An oil company, Muthas Petroleum received payment of N1 billion in the fuel subsidy programme days before delivering the product to the Petroleum Product Pricing Regulatory Agency (PPPRA), House of Representatives committee investigating fuel subsidy funds revealed yesterday.
The panel found that while Muthas received about 10,000 metric tonnes of imported fuel approved by the PPPRA on August 8, 2011, the company's account was already credited with complete payment of N1 billion on August 4, 2011 for the transaction.
Operational Director of the company who represented the Managing Director, Alhaji Olatunji Hassan, said she cannot explain the banking transaction saying "I think the account section will be able to shed more light on the matter."
The panel also frowned at presentation of unsigned waybill for imported products by the Managing Director of Petro-trade Limited, Ahmed Yesufu.
The Rep. Faruk Lawan led panel at its resume hearing yesterday, asked all the seventeen oil companies that did not appear during the main hearing to forward details of their transactions including bank statements.