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Subsidy Probe Report -How NNPC, Others Looted Subsidy Fund

NNPC, PPPRA, marketers to refund N1.070 trillion SOME details of the rot in the oil industry were laid bare yesterday – courtesy of the House of Representatives Ad Hoc

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قديم 04-19-2012, 04:26 PM
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افتراضي Subsidy Probe Report -How NNPC, Others Looted Subsidy Fund

NNPC, PPPRA, marketers to refund N1.070 trillion

SOME details of the rot in the oil industry were laid bare yesterday – courtesy of the House of Representatives Ad Hoc Committee on Fuel Subsidy Management.

The committee yesterday directed the Nigerian National Petroleum Corporation (NNPC) the Petroleum Products Price Regulatory Agency, oil marketers and Others to refund over N1.070trillion.

The Farouk-Lawan panel also recommended the immediate unbundling of the NNPC and prosecution of top officials of the Petroleum Products Pricing and Regulatory Agency (PPPRA).

Besides, called for investigation of 72 oil companies and recovery of N230, 184,605,691.00.

It referred 15 oil marketers to the EFCC and ICPC for collecting $402.2.610b as FOREX in 2010 and last year without but did not import petroleum products.

The panel said another set of 18 oil companies who benefited from the Fuel Subsidy Scheme but refused to appear before it will refund N41.936billion.

These highpoints formed the major thrust of the recommendations in the Ad Hoc Committee’s Report.

In the Executive Summary of the report, which was released to the media, the panel established that the NNPC and the PPPRA are riddled with corruption, including gross abuse of the Petroleum Subsidy Fund (PSF).

Apart from overhauling the two agencies, the panel recommended immediate prosecution of some of their top officers, including some of those in the management and board of the NNPC.

The committee cited how N999m was paid to unnamed entities 128 times to the tune of N127.872billion.

In the Report are graphic details of the mismanagement of fuel Subsidy and a recommendation that N1.070trillion be refunded.

•The NNPC is to refund kerosene Subsidy of N310.4 billion and N285.09 billion for funds paid above PPPRA recommendation. It should also pay N108.6 billion, which it gave itself as self discount.

•Marketers are to repay N8.6 billion for “total violation” of the PSF.

•Companies invited to the probe, but which failed to show up are to pay N41.9 billion.

•The PPPRA is to refund N312.2 billion for “excess payment to self”.

Other transactions anti-graft agencies should investigate, according to the panel, include: “payment of N999 million to unnamed entities 128 times to the tune of N127.872 billion. Companies who collected FOREX to the tune of $402.610b whose utilisation is questionable to the committee.

The Report said: “The 72 companies listed under the financial forensics are hereby recommended for further investigation by relevant anti-corruption agencies, with a view to establishing their culpability and recovering the sums indicated against their names totalling N230,184,605,691.00.”

It listed other issues to be investigated as “the over recovery of N2.766b and N5.27b, which were not accounted for by the office of the Accountant –General of the Federation,” and “the cases of double deductions by the NNPC for Subsidy payments in 2009, 2010 and 2011 mentioned in this report.”

The Report added: “The committee believes that if the PSF scheme was properly managed, this sum of N1.070 trillion would have been available to the three tiers of government for budget enhancement.

In all, 15 Companies were listed in the Report as those who obtained FOREX but did not import petroleum products. Those who collected in 2010 are: Business Ventures Nig Ltd ($22,927,339.96), East Horizon Gas Co. Ltd ($20,735,910.81), Emadeb Energy ($6,606,094.30), Poat Nig. Ltd ($3,147,956.19), Synopsis Enterprises ($51,449,977.47) and Zenon Petroleum & Gas Ltd ($232,975,385.13).

Those guilty of the same offence in 2011 are: Carnival Energy Oil Ltd ($51,089.57), Crownlines ($4,756,274.94), Ice Energy Petroleum Trading Ltd ($2,131,166.32), Index Petroleum Africa ($6,438,849.64), Ronad Oil & Gas W/A ($4,813,272.00),Serene Greenfield Ltd ($4,813,360.75), Supreme & Mitchelles ($16,947.000.00), Tridax Energy Ltd ($15,900,000.00) and Zamson Global Resources ($8,916,750.00).

“Marketers who obtained FOREX but did not import petroleum products should be referred to the relevant anti-corruption agencies with a view to verifying what they used FOREX for,” the panel said.

The committee identified 18 oil marketers that will refund N41.936billion. It claimed that “the companies deliberately refused to appear because they had something to hide”.

The companies and the amount to be refunded are: Mut-Hass Petroleum (N1,102,084,041.30); Nepal Oil and Gas Service (N2,353,911,979.10); Oilbath Nigeria (N1,019,644,138.97); Techno Oil (N1,036,514, 387.08); Somerset Energy Services (N3,015,221,487.94); Stonebridge Oil (N1,784,158,258.14); Mobil Oil Nigeria (N14, 934, 371,661.76); AX Energy (N1,471,969,643.31) CAH Resources Association (N1,052,466,415.28); Crust Energy (N1,192,651,581.76); Fresh Synergy (N1, 417,029,059.70); Ibafon Oil (N4,687,730,540.46); Lottoj Oil and Gas (N1,427,429,910.95); Oakfield Synergy Network (N988,920,219.15); Petrotrade Energy (N1,471,027,874.73); Prudent Energy and Service (N1,360, 898,638.10); and Rocky Energy (N1,620,110,167.58).

The Committee explained its findings on the volume of petrol consumed by the nation and how the Subsidy regime should be addressed.

The Report said: “Based on the facts, issues and investigative interactions, the Committee hereby makes the following recommendations for the consideration and approval of the House.

“From the findings of this Committee, the consumption level for 2011 is estimated at 31.5 million litres per day. However, in 2012, marginal increment of 1.5 million litres per day is recommended in order to take care of unforeseen circumstances, bringing it to 33 million litres per day.

“And to maintain a strategic reserve, an additional average of 7 million litres per day (or 630 million litres per quarter) for the first quarter of 2012 only is recommended. Thus, PPPRA is to use 40 million of PMS in the first quarter as its maximum ordering quantity per day.

“In subsequent quarters, PMS daily ordering quantity should be 33 million litres per day.”

For kerosene, the Committee recommends a daily ordering of 9 million litres.

NNPC, PPPRA, marketers to refund N1.070 trillion


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