Stolen Assets Recovery: Buhari Demands Fuel Imports From Oil Marketers Implicated In Fraud

BY SAHARAREPORTERS, NEW YORKJUN 10, 2015
Facing a huge cash crisis, President Muhammadu Buhari has resorted to unusual strategies for recovering some of the funds stolen from Nigeria’s treasury through a series of shady deals between former Petroleum Minister Diezani Alison-Madueke and a group of indigenous oil companies and oil marketers she and former President Goodluck Jonathan favored.

Former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, brought the part of the illicit deals to public attention when he alerted Nigerians that the Nigerian National Petroleum Corporation (NNPC) had failed to deposit $20 billion of oil revenues with the CBN. In addition, Mrs. Alison-Madueke had inked some deals, with the blessing of former President Jonathan, involving oil swaps and the transfer of certain oil wells reclaimed from multinational oil companies to shady Nigerian operators, including Jide Omokore and Kola Aluko.

An investigation by SaharaReporters discovered that President Buhari’s administration has begun the difficult and complex process of retrieving some of the missing petro-billions. One approach so far adopted by the new president is aimed at addressing the fuel scarcity that has harmed the Nigerian economy and threatens to paralyze the country’s economic activities, according to highly placed officials in the government.

But one exception involves Mr. Omokore whose Atlantic Atlantic Energy Oil Company was involved in the controversial concession of oil wells. A source at the Presidency told SaharaReporters that Mr. Omokore had volunteered to return $500 million to the Federal Government. However, the source added that President Buhari nixed the deal based on information that Mr. Omokore, believed to be a front for Mr. Jonathan and Mrs. Alison-Madueke, is in possession of $4.5 billion of funds that should have been deposited in the federation account.

The sources told SaharaReporters that the government’s immediate strategy involved targeting oil marketers and companies “caught red-handed in stealing huge sums of oil subsidies and oil revenues.” The government has pressured these companies and their owners to agree to repay the stolen monies traced to them by immediately importing more fuel into Nigeria.

The sources said the Buhari government has recorded significant early success in getting some oil marketers and their companies to accept the fuel-for-funds deals. “A number of them have agreed to import massive levels of fuel in lieu of the funds they received in shady transactions during the Jonathan administration,” one Presidency source claimed.

Another source revealed that the administration had started out by putting pressure on former Petroleum Minister, Diezani Alison-Madueke. She was reportedly quick to deny responsibility for the illicit deals with the oil marketers. Instead, she squealed on her subordinates in the NNPC, accusing them of structuring and doctoring the deals that robbed Nigeria of billions of dollars.

“The [Buhari] government got her to write a formal account of her allegations against some NNPC officials and oil companies. What she put down gave a picture of how some of the funds went missing. The document was then forwarded to the Economic and Financial Crimes Commission (EFCC) in the form of a petition,” one source said.

Mrs. Alison-Madueke’s “petition” reportedly named all the persons involved in the massive fraud in the oil sector, including some past and serving officials of the NNPC. Our sources said those she implicated in the NNPC include the current General Managing Director (GMD), Haruna Momoh, a former GMD, Austen Oniwon, Reginald Stanley and Sam Okeke, a former Group General Manager, New Business Division of the NNPC.

An EFCC source told SaharaReporters that a crack team of investigators was currently working on the former minister’s petition. He said the document had revealed new facts previously unknown by EFCC agents and Nigeria’s intelligence officials at Department of State Services (DSS). Among the scams disclosed by the former minister is information that at least four companies involved in an oil swap deal had not accounted for huge sums that should have been remitted to the account of the Nigerian government.

Among the companies implicated in her “petition,” Transfigura was reportedly unable to account for $80 million, Televeras $111million, while Aiteo apparently gulped down $150 million. Other oil firms named in the defrauding of the Nigerian people are Ontario, which failed to account for $135 million, and Sahara Energy, accused of skipping the payment of $120 million to the government.

Our EFCC source revealed that two companies, Transfigura and Sahara Energy, had made some gesture towards paying back some missing funds. However, a source at the Presidency told our correspondent that “so far the reconciliation has involved just paperwork and has not scratched the heart of the scam.” Investigators described Aiteo and Ontario as particularly problematic because they have completely cooked their records. An investigator also disclosed that the two companies are most directly linked to Mrs. Alison-Madueke and former President Jonathan. Both Ms. Alison-Madueke and Mr. Jonathan are currently in the UK, with the former Petroleum Minister reportedly undergoing a weeklong cancer therapy.

Some of the companies have agreed in principle to return the funds by bartering imported fuel for the funds they acquired illegally.

