A Review of the Nigerian Energy Industry

Nigeria raise panel to verify 2011 subsidy claims

Ben Agande

06 June 2012, Sweetcrude, ABUJA – NIGERIA’s President Jonathan has reiterated his commitment to ensure that those indicted in the nation’s fuel subsidy probe are brought to book, constituting a panel to verify and reconcile findings of the Technical Committee set up by the Ministry of Finance, which conducted a detailed review of all subsidy claims and payments made in 2011.

The 15-member panel headed by the banker, Mr. Aigboje Aig-Imoukhuede, will begin work immediately and is to conclude its assignment on Friday, July 13, 2012.

Other members of the new committee are Dr. Abraham Nwankwo (Director General (DG), Debt Management Office); Mr. Bernard Otti (Group Executive Diector, Finance & Accounts, NNPC); Mrs. Oyinye Ahuchogu of the Central Bank of Nigeria, Mrs. Sola David-Borha (Managing Director, Stanbic/IBTC, representing the Banking Community); Mr. Mike Osatuyi (National Secretary, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Obafemi Olawore, Mr. Jonah Otunla (Accountant-General of the Federation), Mr. Bright Okogu (DG, Budget Office), Mr. Reginald Stanley (Executive Secretary, Petroleum Products Pricing and Regulatory Agency), Mrs. Aisha Waziri-Umar and Mr. Jalal Arabi.

The Attorney-General of the Federation, the Inspector-General of Police and the Director-General of the State Security Service will also be represented on the committee which has the following terms of reference:

*To further verify and reconcile all claims made in the report of the Technical Committee on Fuel Subsidy Payments;

*To properly identify all cases of overpayment and/or irregular payment;

*To accurately identify all likely fraudulent cases for criminal investigation and

*To review any other pertinent issues that may arise from its work and make appropriate recommendations.

On receiving the Verification and Reconciliation Committee’s report, President Jonathan will order whatever action he deems necessary to ensure justice and full recovery of all fuel subsidy funds that may have been illegally paid.

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  • The new panel being set up by Mr President is a waste of tax payers money and a waste of time. It also calls to question the work already done by the Technical Committee. Indeed those indicted by the Technical Committee report can always resort to the judicial system to seek redress. It is also interesting to note that there was no refrence to the report of the House of Representatives.