Vanguard (Lagos)

Nigeria: Oil Subsidy Scam - EFCC Arraigns Five More Suspects

Abuja — Powerful cartel reaping off the fortune of the nation in the oil sector, appears to be losing the fight to halt their prosecution, as Economic and Financial Crimes Commission, EFCC, will today arraign five more of suspects over the looting of over N5.4 billion under the guise of fuel supply.

Vanguard gathered, yesterday, that the suspects, who are to be tried before Justice Lateefa Okunnu of the Lagos High Court, comprise one oil company and four persons, who were allegedly implicated in the oil scam.

The company to be tried this time by the EFCC is Nasaman Oil Services Limited, while the individuals are Mamman Nasir Ali, Christian Taylor, Oluwaseun Ogunbambo and Olabisi Abdul-Afeez, who is said to be at large.

They are all accused of obtaining N5.46 billion from the Federal Government by falsely claiming that the sum represented subsidy accruing to them under the Petroleum Support Fund for the importation of 61,049,937.00 litres of Premium Motor Spirit, PMS.

One of the 13-count charges being slammed on the suspects read: That "Nasaman Oil Services Ltd, Mamman Nasir Ali, Christian Taylor, Oluwaseun Ogunbambo and Olabisi Abdul-Afeez (still at large) between 2010 and 2012 in Lagos within the Ikeja Judicial Division with intent to defraud conspired to obtain the sum of N2.23bn from the Federal Government by falsely claiming that the sum represented subsidy accruing to Nasaman Oil Services Ltd under the PSF for the importation of 30,524,968.50 litres of PMS, which Nasaman Oils Services Ltd purported to have purchased from SEATAC Petroleum Ltd of British Virgin Islands and imported into Nigeria through MT Liquid Fortune Ex Mt Overseas Lima, which representation you know to be false.

Last week, an anti-corruption agency protested at the Finance Ministry premises in Abuja, condemning the payment of N2.7 billion to an unregistered company, Pinnacle Contractors, for the purported supply of petroleum products to Nigeria.

The group believes the callous payments of huge funds to spurious groups in the name of subsidy must have been done with the active connivance of top government officials.

But the Ministry fired back at the group, saying that it was sponsored by oil marketers trying to stop their trial.

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  • Finding excuses to drain more funds .
    Nov 12 2012, 17:11

    The good news here is that by the end of year 2o17, the U.S will become oil sufficient. The bad news is that unlike Saudi Arabia and other nations that took the window of opportunity from recent oil boom to turn the desert into dependable agricultural farmland , irretrievable hard times is arround the corner. How could this much monumental sum be looted and stolen from our national oil products with so much security aparatus on watch ? Figures emanating from these discoveries and national are definitely annoying and indicate pattern of gross irresponsibilty on the part of our government , legal infrastructure and security system . We're not looking at the overwhelming corruption under Babangida and his Millitary mafia, but these criminal activities make refrence to economic crimes under Obasanjo and Jonathan administration. It insult our individual and collective conscience that politicians presiding over the massive inequality in our mnidst have so much private jets and wealth to brandish while village and cities have no drinking water,power or roads to evacuate farm products to feed the nation, schools , colleges and Universities are closing down while youths live with parents even after their adult age unless they're crime prone . Unbiversity bgraduates to Phd are applying to wark as Truck drivers in a nation that rank rank #4 in Opec Oil production . It is grossly embarrassing and mind blowing that these hurrible figures are now emarging following events trigered by the last national crises with roots on unfair petroleum tax on non existent oil subsidy the Minister for petroleum Tam David WEst of Mc-Gill University disowned to be truth, consequently imposed on already overbruised citizens to insidiously recoup these stolen huge and unspeakable amount .I have never heard or known of any other nation on the planet so looted and robbed out of purse by her own public officials. Yet Jonathan have not seen cogent reason to ask his co-robbers in the Senate and House to follow the Chinese example and ask for mandatory death penalty in other to save the nations developement program . My question is this, if we fail to advantage take advantage of the favourable economic boom and massive income from our Petroleum to develope this nation , how does any rational thinking person think we can do so by massive borrowing without collateral income base ??