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| Sharone |
FACTS have emerged on how the Petroleum Equalisation Fund
(PEF) concealed money that accrued to it as bridging allowances, in 2010 and
2011, to the tune of N79. 825 billion.
Also, investigations have revealed how N2.144 billion disappeared from the Skye Bank account of PEF, which has Mrs. Sharon Adefunke Kasali as its Executive Secretary, within two days.
PEF is a scheduled Parastatal of the Ministry of Petroleum Resources established by Decree No. 9 of 1975 (as amended by Decree No. 32 of 1989) mainly to administer uniform prices of petroleum products throughout the country.
These findings were contained in the Interim Report on the Investigations into the operations of the PEF (2009 to 2011) submitted to the House of Representatives Committee of Petroleum Resources (Down Stream) last Thursday.
According to the report, which was exclusively obtained by the Nigerian Compass in Abuja, “It was observed further that within the period under consideration, Petroleum Equalization Fund grossly understated the receipts of funds into its numerous bank accounts declared so far.
“For example, in 2011, Petroleum Equalization Fund received a total of N136. 915 billion, but declared N85.985 billion. Similarly, in 2010, the agency received a total of N85.436 billion but declared only N56. 541billion.
“In other words, Petroleum Equalization Fund under-declared the funds it received in 2011 and 2010 by N50.930 and N28.895 billion respectively, totaling N79.825 billion in two years. It was only in 2009 that the under-declaration was marginal to the tune of N401 million,” the report said.
The report pointed out that the under-declaration of funds received was supported or concealed by almost equal under-declaration of payments made.
“In 2011, Petroleum Equalization Fund made payments of N125. 916 billion, but declared N74.888 billion i.e an under-declaration by N51.02 billion. In 2010, the under-declaration was N29. 30 billion, having made total payments of N74.034 billion as per the numerous bank accounts but declared only N44.734 billion,” it said.
The payments PEF attempted to conceal, according to the interim report, are traceable to the numerous illegal payments made under the cover of IPMAN (Independent Petroleum Marketers Association of Nigeria).
The report further showed that both PEF and IPMAN have refused and /or ignored the request to provide details of the relevant payments which PEF stated to be N52. 2 billion in 2011, N32.3 billion in 2010 and N19.2 billion in 2009 respectively.
Other highlights of the report showed that the accounts of PEF were not audited for 2009, 2010 and 2011, while PEF concealed some of its operational bank accounts as well as understated funds it received as bridging allowances.
The report further stated that some bank statements submitted by PEF to the committee of the lower arm of the National Assembly were doctored or manipulated to conceal infractions.
According to the report, “PEF and IPMAN may have conspired to make illegal payments running into billions of naira to non-existent companies or entities”.
Also, investigations have revealed how N2.144 billion disappeared from the Skye Bank account of PEF, which has Mrs. Sharon Adefunke Kasali as its Executive Secretary, within two days.
PEF is a scheduled Parastatal of the Ministry of Petroleum Resources established by Decree No. 9 of 1975 (as amended by Decree No. 32 of 1989) mainly to administer uniform prices of petroleum products throughout the country.
These findings were contained in the Interim Report on the Investigations into the operations of the PEF (2009 to 2011) submitted to the House of Representatives Committee of Petroleum Resources (Down Stream) last Thursday.
According to the report, which was exclusively obtained by the Nigerian Compass in Abuja, “It was observed further that within the period under consideration, Petroleum Equalization Fund grossly understated the receipts of funds into its numerous bank accounts declared so far.
“For example, in 2011, Petroleum Equalization Fund received a total of N136. 915 billion, but declared N85.985 billion. Similarly, in 2010, the agency received a total of N85.436 billion but declared only N56. 541billion.
“In other words, Petroleum Equalization Fund under-declared the funds it received in 2011 and 2010 by N50.930 and N28.895 billion respectively, totaling N79.825 billion in two years. It was only in 2009 that the under-declaration was marginal to the tune of N401 million,” the report said.
The report pointed out that the under-declaration of funds received was supported or concealed by almost equal under-declaration of payments made.
“In 2011, Petroleum Equalization Fund made payments of N125. 916 billion, but declared N74.888 billion i.e an under-declaration by N51.02 billion. In 2010, the under-declaration was N29. 30 billion, having made total payments of N74.034 billion as per the numerous bank accounts but declared only N44.734 billion,” it said.
The payments PEF attempted to conceal, according to the interim report, are traceable to the numerous illegal payments made under the cover of IPMAN (Independent Petroleum Marketers Association of Nigeria).
The report further showed that both PEF and IPMAN have refused and /or ignored the request to provide details of the relevant payments which PEF stated to be N52. 2 billion in 2011, N32.3 billion in 2010 and N19.2 billion in 2009 respectively.
Other highlights of the report showed that the accounts of PEF were not audited for 2009, 2010 and 2011, while PEF concealed some of its operational bank accounts as well as understated funds it received as bridging allowances.
The report further stated that some bank statements submitted by PEF to the committee of the lower arm of the National Assembly were doctored or manipulated to conceal infractions.
According to the report, “PEF and IPMAN may have conspired to make illegal payments running into billions of naira to non-existent companies or entities”.
The Nigerian Compass
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