₦airaland Forum

Stolen Assets Recovery: Buhari Demands Fuel Imports From Oil Marketers Implicated In Fraud.
Facing a huge cash crisis, President Muhammadu Buhari has resorted to unusual strategies for recovering some of the funds stolen from Nigeria’s treasury through a series of shady deals between former Petroleum Minister Diezani Alison-Madueke and a group of indigenous oil companies and oil marketers she and former President Goodluck Jonathan favored.
Former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, brought the part of the illicit deals to public attention when he alerted Nigerians that the Nigerian National Petroleum Corporation (NNPC) had failed to deposit $20 billion of oil revenues with the CBN. In addition, Mrs. Alison-Madueke had inked some deals, with the blessing of former President Jonathan, involving oil swaps and the transfer of certain oil wells reclaimed from multinational oil companies to shady Nigerian operators, including Jide Omokore and Kola Aluko.

An investigation by SaharaReporters discovered that President Buhari’s administration has begun the difficult and complex process of retrieving some of the missing petro-billions. One approach so far adopted by the new president is aimed at addressing the fuel scarcity that has harmed the Nigerian economy and threatens to paralyze the country’s economic activities, according to highly placed officials in the government.

But one exception involves Mr. Omokore whose Atlantic Atlantic Energy Oil Company was involved in the controversial concession of oil wells. A source at the Presidency told SaharaReporters that Mr. Omokore had volunteered to return $500 million to the Federal Government. However, the source added that President Buhari nixed the deal based on information that Mr. Omokore, believed to be a front for Mr. Jonathan and Mrs. Alison-Madueke, is in possession of $4.5 billion of funds that should have been deposited in the federation account.

The sources told SaharaReporters that the government’s immediate strategy involved targeting oil marketers and companies “caught red-handed in stealing huge sums of oil subsidies and oil revenues.” The government has pressured these companies and their owners to agree to repay the stolen monies traced to them by immediately importing more fuel into Nigeria.

The sources said the Buhari government has recorded significant early success in getting some oil marketers and their companies to accept the fuel-for-funds deals. “A number of them have agreed to import massive levels of fuel in lieu of the funds they received in shady transactions during the Jonathan administration,” one Presidency source claimed.

Another source revealed that the administration had started out by putting pressure on former Petroleum Minister, Diezani Alison-Madueke. She was reportedly quick to deny responsibility for the illicit deals with the oil marketers. Instead, she squealed on her subordinates in the NNPC, accusing them of structuring and doctoring the deals that robbed Nigeria of billions of dollars.

“The [Buhari] government got her to write a formal account of her allegations against some NNPC officials and oil companies. What she put down gave a picture of how some of the funds went missing. The document was then forwarded to the Economic and Financial Crimes Commission (EFCC) in the form of a petition,” one source said.

Mrs. Alison-Madueke’s “petition” reportedly named all the persons involved in the massive fraud in the oil sector, including some past and serving officials of the NNPC. Our sources said those she implicated in the NNPC include the current General Managing Director (GMD), Haruna Momoh, a former GMD, Austen Oniwon, Reginald Stanley and Sam Okeke, a former Group General Manager, New Business Division of the NNPC.

An EFCC source told SaharaReporters that a crack team of investigators was currently working on the former minister’s petition. He said the document had revealed new facts previously unknown by EFCC agents and Nigeria’s intelligence officials at Department of State Services (DSS). Among the scams disclosed by the former minister is information that at least four companies involved in an oil swap deal had not accounted for huge sums that should have been remitted to the account of the Nigerian government.

Among the companies implicated in her “petition,” Transfigura was reportedly unable to account for $80 million, Televeras $111million, while Aiteo apparently gulped down $150 million. Other oil firms named in the defrauding of the Nigerian people are Ontario, which failed to account for $135 million, and Sahara Energy, accused of skipping the payment of $120 million to the government.

