be more than +/-5% as against the current +/- 10%

21. The PPPRA should provide the Nigerian Navy and NIMASA advance copies of allocation and vessel arrival notification documents to enable the Navy monitor, track and interdict vessels seeking to avoid Naval certification.

22. The Executive Secretary of PPPRA 2009 – February, 2011 should be investigated and punished for the official recklessness he exhibited in the implementation of the Board decision to reverse the qualification for participation in the scheme. The allocation/approvals to import products given to thirty-five (35) Companies before their formal registration with PPPRA testify to this. Companies that lack the required competence and expertise to import petroleum products and even those who did not meet up with the agreed standards were also awarded large chunks of the allocation, an act that culminated in huge loss of resources to the nation.Many Companies under his watch who had neither depots nor through-put agreement were allowed to participate in the Scheme contrary to the revised eligibility guidelines.

23. The practice whereby PPPRA as a regulator in the petroleum downstream sector being supervised by the Ministry of Petroleum Resources whose Minister is the Chairman of the Board of NNPC (a major importer/participant in the PSF scheme) negates the principles of checks and balances and international best practices.
The Committee thereforerecommends that the regulatory capacity of PPPRA be strengthened and the National Assembly should commence the process of amending the Act to make the Agency autonomous.

24. The PPPRA should, within two weeks of the adoption of this Report, conduct a performance assessment of ALL Companies involved in the PSF scheme and publish such reports.

25. The Committee is firm in its view that if any petroleum product is deserving of subsidy, HHK should enjoy a pride of place. It therefore recommends the immediate reinstatement of subsidy for Kerosene not later than second quarter, 2012 at pump price of N50 per Litre.

26. The Committee recommends that the sum of NGN557.70Billion should be provided for as Subsidy in the 2012 Appropriation Act, while the sum of N249.006B should be provided as subsidy for HHK (Kerosene).

Evidently, 445,000 bpd allocation to NNPC is sufficient to provide the nation with 40 MLPD PMS, 10 MLPD HHK, 8.97 MLPD AGO, 0.62 MLPD LPG and 2.31 MLPD of FO at the current NNPC refining capacity of 53%. It is only AGO that daily consumption in full could not be achieved. Since AGO has been deregulated, other marketers can make up for the 3.03 MLPDshortfalls.

27. The Committee recommends that FIRS should follow up on the companies listed earlier to pay their taxes with due penalties in line with the provisions of the Companies Income Tax Act.

28. The PSF Guidelines should be revised to make Tax compliance a mandatory pre-qualification requirement for all participants under the Scheme.

29. Marketers who obtained FOREX but did not import petroleum products should be referred to the relevant Anti- Corruption Agencies with a view to verifying what they used the FOREX for:


THOSE WHO OBTAINED FOREX BUT DID NOT IMPORT PETROLEUM PRODUCTS
S/N NAMES OF MARKETERS 2010 2011
$ $
1 BUSINESS VENTURES NIG LTD 22,927,339.96
2 EAST HORIZON GAS CO. LTD 20,735,910.81
3 EMADEB ENERGY 6,606,094.30
4 POKAT NIG. LTD. 3,147,956.19
5 SYNOPSIS ENTERPRISES LTD 51,449,977.47
6 ZENON PET & GAS LTD. 232,975,385.13
7 CARNIVAL ENERGY OIL LTD - 51,089.57
8 CROWNLINES - 4,756,274.94
9 ICE ENERGY PETROLEUM TRADING LTD - 2,131,166.32
10 INDEX PETROLEUM AFRICA - 6,438,849.64
11 RONAD OIL & GAS W/A - 4,813,272.00
12 SERENE GREENFIELD LTD - 4,813,360.75
13 SUPREME & MITCHELLES - 16,947,000.00
14 TRIDAX ENERGY LTD - 15,900,000.00
15 ZAMSON GLOBAL RES. - 8,916,750.00
TOTAL 337,842,663.8664,767,763.22

