Apr 19, 2012

Subsidy FRAUD: Here Are Their Names And Amounts They Took From Nigerians Illegally


From the report of Honorable Farouk Lawan’s probe comes this list of Oil Marketers deemed to have collected subsidy funds illegally from the Federal Government. The Probe report indicates that they return these amounts:
S/N NAME OF MARKETER ….. AMOUNT

1. ACORN PLC …..N8,514.900,513.00
2. ALIMINNUR RESOURCES LTD …..N2,543,800,931.00
3. AMG PETRO-ENERGY LTD …..N7,226,773,136.00
4 ANOSKYE GROUP OF COMPANIES LTD …..N1,318,443,535.00
5. ASCON OIL AND GAS COMPANY …..N4,451,932,090.00
6. AVANT GARDE ENERGY …..N1,154,824,298.00
7. A-Z PETROLEUM …..N8,065,557,645.00 owned By Chika Okafor
8. CAH RESOURCES ASSOCIATION LTD …..N24,206,727.00
9. CONOIL PLC …..N3,027,526,589.00 owned Mike Adenuga
10. CRUST ENERGY LTD …..N1,192,651,581.00
11. DOWNSTREAM ENERGY SOURCE LTD …..N2,947,780,261.00
12. DOZZY OIL AND GAS LTD …..N1,587,298,801.00
13. DUPORT MARINE LTD …..N3,555,127,358.00
14. ECO-REGEN LTD …..N3,339,101,218.00
15. EURAFIC OIL AND COASTAL SERVICES LTD …..N3,868,147,024.00
16. FIRST DEEP WATER DISCOVERY LTD …..N932,207,739,.00
17. FRADRO INTERNATIONAL LTD …..N3,661,643.268.00
18. FRESH SYNERGY LTD …..N1,417,029,059.00
19. HEYDEN PETROLEUM …..N3,345,456,733.00
20. IBAFON OIL LTD …..N1,474,479,459.00
21. IMAD OIL &GAS LTD …..N2,701,002,852.00
22. INTEGRATED OIL & GAS …..N13,252,055,429.00
23. INTEGRATED RESOURCES LTD …..N1,166,486,995.00
24. IPMAN INVESTMENT LTD …..N7,538,586,178.00
25. KNIGHTS BRIDGE …..N1,685,869,439.00
26. UNETRALE OIL SUPPLY & TRADING CO. …..N1,213,903,930.00
27. UNGO OIL AND GAS COMPANY LTD …..N1,201,297,922.00
28. LLOYDS ENERGY LTD …..N4,370,512,172.00
29. LOTTOU OIL &GAS LTD …..N1,427,429,910.00
30 MAIZUBE PETROLEUM LTD …..N5,509,407,903.00
31. MATRIX ENERGY OIL & GAS LTD …..N11,211,040,786.00
32. MENOL OIL & GAS LTD …..N4,333,348,489.00
33. MOB INTEGRATED SERVICES …..N5,066,786,851.00
34. MOBIL OIL NIGERIA PLC …..N2,660,968,597.00
35. MUT-HASS …..N1,102,084,041.00
36. NADABO ENERGY LTD …..N2,660,902,801.00
37. NASAMAN OIL SERVICES LTD. …..N3,441,253,193.00
38. NATICEL PETROLEUM LTD …..N5,276,169,320.00
39. NEPAL OIL &GAS SERVO LTD …..N2,353,911,978.00
40. NIPCO PLC …..N7,838,353,057.00
41. OAKFEILD SYNERGY NETWORK LTD …..N988,920,219.00
42. OCEAN ENERGY …..N1,778,180,051.00
43 OILBATH NIGERIA LTD …..N1,019,644,138.00
44. ONTARIO NIGERIA LTD …..N4,248,727,148.00
45. ORIGIN OIL &GAS LTD …..N4,141,367,099.00
46. PETROTRADE ENERGY LTD …..N908,805,371.00
47. PHOENIX OIL COMPANY LTD …..N1,827,838,204.00
48. PRUDENT ENERGY & SERVICES LTD …..N1,360,898,638.00
49. RAINOIL LTD …..N1,266,773,492.00
50. ROCKY ENERGY LTD …..N1,620,110,167.00
51. RYDEN OIL LTD …..N451,150,983.00
52. SEA PETROLEUM & GAS CO. …..LTD N1,019,571,609.00
53. SEDEC ENERGY LTD …..N845,226,771.00
54. SETANA ENERGY LTD …..N2,791,264,070.00
55. SHEILD PETROLEUM CO. NIG. LTD …..N1,502,198,610.00
56. SIFAX OIL &GAS COMPANY LTD …..N3,589,063,041.00
57. SOMERSET ENERGY SERVICES LTD …..N2,172,206,037.00
58. STONEBRIGDE OIL LTD …..N1,784,158,258.00
59. SULPHUR STREAMS LTD …..N4,758,693,054.00
60. SWIFT OIL LTD …..N5,062,403,555.00
61. TAURUS OIL & GAS LTD …..N6,472,821,001.00
62. TECHNO OIL LTD …..N547,179,342.00
63. TONIQUE OIL SERVICES LTD …..N3,827,112,622.00
64 TOP OIL & GAS DEV CO. LTD …..N7,367,662,306.00
65. TOTAL NIGERIA PLC …..N1,931,075,306.00
66. VALCORE ENERGY LTD …..N8,709,548,082.00
67. VIVENDI ENERGY LTD …..N1,127,773,642.00
68. YANATY PETROCHEMICALS NIGERIA LTD …..N4,682,342,275.00
The office of the accountant-general of the federation (OAGF) should account for the sum of N213.678 billion, being total of excess payments made by it over and above what PPPRA identified as paid in 2009 and 2010. The OAGF is not only responsible for the accounts of the federation, including the PSF and domestic crude account, but refused to provide further details on the account when requested to do so during the public hearing.
The EFCC and ICPC should ensure that the office of the Accountant General of the Federation accounts for the over-recovery figures of N2.766 billion and N5.27 billion respectively. Conflicting figures for Nigeria National Petroleum Corporation NNPC had two sources of recovery of its subsidy as follows:
Direct deductions from domestic crude receipts accruable to the federation.
Payment by CBN through deductions from distributable revenues as per the federation account component statement.