A Review of the Nigerian Energy Industry

Oil marketers panic over fresh subsidy report

Emma Ujah &
Oscarline Onwuemenyi

30 June 2012, Sweetcrude, ABUJA—THE new report on fuel subsidy utilisation by the Aigboje Aig-Imokhuede Committee is creating panic among petroleum products marketers, industry sources have revealed.

The report, which was submitted to the Presidency on Friday, was , sources said, on a pain-staking, forensic examination of all claims made by the marketers and receipts, which had indicted several major oil marketing companies.

Industry sources said the report recommended that those found to have received payments for products they did not import be made to refund such money in addition to being blacklisted by the Petroleum Products Pricing Regulatory Agency, PPPRA.

Although the Presidency is said to be keeping the report secretly, it was learnt that many of the oil companies approved by PPPRA for the third quarter fuel import were indicted in the report, for bogus claims.

Sources said unscrupulous marketers had heaved a sigh of relief when the Chairman of the House of Representatives Ad-hoc Committee on Subsidy, Farouk Lawan, ran into trouble over the alleged $3 million bribe.

But with the Aig-Imoukhuede report, the marketers, it was learnt, knew there would be fresh trouble for them.
The Federal Government had sacked the two accounting firms that audited the marketers’ claims before payment, for doing very poor jobs. They were Akintola Williams & Co and Adekanola & Co.

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