N329bn Recovered From 9 Oil Firms - EFCC

Updated Thursday 27 July 2017 11:0
N329bn Recovered From 9 Oil Firms - EFCC

Economic and Financial Crimes Commission, EFCC, Kano Zonal Office has recovered N328,988,296,990.62 from nine major oil marketers across the country.

The amount represents the cost of products the companies collected from the Nigerian National Petroleum Corporation, NNPC, and its subsidiary, Pipelines and Product Marketing Company, PPMC, but refused to pay when due. 

The recovery was sequel to a petition against the leadership of NNPC and PPMC. The petitioners had accused the NNPC and PPMC of conniving with the nine oil marketers to divert N40 billion belonging to the government agency and asked the EFCC to move to recover the cash.

The EFCC in a swift reaction referred the petition to a special task force, which swung into action by conducting discrete investigation. The EFCC said in a statement, yesterday, that findings by the operatives of the EFCC revealed that the oil marketers were actually indebted to the Federal Government to the tune of N91,519,485,204.44 between 2010 and 2016.

The statement read:  “Further investigation into the allegation also revealed that the oil marketers had continued to obtain petroleum products from the government without proper payment, in violation of the NNPC/PPMC credit facility regulations. “The probe of the firms led to the discovery of N258,928,926,351.93, being the amount they held back from the oil corporation.

“Following the discovery, the total amount of debt, which was due the government oil agency stands at N349,818,411,556.37. “Upon the conclusion of the preliminary investigation, officials of NNPC/PPMC and all managing directors of the concerned companies, which are NNPC retails, including Conoil Plc, Total Plc, OVH Energy Plc, Oando Plc, Forte Oil and Gas Plc, Mobil Plc, MRS Oil Plc, and NIPCO Oil Plc, were invited to the Kano zonal office of the commission where their statements were recorded following which the recovery process commenced. “So far, N328,988,296,990.62 has been recovered from the major oil marketers. 

The outstanding debt now stands at N20,765,919,869.48.”

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