Fuel Subsidy Scam: Senate Releases Names Of Cabal.

The fuel subsidy scam cabal

Oando Oil, CONOIL, African Petroleum and MRS Oil are among the powerful players in the petroleum sector that have shared over N3.655 trillion between 2006 and September 2011 in pursuit of importation of refined petroleum products.

This was revealed today in Abuja by the Nigerian Senate joint Committee on Petroleum (Downstream), Appropriation and Finance.

Senator Magnus Ibe, the chairman of the committee, also disclosed that some 100 companies in the downstream sector and in construction, shared over N1.426 trillion between January and August 2011 alone. 

Oando Oil is owned by Wale Tinubu’s Oando; Mike Adenuga owns CONOIL, Femi Otedola owns AP, while MRS Oil is run by Aliko Dangote's brother, Sayyu Dantata.  Other key players named today include Pinaccle Construction Ltd, as well as Integrated Oil and Gas, which is owned by a former Minister of the Interior, Capt. Emmanuel Iheanacho.

The full list, and their individual haul, as read out by Senator Abe, is as follows:

1.    Oando Nigerian Plc. – N228.506 billion
2.    MRS –N224.818 billion
3.    Pinnacle Construction-N300 billion
4.    Enak Oil & Gas –N19.684 billion
5.    CONOIl – N37.960 billion
6.    Bovas & Co. Nig. Ltd. – N5.685 billion,
7.    Obat N85 billion and AP; N104.5billion.
8.    Folawiyo Oil - N113.3 billion
9.    8.IPMAN Investment Limited- N10.9billion
10.  ACON - N24.1billion
11.  Atio Oil-N64.4billion
12.  AMP- N11.4billion
13.  Honeywell-N12.2billion
14.  Emac Oil- N19.2billion
15.  D.Jones Oil-N14.8billion;
16.  Capital Oil - N22.4 billion
17.  AZ Oil- N18.613billion
18.  Eterna oil- N5.57 billion
19.  Dozil oil- N3.375 billion
20.  Fort oil-N8.582 billion.
21.  Integrated Oil and Gas- N30.777 billion

With reference to 2011, the companies named by the Senate and the amount of money they have received this year alone include Otedola's African Petroleum, N104.58 billion; A.A. Rano, N1.14 billion;  A.S.B, N3.16 billion; Arcon Plc, N24.116 billion;  Aminu Resources, N2.3 billion; Avante Guard, N1.14 billion; Avido, N3.64 billion; Boffas and Company, N3.67 billion; and Brilla Energy, N960.3 million.

Others also listed are: DownStream Energy, N789.648 million; Dosil Oil and Gas, N3.375 billion; Inco Ray, N1.988 billion; Eternal, N5.574 billion; Folawiyo Energy, N113.32 billion; Frado International, N2.63 billion; First Deepwater Oil, N257.396 million; Heden Petrol, N693 million; Honeywell Petrol, N12.2 billion; Integrated oil, N30.777billion; AMP, N11.417 billion; Ascon, N5.271 billion; Channel Oil, N1.308 billion; Fort Oil, N8.582 billion; Enak Oil & Gas, N19.684 billion;  IPMAN Investment Limited, N10.9 billion; Atio Oil, N64.4billion; AMP, N11.4billion; and Emac Oil, N19.2billion.

Findings by SaharaReporters correspondent indicate that in 2006, only MRS, TOTAL and OANDO were officially listed as beneficiaries of the fuel subsidy recognised by the Federal Government.  The three companies were said to have been listed as “major marketers.”

In the following year, 2007, AP and MOBIL joined the three companies and became listed under the category of majors.  The same year NIPCO was introduced and listed under the category of petrol depot owners.  A new category of “independents” included some marketers who had no depots.

AITEO Energy Resources and TRIQUEST Energy were also added in 2007, bringing the total to eight beneficiaries of the fuel subsidy.

Our reporters gathered that the list of subsidy beneficiaries increased sharply in 2008, rising to of 23, including six majors.  Also in 2008, CONOIL and NIPCO were joined by Capital Oil and Folawiyo Energy, under the category of depot owners.

The list of independents also increased from two in 2007 to 14 in 2008 as AITEO and TRIQUEST were said to have been joined by TONIQUE Oil services, IMAD Oil & Gas, Integrated Oil and Gas, Rahamaniyya, AMG Petro Energy, Brittania, ACORN, A-Z Petroleum, SHIELD Petroleum and MAJOPE Investment Limited.

And in 2010, while the beneficiaries of the subsidy payment under the category of major marketers remained steady at six and the depot owners remained two, the list of independent marketers jumped up to 28, with the curious inclusion of many relatively unknown and unheard-of companies.

Competent sources said that the lion’s percentage of N1.426 trillion fuel subsidy for this year will go to Otedola's AP, Wale Tinubu's OANDO, TOTAL, Sayyu Dantata's MRS and And Mike Adenuga's CONOIL.

These revelations, which are certain to enliven discussions about the management of the Nigerian economy, come as the government of Mr. Goodluck Jonathan prepares to withdraw the subsidy on petroleum products next month.