Our sources disclosed that other downstream companies caught in the storm of missing and stolen funds include Forte Oil, owned by businessman Femi Otedola, Folawiyo Energy, and, Oando, owned by Wale Tinubu and Honeywell Oil Company owned by Oba Otudeko.

Officials of the Buhari administration declined to give official confirmation of the stolen assets recovery process relating to other officials of the Jonathan Presidency.


http://saharareporters.com/2015/06/10/stolen-assets-recovery-buhari-demands-fuel-imports-oil-marketers-implicated-fraud

sorry.....jona...madueke and former minister are undergoing cancer therapy.
they will not die any death but live to declare the missing funds and thereafter they can go an sin no more.

This is Naija for you

At least every politicians will proceed with caution with their looting.

Now the film don start. I hope it is not only starting that baba has, I pray he sees the root of it. May God help him.

Forte oil and oando.

419

pictures of the thiefs refunding the looted fund or ....

Whatever action taken against these people should not be shrouded in secrecy. It must serve as a deterrent to others. This barter may serve a short term purpose only

Op, how am I to believe all this crooked stories?

Don't only recover,jail them all! Their actions have brought untold hardship on Nigerians and even death.

God bless PMB God bless Nigeria

sd

Buhari has already failed in his quest to fight what does not exist, the earlier he start making provisions on how to fulfil his campaign promises the better for him. Shameless old soldier!!

Wale Tinubu is on the list. People who think MR president will be partial can now shut up.

I like MR president's approach so far, no gragra just doing his things silently. Tinubu will have known status quo won't remain the same with the NASS game played on him others who have been ruining this country will soon see baba's hands.

Looks like GEJ will not be probed on the pages of "noisepapers" to avoid certain people who have "we are the victim" syndrome crying wolf but he ( GEJ) will be made to vomit wetin hin chop. Which is important.

Baba is wise.

appini:
Buhari has already failed in his quest to fight what does not exist, the earlier he start making provisions on how to fulfil his campaign promises the better for him. Shameless old soldier!!

Since you know so much, can you educate us on how he has failed? Or you are all assumptions no fact?

If you don't reply then we will agree your are a kid jumping about assuming things.

If you reply with abuse instead of laying bare the fact, it will be official that you are a miguided kid ranting for the seek of it.

Ball now in your court.

Lalasticlala

nonjebose:
Whatever action taken against these people should not be shrouded in secrecy. It must serve as a deterrent to others. This barter may serve a short term purpose only

Unfortunately with the hate campaign PDP engaged in in the last campaign and how volatile they have managed to put the country in terms of ethnic bigotry secrecy may be the answer.

Gej's administration should be probed but it may not be probed ( he will be made to secretly cough up most of the money he stole though), reason is those who have been believing their region is hated. They will start crying. And you know Baba is for no body but for everyone hence he tries to not allow to much tears from those people. You get?

But again, the thieves in government see what is happening to others behind the scene and that will shake them.

Please GMB, after they have returned it, ensure that they are given permanent suits at Kuje and Kirikiri maximum penitentiary. Let them go and enjoy their loot there.

These are the people that have been holding this country down and pretending to the rest of us like they are better and wiser human beings. Like they have the magic wand to create wealth while the rest are lazy and unproductive.

It means that some oil marketers should not expect payments for oil imported & subsidy payments in the days to come.

People that are holding this country down are d same people that went to congratulate Buhari.They are the same people that tend to makke us believe they are savy enterprenuers with business acumen. They paint the picture as though the middle class and d poor are where they are bcuz they don't have business sense.


Aliko Dangote--He was once NSE chairman and manipulated virtually all d shares associated with his company. He was equally d one that used Obasanjo closeness to sieze Ibeto cement whilst his flourished. Now tell me hw this has anytin to do with enterprenural skills.

What most of these guyz do is use govt connection to get oil block, den sell it off to foreign company with d skill and infrastructure to run the company . They sit and lazy around while d company works and remit some percentage to them.I know this cuz am in d sector.All u hear is JV JV JV. The person will be raking in millions and posturing as among successful business man. Nonsense.

Buhari shud emulate Gadhafi in terms of interst of his citizens. Be you Obama, d interest of his citizen most come first and any and anybody that stands in his way in making d citizens happy is considered anemy of d state.

Ifeanyi Uba,Danjuma, Wale Tinubu, Otedola,Folawiyo all of them. They are d reason this country is like dis. Yet they posture as though we don't have business sense. Buhari shud not just recoup d money, he shud drain them of every panny with d interest.