Oil Subsidy Reprisals: Audit & Accounting Companies Fired; Depletion of Excess Crude Account Suspended

By SaharaReporters, New York

In the wake of the release of a report of the House of Representatives which showed vast amounts of money that were paid in subsidies to an armada of oil marketers, the Ministry of Finance today announced termination of the services of two companies, Akintola Williams and Co and Adekanola and Co., which were responsible for validating the claims of the marketers before payments were made.

A statement signed by the Senior Special Assistant to the Coordinating Minister for the Economy and Minister of Finance, Mr. Paul C. Nwabiukwu, said the Ministry’s action follows two months of reviewing aspects of the implementation of the subsidy regime related to its functions.

The Ministry also announced the establishment of a committee, under the chairmanship of Mr. Aigboje Imoukuede, to examine the claims of payment arrears for 2011 that are currently being made by marketers.

“The ministry is also finalising a new and more effective system to replace the current arrangement and, in this regard, a second committee has been set up to propose a good way to forward,” the statement said. 

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