Meet Corrupt Fuel Marketers Who Collected Money Without Supplying Fuel

Though the Senate has unmasked the marketers milking the industry dry through the oil subsidy that shot up from N600m to N1.3t within one year, Global News can exclusively reveal to you some marketers collecting money without supplying what they actually collected money for from from the federal government.
Those who are in the know claimed that this set of marketers has turned the subsidy business to their means of survival since most of them didn’t not see anything wrong in what they were doing but merely saw it as an avenue to make more money for themselves and their families rather than the generality of Nigerians who were supposed to benefit from the subsidy.

Sources claimed that Artio Energy, owned by Benny Peters; A-Z Oil, owned by Chief Okafor; Tope Sonubi’s Sahara Energy,Rahammaniya,Mumuni Dagasha’sTriquest, Jide Omokore’s SPOG and Obateru Akinruntan’s Obat oil are in the fore-front of those who collects money without supplying the commodity.
Ifeanyi Uba’s Capital Oil is also one of the firms which received dodgy payments running into billions of naira from the Petroleum Products Pricing and Regulatory Agency (PPPRA) on kerosene, petrol and diesel subsidy.
Some of these marketers collecting illegal money from the government were required to own tank farms (petrol deports) of not less than 5000 metric tonnes, and should be registered with the Corporate Affairs Commission (CAC) as oil companies.

“Yet it was discovered that while only 11 marketers own storage facilities, the rest were “throughput” (sharing depots with filling stations) and some were registered construction companies,”
Among the names of the beneficiaries are; Oando Nigerian Plc.  N228.506 b, MRS oil  N224.818 billion, Enak Oil & Gas  N19.684 billion, CONOIl  N37.960 billion, Bovas & Co. Nig. Ltd.  N5.685 billion, Obat N85 billion and AP; N104.5billion.
Also on the list are Folawiyo Oil  N113.3 billion; IPMAN Investment Limited- N10.9 billion; ACORN  N24.1 billion; Atio Oil-N64.4 billion; AMP- N11.4 billion; Honeywell-N12.2 billion; Emac Oil- N19.2 billion; D.Jones Oil-N14.8 billion; Capital Oil  N22.4 billion; AZ Oil- N18.613 billion; Eterna oil- N5.57 billion; Dozil Oil- N3.375 billion; and Fort oil-N8.582 billion.
Also, Integrated Oil and Gas, owned by former Minister of Interior, Capt. Emmanuel Iheanacho, was mentioned and is said to have benefited to the tune of N30.777 billion, while IPMAN Investment Limited pocketed the sum of N10.9 billion.
Regarding 2011 subsidy pay out, the companies named by the Senate and the amounts they have received in 2011 alone include: 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 Garde, 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, N64.4 billion; AMP, N11.4 billion; and Emac Oil, N19.2 billion.

However, a new twist was added into the whole mess at the House of Representatives Public hearing when it was revealed by the Executive Secretary of the Petroleum Product Pricing Regulatory Agency, Reginald Stanley, last Wednesday that before the removal of subsidy on January 1, the country was importing up to 59 million litres of petrol daily when the country actually needed 35 million litres, with government subsidy covering all of the imports.