A Review of the Nigerian Energy Industry

Aiteo absolves self from indictment over fuel subsidy

10 November 2013, Lagos – The Management of Aiteo Energy Resources Limited said at the weekend that the company was at no time indicted by House of Representatives Ad-Hoc Committee, a Senate committee as well as a Presidential Committee set up to verify and reconcile fuel subsidy administration and payments in the country.

The company which made the clarifications in a statement yesterday said although all the oil trading and marketing companies were investigated, Aiteo Energy Resources Limited was never indicted for any wrongdoing by any of the aforementioned committees.

“In fact, the Report of the Presidential Committee stated on Page 25 that: “Aiteo Energy Resources Limited engaged in 13 (Thirteen) transactions… All 13 (Thirteen) transactions were verified as legitimate. Aiteo was and remains, as a matter of fact, one of the companies, among others, that were given a clean bill of health by the entire fuel subsidy committees,” the statement said, adding that the Presidential Committee Report is in the public domain, and can be accessed by all interested parties.

Aiteo Energy Resources Limited is a Nigerian oil and gas company with the experience and assets necessary to provide oil and gas on a regional and global scale.
In its determination to deregulate the downstream oil and gas sector, the Federal Government in January 2012, removed the subsidy on petroleum products. This led to a one-week national protest and civil unrest in the country.

Faced with the need to sanitise the oil and gas industry, the Federal Government set up a series of probes including a House of Representatives Ad-Hoc Committee, a Senate Committee as well as a Presidential Committee to verify and reconcile fuel subsidy administration and payments. The committees engaged the services of reputable professionals in the discharge of their national duties, and applied their knowledge and expertise in legal, finance, banking, oil and gas and accounting.

– This Day

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