Saturday, November 17, 2012

N24.6B Oil Subsidy scam: SFU arrests six Managing Directors


The Special Fraud Unit(SFU), Millerton, Ikoyi, Lagos State has arrested six  Managing Directors/Chief Executive Officers  of some oil companies.
They were arrested following the ongoing investigation of oil marketers referred to SFU by the Presidential Committee on oil Subsidy have been arrested by the operatives of the unit and undergoing interrogation.
The Managing Directors are: Mr. Odjegba Onoriode – MD Eurafric Coastal Services, Mr. Ejiofor Innoma Chikadibia - G/MD Caades Oil & Gas ltd, Mr. Sowami Abuwasin Olatunde - MD/CEO Prudent Energy and Services ltd, Mrs. Gladys Amaefule - MD Somerset Oil & Gas ltd, Mallam Bashir Adamu Gusau - MD Imad Oil & Gas ltd and Sir Daniel Chikwudozie -MD Dozzy Oil & Gas ltd.
According to the Commissioner of Police, SFU, Tunde Ogunshakin, investigation so far revealed that a total subsidy amount of N6.130billion was paid to Eurafric Coastal Services Ltd based on 85, 519 million litres of fuel imported between November 2010 – 2011 financial year which comprises 6 transactions.
A total amount of N9.935 billion was due to CAADES Oil & Gas Ltd based on 13.501 million litres of PMS imported in December 2011 which comprises 2 transactions.
A total subsidy payment of N1, 360, 898,638.10 was paid to Prudent Energy & Services Ltd based on a single importation of 18, 316, 767 million litres of PMS.
A total subsidy payment of N2.690 billion was paid to Somerset Oil & Gas Ltd based on 40.165 million litres of PMS imported in 2 transactions.
A total amount of N2.760 billion was paid to IMAD Oil & Gas Ltd based on 55.426 million litres of PMS imported which comprises 3 transactions.
A total amount of N1, 773, 938, 533.60 was claimed by Dozzy Oil & Gas Ltd in a single transaction dated 01/07/2011.
Investigation is on-going. Trial of the suspects will commence at the end of the investigation.

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