Oil marketers have refunded N46 billion in a probe of massive fraud in the sector, The Nation has learnt.

It is all part of the ongoing probe of the rot in the Nigerian National Petroleum Corporation, an Economic and Financial Crimes Commission (EFCC) source said yesterday.

The marketers, who are not named because “the investigation is yet to be concluded”, lifted products without paying a dime to the defunct Petroleum Products and Marketing Company (PPMC), a subsidiary of the NNPC now known as the National Petroleum Marketing Company(NPMC).

The anti-graft agency busted the fraud after going through the company’s records.

A top source in EFCC, who spoke in confidence with our correspondent, claimed that some of the marketers conspired with some staff of PPMC and NNPC to perpetrate the fraud.

The source said: “When we conducted our investigation, we discovered that the affected marketers sourced products from NNPC through PPMC without paying for them.

“In some instances, these marketers got two or three supplies and paid for one. Through connivance, they cooked the books.

“We discovered that products worth about N100billion were lifted and unpaid for by marketers leading to the invitation and interaction with some of them.

“So far, we have been able to recover N46billion out of the N100billion which the nation had purportedly lost.”

The source expressed concern that the some forces within and outside NNPC and PPMC behind the syndicate almost frustrated the EFCC team probing the “fraud”.

“The cartel wielded enormous influence in the sector and it almost frustrated the investigation and the recovery. As a matter of fact, some forces in NNPC and PPMC did not want us to go this far.

In spite of the liberalisation of the process of obtaining foreign exchange, most marketers still rely on the NNPC for their supplies.

Our correspondent’s was unsuccessful in getting the response of the Managing Director of NPMC( former PPMC), Mr. Farouk Ahmed, to the recovery made by EFCC.

Apart from calls, a text message was sent to Ahmed.

He did not acknowledge the calls and the text message.

The EFCC in April quizzed a former Managing Director of PPMC over some transactions and alleged purchase of houses valued at N1.3 billion off Amazon in Maitama, Asokoro and Wuse districts in Abuja.

The petitioners alleged that the ex-MD acquired the houses in less than six months in office.

An ex-Officio member of the Kaduna chapter of the Independent Petroleum Marketers Association (IPMAN), Bako Abdullahi Yelwa, had in February alleged that a cabal had been at work in PPMC.

He said: ”PPMC members of staff are frustrating Independent Marketers. Why will they ask for a percentage of our profit before giving us allocation? And when we refuse, they frustrate the process of getting our allocation. They only give product allocation to marketers that have given them a share of their profit upfront.

“For example, an Independent marketer gets an average of two allocations of Petrol (PMS) monthly and the profit from each truck is 80 thousand Naira. How can 160 thousand naira pay all my staff, service and maintain the stations and still keep me in business?”

http://thenationonlineng.net/efcc-recovers-n46b-oil-marketers/

If only DPR could be a "watchdog" just like d way EFCC is doing now...

My wish for you on this Eid,

May peace and joy embrace your life,

And stay on this blessed day and always. Ameen

Happy Eid Ul Aldha.

Tinubu with lies. You can only get these kind of propaganda on tvc and the nation and no where else

Una sabi recover for Africa, were all the recoveries dey go?

Efcc only working on paper

donbenedict:
If only DPR could be a "watchdog" just like d way EFCC is doing now...

The thunder that will fire all these people collaborating to make life hard for the average Nigerian has table of contents.

Here they go again . We are tied of these stories joor. Tomorrow they will insist we are broke.

If we calculate all money recovered by the EFCC on paper since the inception of this administration, I am pretty sure we will get a figure close to the National budget.

Election is far gone. Please leave propaganda for 2019. Get busy because things are getting worse and your ineptitude may soon consume this priceless democracy.

Ishilove:

The thunder that will fire all these people collaborating to make life hard for the average Nigerian has table of contents.

I never knew u to be funny like this..

donbenedict:
I never knew u to be funny like this..

My dear I'm not laughing. There is so much corruption in this country that I'm beginning to suspect it will never stop, even on to our children's 3rd generation. It's like a stubborn ancestral curse

[s]

a2personal2013:
Here they go again . We are tied of these stories joor. Tomorrow they will insist we are broke.

