Stella Dimoko Korkus.com: Fuel Sales: NNPC,Tinubu,Adenuga,Otedola,Others Owe Nigerian Govt N86.4 Billion

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Tuesday, 13 September 2016

Fuel Sales: NNPC,Tinubu,Adenuga,Otedola,Others Owe Nigerian Govt N86.4 Billion

The Nigerian National Petroleum Corporation (NNPC) subsidiary, NNPC Retail, along with 22 major and independent petroleum products marketing firms owed the federal government at least N86.4 billion by July 21, 2016.


The debts are in respect of products allocated to the companies by the Pipelines and Products Marketing Company (PPMC) for distribution over the last 10 years, details seen by this newspaper show.
The documents were filed to the Economic and Financial Crimes Commission, EFCC.


Members of the Major Oil Marketers Association of Nigeria (MOMAN) and the NNPC Retail (mega filling stations) account for about 85 per cent of the debt, while the independent marketers owe the balance.
The major marketers include NNPC Retail (N22.56 billion), Oando (N25.05 billion), Forte Oil (N10.09 billion), Nigerian Independent Petroleum Company (NIPCO) N5.5 billion, Total Oil (N1.42 billion), Conoil (N1.3 billion) and Mobil Oil (N276.95 million).


The independent marketers include Master Energy (N5.5 billion), MRS Oil & Gas (N3.997 billion), Heyden Petroleum (N2.7 billion), Danium Petroleum (N2.35 billion), A&E Petroleum (N1.89 billion), Rahamaniyya Petroleum N1.65 billion), CΓ pital Oil (N1.3 billion), and Amicable Petroleum (N495.35 million).


Others debtors are Aiteo Petroleum (N426.37 million), Honeywell Oil (N40.96 million), DM Kurfi (N36.11 million), Ascon Petroleum (N20.04 million), Azman Oil (N19.35 million), Felande Petroleum (N8.4 million), Sharon Oil (N3.8 million) and Zamson Petroleum (N3.06 million).
The most indebted companies are owned by some of Nigeria’s and Africa’s richest billionaires.



Oando PLC, which owes the largest chunk of N25.05 billion, is owned by Wale Tinubu.
Femi Otedola, another billionaire, owns Forte Oil, which is responsible for N10.09 billion. Conoil is owned by Mike Adenuga, who is also the telecoms company, Globacom. The company is owing N1.3 billion.
The allocation of products to the firms was under the intervention bulk allocation arrangement and intervention truck distribution to marketers by the NNPC marketing and distribution subsidiary from its Suleja, and other products depots across the country.


The arrangements fetched revenues from partnership agreements for products supplied by the PPMC, which the oil marketing firms refused to pay to the government over the years.


Petition for action
A law firm, B. I. Murtala & Co., had petitioned the EFCC, accusing top NNPC and PPMC officials of “abuse of office, economic sabotage, illegal diversion of petroleum products, illicit enrichment and corruption as well as criminal conspiracy”.
The petitioner listed suspected officials it wanted investigated to include the Supervisor and Area Manager, Kaduna Depot of PPMC, Ajabi Hussaini and Rabo Shuaibu respectively, and Manager, Programming & Operations, NNPC, Abuja, Ahmed Tukur Gwarzo.


Others include Executive Directors, Commercial as well as Shared Services, PPMC, Ezecha Justin and Mustapha Muhammad respectively, and Manager, Finance & Accounts, PPMC, Titonenye Kokade.
“There exists a conspiracy between PPMC/NNPC and suspected oil marketers who deliberately withheld huge government revenues in respect of petroleum products received on credit without due payment or remittance into the Federation Account,” the petitioner said.


The law firm alleged the process of allocation and distribution of petroleum products by PPMC/NNPC was fraught with fraud and criminal conspiracies with marketers, leading to massive diversion of government revenues from the federation account.
Following EFCC’s investigations, NNPC Retail paid back over N15.95 billion between July 25 and August 1, 2016, with over N6.62 billion still outstanding. The EFCC also recovered over N5.57 billion from NIPCO, leaving a balance of N1.93 billion.