Our EFCC source revealed that two companies, Transfigura and Sahara Energy, had made some gesture towards paying back some missing funds. However, a source at the Presidency told our correspondent that “so far the reconciliation has involved just paperwork and has not scratched the heart of the scam.” Investigators described Aiteo and Ontario as particularly problematic because they have completely cooked their records. An investigator also disclosed that the two companies are most directly linked to Mrs. Alison-Madueke and former President Jonathan. Both Ms. Alison-Madueke and Mr. Jonathan are currently in the UK, with the former Petroleum Minister reportedly undergoing a weeklong cancer therapy.

Some of the companies have agreed in principle to return the funds by bartering imported fuel for the funds they acquired illegally.

Our sources disclosed that other downstream companies caught in the storm of missing and stolen funds include Forte Oil, owned by businessman Femi Otedola, Folawiyo Energy, and, Oando, owned by Wale Tinubu and Honeywell Oil Company owned by Oba Otudeko.

Officials of the Buhari administration declined to give official confirmation of the stolen assets recovery process relating to other officials of the Jonathan Presidency.


http://saharareporters.com/2015/06/10/stolen-assets-recovery-buhari-demands-fuel-imports-oil-marketers-implicated-fraud

Who said this country will not rise again?God bless PMB

siraj1402:
Who said this country will not rise again?God bless PMB

Oh, but 'they' say that PMB is not working!

Yet all these thieves are highly respected in the society.

When will Nigerians wake up and stop celebrating thieves?

PMB till 9ja win world cup!!!

mymadam:
Oh, but 'they' say that PMB is not working!

Then I will ask them how many months has he be sworn in now?or will you just take a position without properly studying?Tell them their paying master(Jonathan)studied Nigeria for 5 1/2 years before he wanted to take a step.Though its already late for him.

When Buhari is done with Nigeria, this country will be fresher than "today bread".

My preference is seeing all this criminal goats in cells while all their assets are ceased permanently

Good move. The coming days will be interesting. These guys milked us with reckless abandon. Diezani was the overseer, GEJ was the 'sidon look' President.

This is wonderful news. Although, I would've preferred the fraudsters be made to face the law and ultimately rots in jail for their acts. Allowing them walk free will be an injustice to petty thieves who gets lynched almost to death for committing crimes not close to what these polithieves have done.

Cc lalasticlala OAM4J seun

Personally, i'd would prefer a situation where these criminals serve some jail term. I'm not happy with this arrangement of returning loot without serving jail term.

Kai... This article is too long. Make I rush buy plot first

I was just smiling reading this article. Work has gone far already but baba doesn't shout. Even Cameron has tweeted that a unit has been created to help Nigeria fight corruption and Boko Haram. What this means is for thieves, your money is not safe in the UK.

vedaxcool:
My preference is seeing all this criminal goats in cells while all their assets are ceased permanently

Though that may be the right thing to do and what all aggrieved Nigerians are looking for, but that will grind the country to a halt. The country is dependent on oil and it's proceeds. There is need for wisdom and prudence to be applied.


This are the category of people that is richer than the country itself and can even buy the country. Taking them on has to be systematic and wisely.

mrmetoo1:
I was just smiling reading this article. Work has gone far already but baba doesn't shout. Even Cameron has tweeted that a unit has been created to help Nigeria fight corruption and Boko Haram. What this means is for thieves, your money is not safe in the UK.

TANoids prefer to hear noise to believe that Baba is working forgetting that a General is more of action and less of noise making.

This reports perfectly gels with the news of few days back that IPMAN has agreed to import fuel at no subsidy.

El Rufai equally said some people are already returning some stolen money but haters would have none of it but we now know he is right with this report.

Gradually, PMB will put all enemies to shame.

Lalasticlala Ishilove Seun, please send this to FP.

Mrs. Alison-Madueke’s “petition” reportedly named all the persons involved in the massive fraud in the oil sector, including some past and serving officials of the NNPC. Our sources said those she implicated in the NNPC include the current General Managing Director (GMD), Haruna Momoh, a former GMD, Austen Oniwon, Reginald Stanley and Sam Okeke, a former Group General Manager, New Business Division of the NNPC.

