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Fuel Subsidy Scam

Declining Economic Growth: Who is minding the store?

Declining Economic Growth: Who is minding the store?

“Economy shrank by 0.82% in 2012 – NBS”. PUNCH, February 19, 2013, p 27. The National Bureau of Statistics, NBS, one of the most efficient and least appreciated parastatals, in the country today, recently disclosed that “overall growth in real GDP in 2012 was 6.61 per cent, which is a decline from the 7.43 per cent recorded in 2011”. There ... Read More »

Ribadu Report indicts President, NNPC in multibillion Naira oil money scam. DOWNLOAD THE FULL REPORT

The Nuhu Ribadu-led Petroleum Revenue Special Task Force has detailed how the Nigerian government and national oil company, Nigerian National Petroleum Corporation, treat huge oil revenues accruing to the federation as a reserve of money that could be used for illicit purposes without accountability. In its 178-page report, the committee revealed how oil money in the custody of the NNPC ... Read More »

Indicted marketers making subsidy refunds – Govt

SOME of the indicted oil marketers had started making refunds of fuel subsidy payment they got in error, the National Economic Council said on Thursday. At a post-Council meeting press briefing in Abuja, the Anambra State Governor, Mr. Peter Obi, said a report submitted to members by Minister of Finance, Dr. Ngozi Okonjo-Iweala, indicated that some of the indicted marketers ... Read More »

Govt owes us N1.134tn fuel subsidy claims – NNPC

The Nigerian National Petroleum Corporation said on Wednesday it was owed N1.134tn in government fuel import subsidies, debts which would wipe out savings in the Excess Crude Account. The ECA, where the government saves oil revenues over a benchmark price of $72 a barrel, held $6.9bn on July 19, not enough to pay NNPC’s subsidy claims, let alone a string ... Read More »

REVEALED: Nigeria’s biggest oil fraudsters; the worst subsidy scam ever

Nigeria has never seen anything like it. This story explains how unscrupulous marketers fleeced the nation of N382 billion without supplying a drop of petrol The scale is huge; the method daring and unprecedented. The plot seems like one in a James Bond movie as unscrupulous Nigerian businessmen scripted an unbelievable heist. It was a grand deceit, never seen in ... Read More »