Other recoveries include N1.2 billion from Master Energy, with N4.31 billion still unpaid; N2.2 billion from MRS Petroleum, which still has N1.75 billion to pay, while Rahamaniyya Oil & Gas repaid N400 million, to leave N1.25 billion unsettled.

The PPMC, through a memo, August 1, 2016, by the NNPC Company Secretary/Legal Adviser, Omoluabi Victor, informed the EFCC of the payments.
IPMAN President, Chinedu Okoronkwo, did not respond to phone calls on Sunday. He also did not respond to a text message.

However, a senior official of the MOMAN, who asked not to be named because of the sensitive nature of the issue, said the relationship between NNPC/PPMC and marketers allowed marketers to owe for a long time without reconciliation and payment.
“Products are supplied and an average of two weeks grace given for payment. Depending on the time of reconciliation, there could be credit and debit here and there. There is no month marketers would not owe NNPC for products supplied.
“There is always overlapping period before reconciliation. But, no marketer would owe for a long period of 10 years without NNPC taking action to recover monies from them,” he said.

The acting General Manager, NNPC Retail, Ibrahim Jumah, who spoke in the same vein, told PREMIUM TIMES although PPMC was one of the major sources for products by NNPC Retail, there was a regular arrangement for reconciliation for payment.
“NNPC Retail has a credit period of two weeks with PPMC. But, from June, we wrote to PPMC and insisted we want to proceed on cash and carry basis. So, we have been paying for products, and sometimes cannot even lift all,” Mr. Jumah, who is also the GM, Finance & Accounts, NNPC Retail,” he said.


“The PPMC is owing us N1.9 billion for coastal products we paid for about two years ago and have not been able to lift. So, they cannot classify us as indebted to them.”

The spokesperson for Forte Oil, Sam Ogbogoro, asked for time till Monday to respond to PREMIUM TIMES enquiry, as he would need to consult with officials of the company familiar with the facts of the case before responding.

He did not revert at the time of this report.



hmmmm wow!!!..I am sure by the time sme of them PAY BACK these monies,their ratings will drop from Forbes...lol



32 comments:

Cynthia Iyede said...

That's if they will pay.

School Life said...

Big big money everywhere...

Plz you people should stopeet.

Anonymous said...

Buhari will not go after them bcos they are hausas and Yorubas. Were it to igbos or people from the Niger delta, he would have arrested them all. How can we progress with this type of bias and prejudice in this country? Why won't we the economy go into depression?

Tayan Taylor said...

President vuhari should better make them pay,mr kwarasion should hunt those in his inner circle

Anonymous said...

Interestingly Sanusi Lamido Sanusi(HRH) said recently how some billionaires live strictly off bank loans/facilities.I'm sure he was referring to some of these real time riff-raffs who after paying all their debts,may be poorer in real terms than the bloggers/media houses that worship them

Justina Michael said...

Seen.

lovelace said...

😟😟😟😟. Nigeria is really in a mess. Civil servants are our biggest problem, all those indicted will still retain their offices without sanctions.

Anonymous said...

Hmmmm and all these ppl forming richness .

3Lala la said...

Thieves! Their oga corruption killer won't arrest his boys now. Criminals in power 😒😒😒😒😠

James said...

Bad market

youngman said...

Eree, Erie ego. You sell, you your chop own, you chop our own. You arrange with ogas, they look the other way as dem dey chop us as well. And we dey here dey defend dem
Why won't us be in this mess? Why won't they team up to fight and stop their impending disgrace and doom? Are they not now doing secret meeting in France and other countries to sabotage the present government with the disgraced maradona yarning dust shamelessly

Anyone who didn't know that this cataclysm would befall our nation sooner or later is a moron. The only thing is that it came surprisingly too soon and going too fast. Let there be no relenting no matter the blackmail and intimidation.

Fab Mum said...

It's almost impossible to be a billionaire and not owe money.

