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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 »

EFCC Names First 20 Suspects Over $6.8 Billion Fuel Scam

The Economic and Financial Crimes Commission, EFCC, has concluded arrangements to prosecute the first batch 18 suspects implicated in the oil subsidy fraud. The suspects, comprising six oil companies and 11 individuals, will be docked in Lagos courts. The companies involved are: Nasaman Oil Services; Eternal Oil and Gas Plc; Ontario Oil & Gas Plc; Nadabo Energy Limited; Pacific Silver ... Read More »

I can get subsidy thieves in one week – Nuhu Ribadu

The pioneer Chairman of the Economic and Financial Crimes Commission, Mr. Nuhu Ribadu, on Tuesday said he would have unravelled those behind the multibillion naira fuel subsidy scam in the country if he was still in charge of the anti-graft agency. The former EFCC boss, who currently chairs the Special Petroleum Revenue Task Force constituted by the Federal Government, stressed ... Read More »

Trial of subsidy thieves to start next week –AGF

The trial of subsidy thieves will begin next week, the Attorney-General of the Federation and Minister of Justice, Mr. Muhammed Adoke, said on Monday. Adoke, while briefing State House correspondents at the Presidential Villa, Abuja, said the Economic and Financial Crimes Commission would be prosecuting those found culpable in the report of the House of Representatives Committee on subsidy regime. ... Read More »

I’m ready for police on $620,000 bribe – Jagaba

Chairman of the House of Representatives Committee on Drugs/Narcotics and Financial Crimes, Mr. Adams Jagaba, said on Monday that he was prepared to tell the police all he knew about the $620,000 bribery allegation involving Mr. Farouk Lawan and businessman, Mr. Femi Otedola. “I see myself and the police as co-partners in the fight against corruption,” the lawmaker told The ... Read More »

We’ll recover fuel subsidy loot soon – Dr. Okonjo-Iweala

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, said, yesterday, that the Federal Government would recover the excess payments made to petroleum marketers on subsidy, as soon as the Aigboje  Aig-Imoukhuede committee completes its assignment. She revealed this after the second Prof. Barth Nnaji annual lecture at the Enugu State University of Technology, Enugu. President ... Read More »

Download the draft of the Petroleum Industry Bill (PIB) 2012

The PIB has undergone a lot of abuse and transformation. This latest one is the poorest of the lot. It’d help for you to look through and identify areas Nigerians could be shortchanged if passed by the National Assembly. This bill was designed to favour the Oil multinationals and Gas majors, with Nigerians on the receiving end again. It is ... Read More »

Lawan must resign, face criminal trial – Keyamo

Lagos-based lawyer, Mr. Festus Keyamo, on Wednesday said the suspended Chairman, House of Representatives Ad hoc Committee on Fuel Subsidy Regime, Mr. Farouk Lawan, must resign and face criminal trial for allegedly collecting money from the Chairman of Zenon Oil, Mr. Femi Otedola, to influence his committee’s report. Keyamo said in a statement on Wednesday that the “sequence of undisputed ... Read More »

Incredible: Court bars FG from acting on fuel subsidy report

Another set back for the fuel subsidy report Read More »

Subsidy Scam: Indicted Fuel Marketers Won’t be Prosecuted – Attorney General

The Attorney General of the Federation, Mohammed Adoke Bello, has stated that the fuel marketers indicted in the House of Representatives Adhoc fuel subsidy report will not be prosecuted. The attorney general made the statement in a sworn affidavit deposed to at a Federal High Court in Abuja. Adoke Bello is the third defendant in a suit brought against his ... Read More »

$620,000 bribery probe: Otedola, Reps clash

Emotions flared on Tuesday as members of the House of Representatives Committee on Ethics and Privileges and oil businessman, Femi Otedola, reportedly clashed at the National Assembly. Otedola was at the House to answer questions relating to the $620,000 bribery scandal involving a lawmaker, Farouk Lawan. The billionaire businessman appeared before the committee but he refused to testify, submitting in ... Read More »