NEWS

EFCC Recovers N328.9bn From Nine Oil Marketers

The Economic and Financial Crimes Commission (EFCC) says it has recovered the sum of N328.9bn from nine major oil marketers across the country.

The recovery is reported to be in response to a petition against the leadership of the Nigeria National Petroleum Corporation (NNPC) and its subsidiary, Pipelines and Product Marketing Company (PPMC), which alleged that N40bn had been diverted by the major oil marketers in connivance with the leadership of both organisations.

A statement from the anti-graft agency on Wednesday said that investigations by EFCC operatives revealed that from 2010 to 2016, the oil marketers were owing the Federal Government of Nigeria N91.5bn.

“So far, a sum of N328,988,296,990.62 (three hundred and twenty-eight billion, nine hundred eighty-eight million, two hundred and ninety-six thousand, nine hundred and ninety naira, sixty-two kobo) has been recovered from the major oil marketers.

“The outstanding debt now stands at N20,765,919,869.48 (twenty billion, seven hundred and sixty-five million, nine hundred and nineteen thousand, eight hundred sixty-nine naira, forty-eight kobo),” the statement read.

The commission alleged that further investigation also revealed that the oil marketers had continued to obtain petroleum products from the government without proper payment, in violation of the NNPC/PPMC credit facility regulations.

The affected companies include NNPC retails, Conoil Plc, Total Plc, OVH Energy Plc, Oando Plc, Forte Oil and Gas Plc, Mobil Plc, MRS Oil Plc, and NIPCO Oil Plc.

 

Source: Channels TV

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Adeeko Ademola

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