30. The following Companies that participated in the Scheme and refused to appear before the Committee and never submitted the required documents as was repeatedly announced during the hearing are to refund the various sums against their names. It is believed that these companies deliberately refused to appear because they had something to hide. The relevant Anti- Corruption Agencies should ensure full recovery:
S/N NAME OF COMPANY AMOUNT
(N)
1. Mut-Hass Petroleum Ltd 1,102,084,041.30
2. Nepal Oil and Gas Service 2,353,911,979.10
3. Oilbath Nigeria 1,019,644,138.97
4. Techno Oil Ltd 1,036,514,387.08
5. Somerset Energy Services 3,015,221,487.94
6. Stonebridge Oil Limited 1,784,158,258.14
7. Mobil Oil Nigeria 14,934,371,661.76
8. AX Energy Limited 1,471,969,643.31
9. CAH Resources Association Limited 1,052,466,415.28
10. Crust Energy Limited 1,192,651,581.76
11. Fresh Synergy Limited 1,417,029,059.70
12. Ibafon Oil Limited 4,687,730,540.46
13. Lottoj Oil and Gas Limited 1,427,429,910.95
14. Oakfield Synergy Network Limited 988,920,219.15
15. Petro Trade Energy Limited 1,471,027,874.73
16. Prudent Energy & Service Limited 1,360,898,638.10
18. Rocky Energy Limited 1,620,110,167.58
TOTAL 41,936,140,005.31

31. Payments for PMS with effect from the second quarter of 2012 should be based on certified truck outs at depots confirmed at the retail outlets and no longer on discharges from vessels into tank farms.Consumption should be defined in a way to exclude what is imported but only what is put in the tank.

32. The markets of opportunity situated within Nigerian territorial waters which are designated “offshore Cotonou” or “offshore Lome” to qualify for FOREX payment and to evade payment of appropriate levies, dues and taxes to the Nigerian government should be discontinued forthwith.

33. A Marine Transportation System should be put in place that is safe, secure, reliable, cost effective and efficient to reduce the present high cost of doing business in Nigeria.

34. Any importation without permit or where the difference is above approved quota should not be entitled to any amount on the Template.

35. It is strongly recommended that Marketers without storage facilities and retail outlets should be excluded from participating in the PFS Scheme as this will end the bazaar that constituted a serious drain on the nation’s economy and created room for abuses.

36. The services of the accounting firm of Akintola Williams, Deloitte and OlusolaAdekanola& Partners should be discontinued with immediate effect for professional incompetence on this particular assignment.

37. In view of the above the 2 firms should be blacklisted from being engaged by any Federal Ministry, Department or Agency (MDA’s) for a period of three years.

38. This Ad-Hoc Committee shall in its monitoring stage conduct extensive and thorough investigation into the operations of the PEF(MB) in order to ascertain the management of the bridging funds under the subsidy regime.

39. Penalties should also be indicated for non-compliance and promptly imposed to ensure the smooth operation of the Scheme.

40. The Nigerian Ports Authority (NPA) should be encouraged within a time frame to improve on the draught level of the Nigerian waters to encourage the berthing of ALL types of vessels so as to eliminate the present ship-to-ship (STS) transfers by importers of petroleum products.

41. All those in the Federal Ministry of Finance, Office of the Director-General Budget, and the Office of the Accountant General of the Federation involved in the extra budgetary expenditure under the PSF Scheme (2009-2011) should be sanctioned in accordance with the Civil Service Rules and the Code of Conduct Bureau.

42. The payment of N999,000,000 in 128times within 24hrs (12th& 13th January, 2009) by the Office of the Accountant -General of the Federation should be further investigated by relevant Anti-Corruption Agencies.


43. The National Assembly should enact an Act to criminalise extra budgetary expenditure.

44. CBN and the Federal Ministry of Finance should critically examine and review the policy guiding payment for importation of petroleum products to avoid the current fraudulent system that allows importers to bring in products from off-shore “Lome” or “Cotonou” to qualify for forex payments.

45. The Committee notes that several alarms were raised by the CBN on the escalation of subsidy figures but these early warning signals were ignored by relevant agencies. The Committee wishes to encourage whistle –blowing by regulatory agencies on threats to the economy with the hope that proactive measures could be taken.

46. The Committee recommends that the PPMC Management be overhauled. In furtherance to above recommendations of the committee, institutional mechanisms be urgently developed to ensure themonitoring of actual delivery of kerosene to the Nigerian masses.

