Five of the major oil marketers that have been benefiting from the Federal Government petroleum subsidy scheme have disclosed how they shared N182 billion among themselves under the subsidy scheme within two years.
Vanguard
Read more below:(http://2.bp.blogspot.com/-FJKFNjHVY7o/TzoUf_xmtmI/AAAAAAAAK7A/1lW7CayPW0Q/s400/fuel.jpg)
Five of the major oil marketers that have been benefiting from the Federal Government petroleum subsidy scheme have disclosed how they shared N182 billion among themselves under the subsidy scheme within two years.
The major oil marketers made up of Conoil Nigeria Ltd, A. A Rano, ASB Investment Ltd, Forte Oil Nigeria and Knight Bridge Ltd that appeared before the Joint Senate Committee probing petroleum subsidy, yesterday, in Abuja gave detailed accounts of their various claims running into several billions of naira even as they denied malpractices in the subsidy scheme.
They denied allegations of round-tripping of petroleum products despite admitting that imported petroleum products meant for Nigerian consumption are first taken to Cotonu, in Benin Republic for off-loading en-route Nigeria.
A breakdown of the money as shared by the oil majors showed that Conoil Limited got N46.3 billion as payment for importing 799,621 million metric tons of petroleum product; A A Rano netted N1.2 billion for one approval of importing 10, 000 metric tons; ASB Investment Ltd, N3.016 billion for 28,123,066 million metric tons of petroleum; Knightbridge, N3 billion for importing 75,000 metric tons while African Petroleum, N130 billion, with unpaid claims of N11 billion was reimbursed by Petroleum Product and Pricing Regulatory Agency, PPPRA, after importing 99,000 metric tons of petroleum products.
Managing Director of Conoil, Mr. Biodun Wahab, in his testimony to the committee said the company joined the subsidy scheme in 2008 and had its first approval from PPPRA to import 12,153 metric tons of petroleum products.