N2.7bn subsidy scam: EFCC uncovers company’s registration documents

EFCC chairman, Ibrahim Larmode

THE Economic and Financial Crimes Commission (EFCC) on Wednesday uncovered the registration documents of Pinnacle Contractors Limited which is being investigated over N2.7 billion fuel subsidy scam .
But the Minister of Labour, Chief Emeka Wogu said in Abuja that he was not involved in the alleged scam, adding that no member of his family also has anything to do with the company.
Registration papers of the company had been unavailable on the database of the Corporate Affairs Commission during searches in September but details sources from the anti-graft agency which has opened investigation into the scam showed that the company was registered in July 2001.
A search report with the EFCC confirmed that the company has as its Registration number RC 419968.
Sources at the EFCC said that the investigation into the subsidy scam is continuous but that the Commission has uncovered the company’s registration details.
A source said that the discovery of the Registration details was central to investigations by the commission.
A source said: “Our findings have shown that the company was registered in 2001, precesily on
July 20, 2001. The directors are Obi Uju; Eribo Felix; Sotunde Femi and Onu Ogbonnaya.
“It has initial share capital of 1,000,000.The address shown on the data page  of the firm indicates the address is at Plot 1227, Oka Akoko Close, Garki II. All the directors have equal shares of N250, 000.
Minister of Labour and Productivity, Chief Emeka Wogu, who was mentioned in a newspaper report on Monday as having possible links to the company however said in a telephone interview that he was not involved with the company.
He said that the company had been sold in 2010 and that the documents showing its registration are intact.
Pinnacle Contractors Limited was indicted in 2011 for claiming a total of N2.7 billion fuel subsidy funds without supplying any fuel.
The Federal Ministry of Finance which released the indictment claimed that there were no traces of the vessels the company claimed to have used in supplying the fuel within the African coast.
The company was thereafter submitted to the EFCC for prosecution
Tirbune