47. The PPMC should deploy modern state-of-the-art devices to protect its facilities and pipelines to eliminate wastages arising from vandalism. In the short-term however, PPMC should establish a surveillance system which should incorporate Community-protection and using part of the bridging funds on the PSF Template to finance this.

48. All the extant circulars preventing the Nigeria Customs Service from carrying out its statutory functions be immediately withdrawn by the Central Bank of Nigeria and the Federal Ministry of Finance.

49. The Committee recommends that NNPC takes immediate action to pay the N46billion owed the Nigeria Customs Service and the N6billion owed to the Nigeria Ports Authority

50. The failure of NPA to provide this Committee the vital vessel data particularly the IMO numbers is an indication that either NPA has a very poor record keeping system or that it was a deliberate ploy to cover up the collusion between its officials and importers. We recommend an investigation into the operations and activities of this Authority.

51. The port operations of the Nigerian Ports Authority be investigated with a view to determining the extent to which its officials are complicit in the classification of maritime areas for reception of Nigerian bound petroleum products as “offshore Cotonou” and “offshore Lome” in the face of evidence that these Vessels never did lighter at those Ports.

52. In the course of this investigation, a lot of efforts were made to establish cases of round tripping and diversion of products, including the use of the data from Llyods List Intelligence resulting in the cases so far reported. However given the scale of connivance and collusion by government officials involved in the certification process, the Committee believes that further investigation will reveal more cases. It is therefore recommended that all the data obtained in the course of this investigation, especially from the Llyods List Intelligence be forwarded to the relevant anti-corruption agencies for a more detailed investigation.

53. The present Management of PEF (M)B should be overhauled and the Board when constituted should comprise of persons of impeccable integrity who should be knowledgeable in aspects of its mandate. This is without prejudice to the coming into force of the Petroleum Industry Act.

54. PEF(M)B should establish a tracking system on all trucks from point of loading to point of discharge (retail outlets) and direct that all trucks involved with transportation of products should install approved tracking devices on them.

55. It is hereby recommended that the regulatory capacity of the DPR be strengthened. The National Assembly should commence the process of amending the Act to make the Agency autonomous.

56. The DPR should take immediate steps to bring all facilities and depot owners into compliance with international best practices by ensuring the installation of modern metering gadgets and sealable and non-return valves, to eliminate the rampant cases of round-tripping.

57. The DPR should brace up to its role of Regulation and compel the NNPC/PPMC to comply with all the regulations issued to ensure transparency and accountability.

58. In order to reduce and gradually eliminate lightering, associated inefficiency and cost, Government should invest in the provision of Single Point Mooring (SPM’s). This provision should be followed up by instituting Regulations to compel Owners of Jetties, depots and storage facility owners to develop pipeline throughput availability to facilitate direct delivery of imported products by heavy vessels, in-shore Nigeria.

59. There should be a deliberate policy by Government to encourage the utilization of gas in automobile, domestic (cooking), and industrial facilities.
60. As a matter of urgency and in furtherance of our national security requirements, a national strategic reserve should be immediately enhanced so to accommodate 90days stop gap strategic reserve.
61. We strongly recommend that relevant Standing Committees of the National Assembly should be more proactive in their oversight responsibilities to forestall future occurrences.




















CONCLUSION

The Committee wishes to thank the Leadership of the House of Representatives for the confidence and support while the assignment lasted. Also, worth thanking are all Nigerians, Companies, Unions etc. who either openly or privately offered their services/support to the Committee.

We also express our gratitude to the media for their very intensive and consistent support especially Channels Television for bringing the proceedings of the Public Hearings of the Committee live to Nigerian homes.

The Committee can affirm that almost all the critical questions/issues raised at the beginning of this investigation have been answered conclusively. However, those not conclusively answered as a result of time and technicalities involved, are being recommended for further inquiry/action. For instance, it is safe to say that the daily consumption of PMS by Nigerians is 31.5 million litres while that of Kerosene is 9 million as against other incoherent figures being branded by relevant officers.

