Photo shows the Nigerian Ambassador to Japan, Hon. Godwin Agbo (right) welcome the former GMD NNPC, Yakubu Andrew to Nigeria House in Tokyo, Japan
Senate over weekend began an investigation into alleged N10 trillion fraud by officials of Nigerian National Petroleum Corporation (NNPC) between 2006 and 2016 .
Briefing newsmen, Chairmen of the Committees led by Senator Kabiru Marafa (Chairman , Senate Committee on Petroleum Downstream) revealed that out of the N10trillion fraud, NNPC alone is to account for N5.2trillion it collected as subsidy from the federal government of Nigeria for importation of Petroleum Products.
Also, Marafa accused the NNPC of perpetuating fraud through allocation of 445,000 barrels of crude oil allocated to it on yearly basis for the Nation’s refineries for local consumption.
The chairman added that the NNPC perpetuated the fraud in the industry by connivance with officials of some of the Independent Marketers.
To unravel the fraud holistically the committee had concluded plans to summon past and present Chief executives of NNPC, their counterpart from the Independent Marketers, License Inspection Agency, Nigeria Ports Authority, FIRS, Customs, NIMASA etc.
Marafa while briefing said the available records before the committee revealed that during the period under investigation, NNPC imported fuel into the country that was more than 40% of our local consumption apart from gross underutilization of the 445, 000 barrels it collected for local refining for local consumption on yearly basis due to very low capacities of the four refineries in the country then.
In his words, “NNPC being the custodian of Crude oil resources of the Nation , responsible for 51% of Petroleum Products importation into the country over the years aside the 445,000 crude allocation it gives itself on yearly basis for sales for local refining , must account for the N5.2 trillion available records show that it has spent on subsidy on its own 51% of petroleum products importation between 2006 and 2016 aside the N3.8 trillion spent on similar subsidy for Independent Marketers and about $1.5 billion yet to be accounted for by other key players in the industry.
”This committee has established the missing of 100million litres of PMS from such storage arrangement. We expected NNPC to have taken action against the two companies that carried out the theft but since it has not, we hereby ordered it to do so immediately, precisely within this week failure of which we shall make the whole details known to the public.
“President Buhari is highly supportive of this move by the Senate and we shall not fail in carrying out the needed holistic investigation on obvious sharp practices in the sector.
“Needed documents for the onerous task are already in our possession.
He warned that strict sanctions await players in the sector who may want to frustrate the probe exercise by deliberately refusing to honour invitation sent to them or concealing needed information.
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