Nigeria: N400 Billion Subsidy Scam - FG Hires British Forensic Auditors

26 August 2012

The Federal Government is poised to hire the services of a foremost international auditing firm to do forensic investigation into the subsidy payments to oil marketers, who are alleged to have obtained over N400 billion fraudulently from the scheme, Sunday Trust can disclose.

This was one of the major agreements reached during the negotiation between the National Union of Petroleum and Natural Gas (NUPENG), among them the oil marketers, and the Federal Government last Thursday. It was a precondition for the suspension of the strike. A presidential investigation panel, headed by the Group Managing Director of Access Bank Plc, Mr Aigboje I. Aig-Imoukhuede, indicated that about 25 oil marketers received fuel subsidy funds worth about N400 billion that they did not deserve.

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