The cost of importation per litre is determined more by the Platts price. However, the over padding and wastage imbedded on the template hitherto being used by PPPRA encourages higher landing cost. This is why the Committee recommendation on urgent review of the constituents of the template should be implemented without delay.

The sum of N2, 657.087 trillion was paid as subsidy as at December, 31st in 2011 and the process of approvals (pre-qualification, allocation, verification, certification and payment) are all but flawless.

The difference between N2, 657.087 trillion paid as at December 2011 and N245 billion Appropriated (900%) is the extra-budgetary approvals and payment by the operators of the PSF Scheme and which tantamount to gross Constitutional breach.
The state of our refineries is nothing to write home about as it appears that greed, corruption etc among operators in the downstream sector colluded to strangulate the refineries despite their total installed refining capacities of 446,000 BPD.

The daily allocation of 445,000 bpd to NNPC for domestic consumption if well managed and harnessed has the potentials of satisfying the daily PMS and DPK needs of Nigerians. (see the Committee recommendations).
We also express our profound gratitude and appreciation to the Leadership and Honourable Members of the House of Representatives for giving us maximum support without hindrance or interference throughout the course of this assignment.

Finally, the Committee wishes to acknowledge the support and encouragement of all Nigerians which provided the needed impetus to accomplish this task.

Thank you.

Signed:
1. Rep. Farouk M. Lawan, OFR - Chairman
2. Rep. Ali Babatunde Ahmad - Member
3. Rep. JamesAbiodunFaleke - “
4. Rep. Alphonsus Gerald Irona - “
5. Rep. Umar Abubakar Sade - “
6. Rep. EuchariaAzodo - “
7. Rep. Abbas Tajudeen - “
8. Rep. John OwanEnoh - “

Beaf: How does one entertain this sort of idle market womans post?


No, it was you and Atiku that started the probe. Olodo!
Any child will primary school level sense would know that a probe was inevitable. There might even be another deeper probe, because you vultures bribed the reps.
See how your stories change with the direction of the wind? Its the true mark of a liar. Before the subsidy demo, you were saying Deziani an co were making money through subsidies, now it has become that they want to free up more money by removing subsidies.

Even without the disgraceful contradiction in your stories then and now; how silly does it sound that people cut off avenues of corruption so they can make more money?
Its a story for fools. But thats who you represent, so no biggies.

Pack of shameless thieves and scarabs.

Demdem: still foools will continue to allege without substantiating. High level cretins.

The usual constant lies and when called upon to substantiate, they go dumb

From the report of Honorable Farouk Lawan’s probe comes this list of Oil Marketers deemed to have collected subsidy funds illegally from the Federal Government. The Probe report indicates that they return these amounts:
S/N NAME OF MARKETER Amount