Lovely. Let the back stabbing begin. The more they rat themselves out, the better for Nigeria.

He's Buhari steadily but quietly fulfilling his pledges behind the scenes, yet some people are expending energy creating threads to outline the things he hasn't done.

Only time will tell.

Powerful article. And some will say this man hasn't hit the ground running. Thank God we have someone who is competent in power.

anulaxad:
Powerful article. And some will say this man hasn't hit the ground running. Thank God we have someone who is competent in power.

Exactly. They want him to constantly shove his face in the camera and announce to Nigeria whenever he sneezes. The man is working silently. Eventually, when we start seeing the actual impact of the sum of his actions, the nay sayers would be shut up forever.

God help us.

omenka:
Exactly. They want him to constantly shove his face in the camera and announce to Nigeria whenever he sneezes. The man is working silently. Eventually, when we start seeing the actual impact of the sum of his actions, the nay sayers would be shut up forever.

God help us.

[s]It's our collective duty to publish his achievements from here on.

I'd love nothing more than to paste the achievements of this humble General turned democrat, in the faces of TANoids[/s].....You know what, we may not need to do all that, cause I'm confident they'll not only see it, they'll feel it. CHANGE IS HERE.

jorlons:
[s]It's our collective duty to publish his achievements from here on.

I'd love nothing more than to paste the achievements of this humble General turned democrat, in the faces of TANoids[/s].....You know what, we may not need to do all that, cause I'm confident they'll not only see it, they'll feel it. CHANGE IS HERE.

Absolutely bro. Good works need no publicity. They speak for themselves.

omenka:
Absolutely bro. Good works need no publicity. They speak for themselves.

TANoids are pretending not to see this report and the mods are not helping to make them see it.

DropShot:
TANoids are pretending not to see this report and the mods are not helping to make them see it.

Let them keep pretending, that's their business. They can pay attention to and comment on whatever pleases them and vice versa, that's their prerogative.

Really doesn't affect me.


Cc: Lalasticlala.

So where is the deterrence to others? If the story is true by any stretch coming from sahara reporters. GEJ was accused of not prosecuting any one, Buhari has taken the same route by allowing the cabals to keep some of their loot whilst importing some petrol to placate the public. The other day El-Rufai told anyone that cared to listen that some members of the GEJ administration had started returning some of the loot they stole from the treasury.
At this rate,there won't be a single prosecution as everyone has been highly anticipating. Again i ask,where is the deterrence to others? We're still watching.

omenka:
Let them keep pretending, that's their business. They can pay attention to and comment on whatever pleases them and vice versa, that's their prerogative.

Really doesn't affect me.

Cc: Lalasticlala.

True dat but many innocent but ill-informed forum members deserve to know. It is the reason they come here.

Lalasticlala ooooo.

While it would more satisfying to handcuff these criminals and stream their prosecution on YouTube, this strategy is more effective than a plea bargain which would have been the other reasonable option considering the enormity of the looted funds.

Fuel-for-funds, another master-stroke from the man restoring Nigeria's image on the world scene.

Mr. Omokore had volunteered to return $500 million to the Federal Government. However, the source added that President Buhari nixed the deal based on information that Mr. Omokore, believed to be a front for[b] [size=18pt]Mr. Jonathan and Mrs. Alison-Madueke, is in possession of $4.5 billion of funds that should have been deposited in the federation account[/size][/b].

Na wa o. This people will see people suffering and have the mind to steal and withhold such funds.

Mods we need help here.

Please, can we have this on FrontPage for more people to see. Threads with Saharareporters as source have made frontpage before, so this shouldn't be an exception. I humbly ask for your assistance on this. Thanks in anticipation.

Cc lalasticlala OAM4J seun.

Change has come

Sahara Reporters is never in anyway a reliable source 4 information. several of their reportage had been found fallacious. they were also in d image packaging of Buhari during his campaign. as long as this info is coming out only from them, watch out u'll soon hear something different later

If stolen money can be retrieved without the legal bottlenecks, it will be ok and more cost effective.