If we calculate all money recovered by the EFCC on paper since the inception of this administration, I am pretty sure we will get a figure close to the National budget.

Election is far gone. Please leave propaganda for 2019. Get busy because things are getting worse and your ineptitude may soon consume this priceless democracy.

[/s]
Wailing is absolutely allowed and your fundamental human right. However, it must be done with common sense else you constitute yourself into a public nuisance.

The money is useless.

a2personal2013:
Here they go again . We are tied of these stories joor. Tomorrow they will insist we are broke.

If we calculate all money recovered by the EFCC on paper since the inception of this administration, I am pretty sure we will get a figure close to the National budget.

Election is far gone. Please leave propaganda for 2019. Get busy because things are getting worse and your ineptitude may soon consume this priceless democracy.

All we hear is that Nigeria is broke...who is deceiving who

Good if the news is true But we really need to know how all the recovered loot is being spent. Cause all we keep hearing is loot was recovered yet nothing to show for it

Ishilove:

My dear I'm not laughing. There is so much corruption in this country that I'm beginning to suspect it will never stop, even on to our children's 3rd generation. It's like a stubborn ancestral curse

lol corruption has been roaming the face of the earth since creation. Even the tax collector in d bible was corrupt. So it's not like it just came new in Nigeria and dat it will disappear. Infact just as every new day comes, d same way corruption will grow everyday into smth more complex Dan it was yesterday. One cannot fight wake up in the morning and say he/she wants to fight corruption. It's laughable to me. No nation can come out and say, it boasts of a no-corruption government/society. Right from America to antartica, the atmosphere breeds corruption. Ceteris paribus.



Nobody can fight corruption if he/she doesn't make use of the theory (Remove the log from your eye first, before trying to remove the log from another person's eye)


It's as simple as that!


If buhari wants to fight corruption, he should probe himself, if Lai mohamed wants to fight corruption, he should probe himself, if osinbajo wants to fight corruption, he should probe himself, if the EFCC wants to fight corruption, the EFCC should be Independent. If INEC wants to fight corruption, the INEC should probe themselves.


Coming out to say I am holy, and therefore rest of the masses are corrupt is nonsensical. There should be an action.


Buhari Is only wasting his time as long as I am concerned, unless he starts with himself, strips himself of basic allowances, do extraordinary actions to make Osinbajo believe that yes, My superior is really serious in this corruption thing, den Osinbajo will follow suit, den Saraki will follow suit, just like that the chain of corruption will loose until the least of men.

46billlion. EFCC af come again... they won't kill us with lies. Which oil marketer gave them d money. People that Govt sef is still owing. People that r importing PMS on credit.
People that r planning to increase fuel price.

Please tell me no one believes this story, if not u r good as a walking corpse.

If going by APC media publications, we have really recovered so much from the former looters.

Hence, we have enough money to implement the padded 4 Trillion 2016 Budget.


Buhary! no more excuse, deploy the recovered loots abi you people are planning to re-loot the loots ni?

a2personal2013:
Here they go again . We are tied of these stories joor. Tomorrow they will insist we are broke.

If we calculate all money recovered by the EFCC on paper since the inception of this administration, I am pretty sure we will get a figure close to the National budget.

Election is far gone. Please leave propaganda for 2019. Get busy because things are getting worse and your ineptitude may soon consume this priceless democracy.

It doesn't work like that you people need to learn somethings about government seriously

Good news




How will that improve our petrol and economy?

This APC govt nor dey tire for lies make God help us from the hands of this useless govt..

media trial to always distract zombies

Another lie

Ok good

Chesus. Thesame people shouting no money to import fuel. God help Nigerians! !!

you see.. Only God can save us in this country

The rate of corruption in ppmc is alarming. Independent marketers have to pay through the nose to get product. No kick back no product for u. Imagine some depot managers making millions in a day from marketers. We are our problems in this country.

Buhari is not our problem


We are the cause

The masses

where is the money


all these recovery stories but they tell you that they are going to borrow from china

Where is the money abeg? Idiots

Where is the money? Non-sense!