Okonjo- Iweala Releases More Names of Oil Marketers Under Criminal Investigation



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The  Minister of Finance and Coordinating Minister for the Economy, Dr Ngozi Okonjo- Iweala has released more names of oil marketers recommended for criminal investigation. A statement today by Paul Nwabuikwu,senior special assistant to the minster said the updated number is 25, four more than the list of 21 released earlier.He said  the number has been confirmed by the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments.

The table below was released by the finance ministry. It  contains the list  which also includes a summary of the infractions which the committee confirmed were committed by the 25 firms. The statement noted that “as the information shows, some of the companies claimed payments for consignments brought in by ships which investigations revealed were either non-existent or were somewhere else in the world! “

The statement  also  gave  extract of the report detailing the cases against the Twenty-Five (25) OM&Ts as shown in the table below:

S/N OM/T INFRACTION DESCRIPTIONS

 

AMOUNT
1 ALMINNUR RESOURCES LIMITED

 

Subsidy payments for which mother vessels were no Longer operational at the time of transshipment and no shipping documents

 

        504,329,535.27

 

Subsidy payments for which mother vessels were no Longer operational at the time of transshipment and no shipping documents

 

        546,700,899.36

 

             1,051,030,434.63
2 BRILLA ENERGY LIMITED

 

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

 

        963,796,199.85

 

3 CAADES OIL AND GAS LTD

 

No evidence of Sales proceeds in banks

 

        487,799,826.80

 

4 CAPITAL OIL & GAS INDUSTRY LTD

 

Subsidy payments without proof of existence of the mother vessel bill of lading or daughter vessel bill of lading

 

        984,440,711.38

 

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

 

     1,480,444,043.58

 

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

 

     1,832,280,164.36

 

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

 

     2,110,438,332.44

 

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

 

     2,490,576,987.15

 

      8,898,180,238.91
5 CAPITAL OIL PLC

 

Subsidy payments for which mother vessels were not found in the locations claimed at the time of transhipment

 

        608,077,964.00

 

Subsidy payments for which mother vessels were not found in the locations claimed at the time of transhipment

 

        608,220,553.20

 

      1,216,298,517.20
6 CEOTI LIMITED

 

Specially mentioned transactions with various infractions. Transactions were discovered to be bills for collection transactions, but as at the time of the review it was discovered that the shipping documents evidencing arrival of the products had not been submitted to the respective banks for payment:. 11/07/12 : OM/T to provide letter from their bankers confirming that they financed the transaction.

 

     1,773,421,842.01

 

7 CONOIL PLC

 

Subsidy payments without proof of existence of the mother vessel bill of lading or daughter vessel bill of lading

 

     1,065,934,768.66

 

Subsidy payments without proof of existence of the mother vessel bill of lading or daughter vessel bill of lading

 

     1,882,143,309.24

 

      2,948,078,077.90
8 DOWNSTREAM ENERGY SOURCE LTD

 

Subsidy payments for which mother vessels could not be traced

 

        789,648,329.25

 

Subsidy payments without the signature of external auditors and independent inspectors on shore tank certificates

 

        984,440,711.38

 

      1,774,089,040.63
9 ETERNA PLC

 

Subsidy payments for which there were no shipping documents or evidence of payment for the products in foreign exchange. (Form ‘m’ 945404)

 

        578,295,672.84

 

No evidence of sales proceeds in the bank.

 

        626,465,370.06

 

Subsidy payments without proof of existence of mother vessel bill of Lading or Daughter bill of Lading. (Form ‘m’ 926342)

 

        917,895,596.40

 

      2,122,859,123.70
10 EURAFRIC OIL & GAS LTD

 

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

 

        955,688,127.82

 

Subsidy payments for which mother vessels were no longer operational at the time of transhipment

 

 

     1,306,170,995.88

 

      2,261,859,123.70
11 HEYDEN PETROLEUM

 

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

 

        594,714,089.31

 

12 LUMEN SKIES LTD

 

Transactions disclaimed by banks

 

        267,521,051.32

 

Transactions disclaimed by banks

 

        507,266,701.54

 

           774,787,752.86
13 MAJOPE INVESTMENT LTD

 

Subsidy payments without the signature of external auditors and independent inspectors on shore tank certificates

 

        959,813,734.22

 

14 MASTER ENERGY OIL & GAS LTD

 

Subsidy payments for which mother vessels could not be traced

 

     1,454,308,353.50

 

Subsidy payments for which mother vessels could not be traced

 

     1,454,687,937.79

 

     2,908,996,291.29
15 MATRIX ENERGY LIMITED

 

Subsidy payments for which mother vessels could not be traced

 

        560,744,384.56

 

Subsidy payments for which mother vessels could not be traced

 

     1,274,372,887.98

 

Specially mentioned transactions with various infractions. Transactions were Bills for collection and as at the time of review no shipping document evidencing payment was available.  MAT/2031/MAS/PMS/28/09/11

 

     1,301,904,784.71

 

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment. MAT/1679/MAS/PMS/27/04/11

 

     1,501,684,359.70

 

Subsidy payments for which mother vessels could not be traced. MAT/2031/MAS/PMS/28/09/11

 

     1,595,095,720.20

 

      6,233,802,137.15
16 MENOL OIL & GAS LIMITED

 

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

 

     1,691,595,830.87

 

17 MOB INTERNATIONAL SERVICES

 

No evidence of Sales proceeds in banks

 

     1,019,068,114.10

 

No evidence of Sales proceeds in banks

 

     1,118,260,800.00

 

      2,137,328,914.10
18 MRS OIL & GAS PLC

 

Subsidy payments for which there were no shipping documents or evidence of payment for the products in foreign exchange

 

     6,086,531,305.33

 

19 NASAMAN OIL SERVICES LTD

 

Subsidy payments for which mother vessels were no longer operational at the time of transhipment

 

        598,723,358.04

 

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

 

        749,991,273.36

 

Subsidy payments without the signature of external auditors and independent inspectors on shore tank certificates

 

        881,350,767.57

 

No evidence of Sales proceeds in banks

 

     1,631,342,040.93

 

      3,861,407,437.90
20 NATICEL PETROLEUM LIMITED

 

Specially mentioned transactions with various infractions. No shipping document in bank and no evidence of payment for product

 

     1,514,333,360.64

 

No evidence of Sales proceeds in banks

 

     1,567,037,317.70

 

      3,081,370,678.34
21 OCEAN ENERGY TRADING & SERVICES LTD

 

Subsidy payments for which mother vessels could not be traced

 

1,778,180,051.20

 

22 PINNACLE CONTRACTORS LTD

 

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

 

     1,227,601,783.20

 

Subsidy payments for which mother vessels were no longer operational at the time of transhipment

 

     1,528,044,960.84

 

      2,755,646,744.04
23 SIFAX OIL AND GAS COMPANY

 

Subsidy payments for which mother vessels were no longer operational at the time of transhipment

 

1,033,119,489.60

 

24 TONIQUE OIL SERVICES LTD

 

No evidence of Sales proceeds in banks

 

     1,575,014,046.51

 

25 TOP OIL AND GAS DEVELOPMENT COMPANY LIMITED.

 

Subsidy payments for which mother vessels were no Longer operational at the time of transshipment and no shipping documents

 

1,092,496,724.55

 

Subsidy payments for which mother vessel could not be traced and no shipping documents were sighted

 

1,268,236,760.88

 

      2,360,733,485.43

 

 

 


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