EFCC not investigating any firm over subsidy payments

efcc-nigeria07 December 2013, Abuja – The Ministry of Finance has declared that it had not received any correspondence from the Economic and Financial Crimes Commission (EFFC) that the anti-graft agency was investigating any company over subsidy payments to oil marketers.

The clarification followed a foreign news agency report to the effect that some companies are under investigation for various breaches in the subsidy scheme.

Putting the issues in perspective, the ministry, in a statement issued Friday by Mr. Paul Nwabuikwu—Special Adviser to the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, said it had, along with other agencies of government achieved measurable success in cleaning up the fraud hitherto associated with the subsidy scheme.

The efforts, the ministry noted, led to a significant reduction in payments made to marketers, partly due to tighter procedures introduced as part of the clean-up, regretting that the agency report ignored the progress made in that direction.

“It will be recalled that the Aig-Imoukhuede Presidential Task Force which investigated subsidy payments had referred firms named for various breaches in its report to the Special Fraud Office for further investigation.

“Some of these firms had contested their indictment and produced additional evidence to clear themselves,” the statement said.

To ensure that no mistakes were made, Okonjo-Iweala had directed that firms which were cleared by the Special Fraud Unit (SFU) go through a second stage of investigation and this was done, the statement added.

– Ndubuisi Francis, This Day

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