A Review of the Nigerian Energy Industry

Fuel subsidy: Nigeria lawmakers summon Oando, Conoil, others

18 October 2012, Sweetcrude, ABUJA – THE Nigerian House of Representatives Committee on Petroleum Resources (Downstream), which is investigating the activities of Petroleum Equalisation Fund, PEF, has summoned leading oil marketer, Oando and 41 other marketing companies to appear before it.

The companies, expected to appear before the Committee on Thursday, November 8 at 10.am, are to explain how they spent the bridging funds approved forthem bythe PEF management board.

Other companies invited by the House include Conoil, MRS Oil, Lubcon Limited, Acorn, Dee Jones Petroleum & Gas Ltd, A. A. Rano Limited, AITEO Energy Resources Limited, Masters Energy, Channel Oil & Petroleum, CEOTI Ltd, IMAD Oil & Gas and Knight Bridge.

The list also includes OBAT Oil Petroleum & Gas, MOB Integrated Ltd, Honeywell Energy, Northwest Petroleum & Gas Company, Pinnacle Contractors Ltd, Pinnacle Oil & Gas Ltd, Rahamaniyya, Sahara Energy Resources Ltd, Venro Energy Ltd and Vivendi Energy Nig. Ltd.

Also included are Britania U. Nig. Ltd, Caades Oil & Gas, Carnival Energy Oil & Gas, Fargo Petroleum Ltd, Momats Oil & Gas Ltd, Zalon Petroleum Ltd and Zalex Energy Resources Ltd.

Others are Zamson Global Resources Ltd, Canan Energy, Bestaf, Somerset-Universal, Ultramat, Stallionaire, Phoenix Steel Co. c/o Phoenix Oil & Gas, Suncore Energy, Serl Collections Port & Cargo, Lingo Oil & Gas and African Petroleum/Forte Oil & Gas Ltd.

Committee chairman, Dakuku Peterside, said in a statement that the probe is aimed at ascertaining “the management of bridging fund under the subsidy regime. This is with a view to ensuring that Nigerians get value for monies spent for bridging and equalisation in the Petroleum (Downstream) sector.”

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  • The fuel subsidy scam probe which resulted in the unresolved Otedola/Lawangate is still fresh in our minds. We hope our psyche would be subjected to further bashing by some unconscionable lawmakers out to make a quick buck from some of these equally unconscionable fuel marketers.

  • …And so what?. Where would they keep those Money when they Retrived it?.