1. ACORN PLC N8,514.900,513.00
2. ALIMINNUR RESOURCES LTD N2,543,800,931.00
3. AMG PETRO-ENERGY LTD N7,226,773,136.00
4 ANOSKYE GROUP OF COMPANIES LTD N1,318,443,535.00
5. ASCON OIL AND GAS COMPANY N4,451,932,090.00
6. AVANT GARDE ENERGY N1,154,824,298.00
7. A-Z PETROLEUM N8,065,557,645.00 owned By Chika Okafor
8. CAH RESOURCES ASSOCIATION LTD N24,206,727.00
9. CONOIL PLC N3,027,526,589.00 owned Mike Adenuga
10. CRUST ENERGY LTD N1,192,651,581.00
11. DOWNSTREAM ENERGY SOURCE LTD N2,947,780,261.00
12. DOZZY OIL AND GAS LTD N1,587,298,801.00
13. DUPORT MARINE LTD N3,555,127,358.00
14. ECO-REGEN LTD N3,339,101,218.00
15. EURAFIC OIL AND COASTAL SERVICES LTD N3,868,147,024.00
16. FIRST DEEP WATER DISCOVERY LTD N932,207,739,.00
17. FRADRO INTERNATIONAL LTD N3,661,643.268.00
18. FRESH SYNERGY LTD N1,417,029,059.00
19. HEYDEN PETROLEUM N3,345,456,733.00
20. IBAFON OIL LTD N1,474,479,459.00
21. IMAD OIL &GAS LTD N2,701,002,852.00
22. INTEGRATED OIL & GAS N13,252,055,429.00
23. INTEGRATED RESOURCES LTD N1,166,486,995.00
24. IPMAN INVESTMENT LTD N7,538,586,178.00
25. KNIGHTS BRIDGE N1,685,869,439.00
26. UNETRALE OIL SUPPLY & TRADING CO. N1,213,903,930.00
27. UNGO OIL AND GAS COMPANY LTD N1,201,297,922.00
28. LLOYDS ENERGY LTD N4,370,512,172.00
29. LOTTOU OIL &GAS LTD N1,427,429,910.00
30 MAIZUBE PETROLEUM LTD N5,509,407,903.00
31. MATRIX ENERGY OIL & GAS LTD N11,211,040,786.00
32. MENOL OIL & GAS LTD N4,333,348,489.00
33. MOB INTEGRATED SERVICES N5,066,786,851.00
34. MOBIL OIL NIGERIA PLC N2,660,968,597.00
35. MUT-HASS N1,102,084,041.00
36. NADABO ENERGY LTD N2,660,902,801.00
37. NASAMAN OIL SERVICES LTD. N3,441,253,193.00
38. NATICEL PETROLEUM LTD N5,276,169,320.00
39. NEPAL OIL &GAS SERVO LTD N2,353,911,978.00
40. NIPCO PLC N7,838,353,057.00
41. OAKFEILD SYNERGY NETWORK LTD N988,920,219.00
42. OCEAN ENERGY N1,778,180,051.00
43 OILBATH NIGERIA LTD N1,019,644,138.00
44. ONTARIO NIGERIA LTD N4,248,727,148.00
45. ORIGIN OIL &GAS LTD N4,141,367,099.00
46. PETROTRADE ENERGY LTD N908,805,371.00
47. PHOENIX OIL COMPANY LTD N1,827,838,204.00
48. PRUDENT ENERGY & SERVICES LTD N1,360,898,638.00
49. RAINOIL LTD N1,266,773,492.00
50. ROCKY ENERGY LTD N1,620,110,167.00
51. RYDEN OIL LTD N451,150,983.00
52. SEA PETROLEUM & GAS CO. LTD N1,019,571,609.00
53. SEDEC ENERGY LTD N845,226,771.00
54. SETANA ENERGY LTD N2,791,264,070.00
55. SHEILD PETROLEUM CO. NIG. LTD N1,502,198,610.00
56. SIFAX OIL &GAS COMPANY LTD N3,589,063,041.00
57. SOMERSET ENERGY SERVICES LTD N2,172,206,037.00
58. STONEBRIGDE OIL LTD N1,784,158,258.00
59. SULPHUR STREAMS LTD N4,758,693,054.00
60. SWIFT OIL LTD N5,062,403,555.00
61. TAURUS OIL & GAS LTD N6,472,821,001.00
62. TECHNO OIL LTD N547,179,342.00
63. TONIQUE OIL SERVICES LTD N3,827,112,622.00
64 TOP OIL & GAS DEV CO. LTD N7,367,662,306.00
65. TOTAL NIGERIA PLC N1,931,075,306.00
66. VALCORE ENERGY LTD N8,709,548,082.00
67. VIVENDI ENERGY LTD N1,127,773,642.00
68. YANATY PETROCHEMICALS NIGERIA LTD N4,682,342,275.00
The office of the accountant-general of the federation (OAGF) should account for the sum of N213.678 billion, being total of excess payments made by it over and above what PPPRA identified as paid in 2009 and 2010. The OAGF is not only responsible for the accounts of the federation, including the PSF and domestic crude account, but refused to provide further details on the account when requested to do so during the public hearing.
The EFCC and ICPC should ensure that the office of the Accountant General of the Federation accounts for the over-recovery figures of N2.766 billion and N5.27 billion respectively. Conflicting figures for Nigeria National Petroleum Corporation NNPC had two sources of recovery of its subsidy as follows:
Direct deductions from domestic crude receipts accruable to the federation.
Payment by CBN through deductions from distributable revenues as per the federation account component statement.

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