Otedola is convinced these traders arrange for the vandalization of crude oil feeder pipelines, which keep the refineries at Port Harcourt, Warri and Kaduna closed or under-capacity.
It was learnt that the top player was indicted by the subsidy probe for allegedly collecting foreign exchange, without using same to import fuel but that the oil mangnate approached a member of the adhoc committee for succour. NNPC is attempting to get compensation for the over-charge. Otedola added that by cutting out the international traders, NNPC would also enhance the environment in which Nigeria's refineries could be restored and operated.
SNG, its allies, and the people of Nigeria are responsible for the mass civil protest in Ojota here and other places in Nigeria. The spending of N1. During the regime of former President Goodluck Jonathan, over N6 trillion was spent on fuel imports between andwith allegations of massive corruption trailing it.
Like play like play we will start hearing of probes into the probes of the oil subsidy probe of the oil subsidy scam.
The National Assembly also has a big role to play in ensuring that the Petroleum Industry Governing Bill, PIG-B, still pending before it, is passed, ensuring that a total reform of the oil sector is achieved. According to him, such a move would have two positive effects. It is because of the poverty level.
Aminu Tambuwal disowning the legislator over the messy incident. N11 to N25 It was later discovered that NEPA had received only about one billion dollars worth of fuel, according to Otedola. Otedola said he believes international fuel trade "mafias" are behind the failure to bring Nigeria's refineries back on-line and to capacity.
The action has been laced with exchange of brick-bats, claims and counter claims by both camps. We can no longer tolerate this expensive palliative.
He was indicted for using his companies to collect foreign currencies from the CBN under the guise of fuel import but diverted same, a pure money laundering criminal offense. Any such perpetrator shall have no country to preside over.
Finlayson noted that Shell is not one of the marketers in question, but is becoming a leading fuel supplier for NNPC. Finlayson said some marketers have been changing the dates when fuel shipments bound for Nigeria were loaded in order to take advantage of particularly high market prices.
Prior to deregulation in OctoberNNPC, then the sole importer of fuel, lost two billion dollars per year because it sold stock to retailers below purchase price. Very little effort has actually been made to reform the oil sector.
We will continue and sustain the protest until the government sees reason to revert to N N11 to N25 Since we have taken corruption to an industrial scale I really believe the whole idea of special courts to deal with these kinds of trials should be implemented for fast tracking.
According to Otedola, NNPC contracts to pay its suppliers the market price on the day a ship is loaded with fuel. It is not clear if Otedola's assumption that the international traders' stake in Nigeria's current fuel market is the main driver behind the country's refinery woes.
Otedola said that he, too, was contracted to deliver diesel fuel to the plant on occasion; however, he petitioned the president to investigate the matter after becoming suspicious of NEPA's ongoing contract with Sahara and the fact that the pipeline for the power plant was never finished.
The subsequent page report has revealed far more rot than the government would have wished - and unless there is decisive action it may also be the trigger that gets people back on the streets. Otedola added that three companies clearly not involved in the scandal are British Petroleum, ChevronTexaco and Shell.
Nigeria must resume a firm march towards ending fuel importation. Etteh removed, because money that was shared did not get to him?
He said that while a pipeline was under construction to deliver fuel to the main power plant, NEPA paid some five billion dollars to Sahara over four years for diesel to the back-up plant. Finlayson noted that Shell is not one of the marketers in question, but is becoming a leading fuel supplier for NNPC.
He said the international traders generally receive at least one million dollars per shipload of fuel to Nigeria and have grown accustomed to the easy money Nigeria offers as long its refineries remain down.
I am sure Keyamo and Dino Melaye will be laughing. How far can Labour, govt go? If a new subsidy probe has to be done then so be it.
Otedola is probably right in suggesting that long-standing sweetheart deals between the NNPC and a variety of fuel traders is keeping the system inefficient. He said NNPC recently discovered, however, that bills of lading were altered to reflect loading on days of high market prices.
Keep calling GEJ names, he will keep outsmarting you.*Ending the fuel or fraud subsidy war *Nigeria loses N2trillion in six days By Clifford Ndujihe, Deputy Political Editor TODAY is a decisive day for the representatives of the Organised Labour and.
A scandal is brewing in Nigeria over prices paid by the government for imported fuel. International fuel traders have been falsifying the dates of bills of lading to reflect particularly high market prices, overcharging the Nigerian National Petroleum Corporation (NNPC) by $ million or more.
There are indications that fresh trouble is brewing at the House of Representatives over allegations that Chairman of the House’s Adhoc Committee on Petroleum Subsidy Hon. Farouk Lawan was involved in a bribery scandal worth $, last month.
Vanguard News Nigeria. A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy.
An international oil sale scandal is brewing in Malawi over a multimillion government-to-government oil contract the country reached with Nigeria; and at the centre of the deal is the Nigerian Anyiam-Osigwe group, the business clan accused recently of fraud in Zambia.
ABUJA-There are indications that fresh trouble is brewing at the House of Representatives over allegations that Chairman of the House’s Adhoc Committee on Petroleum Subsidy Hon.
Farouk Lawan was involved in a bribery scandal worth $, last month.Download