Amplo Stitches said...

CHANGE begins with you.

youngman said...

Today no sector of the Nigerian economy or life generally is alive. From health to education. From probity and accountability to justice. From power/infraature to manufacturing, everything is dead. Well, the only area that is alive and well is impunity.

Now taking the last sixteen years as a focal point, we have had four, four-year regimes or administrations. If each of those administrations had taken one area, focused all attention on it while abandoning the rest and while not giving in to the hues and cries of the people about how people are suffering due to the neglect of other sectors, today Nigeria would be having four sectors working in perfect conditions. These present sufferings and despair wouldn't be here now. What a beautiful and forward looking place it would have been.
So if pmb wound not succumb to threats and blackmail and succeed in instilling probity,accountability and punity for the entire four years of his administration, he would have done a lot and would have put Nigeria one step closer to progress.
They money that will be saved from former, present and potential theuves and looters would be freed for the next administration to focus on and fix one other sector while having our tormentors rot in jail like it's done in developed climes we desperately want to resemble. How beautiful would this place be four,four-year administrations from now

Paragon7ven. said...

Doing business in Nigeria for the rich and powerful is like a piece of cake, so easy!
They take loans from the banks easily and sometimes even refuse to pay back. But the SMEs are denied loans.
Wealth and resources are not properly or evenly distributed in Nigeria. Some of this so called billionaires don't even pay tax, they arrogantly evade it.
GOD BLESS NIGERIA.

ya name shd be nonsense mum said...

Fab mum,idiots like u're the biggest problem with Nigeria.So in other climes where the system works,people like zuckerberg,bill Gates owe more money than they actually own?may God punish you for that crap you typed up there!

Anonymous said...

Is bill Gate owing ? Is Zack @facebook owing?
There many billionaires in this world that are not owing.

We just have a wrong definition of a billionaire or millionaire in Nigeria?

Sanusi was referring to these people.

lovelace said...

We don't have billionaires in Nigeria, we have thieves as billionaires. Remove federal presence from their businesses they all crumble.

Loveme Jeje said...

Hmmmmmmm they should pay up. When December comes now we will start experiencing scarcity. Now it is ileya no scarcity.

When Christmas comes now, we will start hearing stories

Loveme Jeje said...

I read an anonymous story where the man used her finished and gave her 1,500. She was abusing the man. Next time lady carry POS. If one chance people can carry POS. You self carry so that you won't lament bitterly

Jasmine said...

You see!!! They pay their debts jor

Anonymous said...

Fam mum, yeye woman when will you get sense? How much do Bill Gates and Mark Zuckerberg owe the US govt? Common sense is indeed not common. SMH

ladoxy lad said...

Is surprising how dangote was kind of protected in this writeup... Is he not the owner of MR. Oil... Why was his name not mention like others... Those spoiling the country from a corner.
Ladoxy...

ladoxy lad said...

Is surprising how dangote was kind of protected in this writeup... Is he not the owner of MR. Oil... Why was his name not mention like others... Those spoiling the country from a corner.
Ladoxy...

Tetrina said...

Hahahahaha..lol@ carry POS.

I am the queen and the boss of this blog said...

Gbam!..

Shyla said...

So Otedola is owing and he had the temerity to be submitting other marketers names secretly for this administration to go after. Yeye man. See the whooping 10.09billion he is owing and he is still gallivanting upandan. Meanwhile practically all the people he submitted their names are not even mentioned here. Silly thing. I guess this administration could no longer protect them again cos they are the root cause of our problems. Meanwhile everyday they are busy lifting products and enriching themselves to the detriment of the people.

Anonymous said...

MRS stands for Mr sayyu(sayyu dantata) and those in d know say it also means missus cos he's a wide receiver

Anonymous said...

Nigerians, have you seen those making you poor. Can you leave my Jona out of this nonsense?

Anonymous said...

May God help us

Lion Tamer said...

Didn't you see ifeanyi ubahs name there? Olodo

Amacastel said...

U said it all.

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