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Nairaland Forum / Nairaland / General / Politics / Senate Panel Exposes Fuel Subsidy Beneficiaries (4060 Views)
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Senate Panel Exposes Fuel Subsidy Beneficiaries by TRUTHTELA: 12:28am On Dec 03, 2011 |
Senate Joint Committee on Petroleum Resources (Downstream), Appropriation and Finance yesterday formally unveiled the names of beneficiaries of the fuel subsidy scheme operated by government agencies. The list comprises both major oil marketers and independent depot owners, with 77 beneficiaries. Major oil marketers include: AP; Oando; Total; MRS and ConOil, while the independent beneficiaries are Bovas, Eterna, Eurafric Oil & Coastal Services, Integrated Oil, Matrix, Northwest Petroleum Pinnacle, RAHAMANIYYA, Sea Petroleum, Maizube Pet, Triquest, Ecogree, Ontario, Dupot, IMAD oil, Nadabo, Brila, SIFAX, Taurus, Yanaty Petro Chemical, AITEO, AMG, Ascon, Dee Jones, Honeywell, Swift, Acorn, Avant Garde, Majope Inv, Spog Petrochemical, Knighsridge, Lloys Energy, Masters Energy, Dupot Marina, Lumen Skies, Nasaman, Somerset, Sirius Energy, Tonique, Ventro Energy, Channex Oil, Valzira, Zenro, Donny Oil and Gas, Naticel, AA Rand, Lingo Oil, Ocean Energy Trading, Ryden, Chiteld Pet, Avidor, Setana Energy, Shorelink Oil, Fradro Int, Linetrale Oil Supply and Trading, Sahara, Valcore, ASB Inv, Lubcon, Ceoti, First Deepwater and Agacan. Committee Chairman, Magnus Abe, read out a list of the oil subsidy beneficiaries, as at August 2001. Some of them are: Oando Nigeria Plc (N228.506 billion); Integrated Oil and Gas Plc (N30 billion); MRS (N224.818 billion), Con Oil (N37.96 billion), Enak Oil & Gas (N19.684 billion), Bovas & Co. Nig Ltd (N5.685 billion), Obat (N85 billion) and AP (N104.5 billion). Others are: Folawiyo Oil (N113.3 billion), IPMAN Investment Limited (N10.9 billion), ACON (N24.1 billion), Atio Oil (N64.4billion), AMP (N11.4 billion), Honey Well (N12.2 billion), Emac Oil (N19.2 billion), D.Jones Oil (N14.8 billion) and Capital Oil (N22.4 billion), AZ Oil (N18.613billion). Abe, however, differed from the amount of N1.346trillion earlier presented by the Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Reginald Elijah Stanley. He placed the figure at N1.426trillion. Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mr. Austin Oniwon, incurred the wrath of the Senator Magnus Abe-led committee when he could not tell them the units of crude oil refined per day in the nation’s refineries. He had earlier told the committee that all the refineries combined couldn’t operate below 60 percent capacity, while the Port Harcourt refinery has not been operational for more than a month now. “By the design of the refineries, they can’t run below 60 percent when you charge it. That’s why we say it’s 60 percent. Unfortunately, for over a month now, the Port Harcourt refinery has been shut down. But when it runs, technically, it can’t run below 60 percent,” he said. Committee member, Senator Bukola Saraki, whose motion triggered the Senate probe asked Oniwon to tell senators “the average capacity utilization of the refineries.” Oniwon replied:” I’ll get back to you on that.” This did not go down well with Saraki who pressed on with more questions. He asked again: “What amount of PMS would the refineries give us for the months of October, November and December?” Again, Oniwon replied: “ At 60 percent, we’ll produce 13 million litres.” An angry Senator Saraki repeated his question and demanded details and documents on the amount of crude refined for those months to which Oniwon replied: “I didn’t come with the figures but I can submit them later.” http://www.sunnewsonline.com/webpages/news/national/2011/dec/03/national-03-12-2011-015.html |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by Sinachay: 12:37am On Dec 03, 2011 |
So-so Yoruba people! Mu he he he he he Tomorrow they will come out and shout 'Hausa people are ruining Nigeria'! See Tim-Muum-Moo and his Oando oil empaya! |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by jensinmi(m): 1:40am On Dec 03, 2011 |
TRUTHTELA: Arghhh, See Nigeria. OTEDOLA MUST GO TO PRISON OH. Oando - N228 billion MRS - N224 billion AP - N104 billion Obat - N85 billion For those asking for what happened to subsidy money, we should ask those who own the above companies. Chei, And the useless Group Managing Director of NNPC - Oniwon. |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by TRUTHTELA: 2:09am On Dec 03, 2011 |
Do not reduce this to a TRIBAL thing. You will be so shocked that your TRIBESMEN receives the HIGHEST bribe these companies usually pay in return. It's a CARTEL that knows NO TRIBE. From NNPC, to DPR, to PRESIDENCY to NATIONAL ASSEMBLY etc. I do not see any BIG DEAL in publishing the names. It's a way to HOODWINK Nigerians & allow subsidy removal to scale through National assembly. Ask yourself, did they VIOLATE ANY LAW NO! They are doing legitimate business with your govt & will be the ones to benefit from subsidy removal. The people that looted the Nigerian treasury are waiting for subsidy removal to scale through & they will enter into joint venture with this same companies & build refineries everywhere. However, they will keep their prices so HIGH, even if crude oil price falls to $10 per barrel & their reason will be this WE USE GENERATOR TO POWER THE REFINERIES. The price will remain the same. |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by Relax101(m): 3:19am On Dec 03, 2011 |
Why must issues like this go tribal? I am sure every ethnic has a representative in the national cake. |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by Beaf: 3:28am On Dec 03, 2011 |
jensinmi: The truth of who fiddles Nigeria will come into the open with that list. You will also notice that those who scream loudest against the removal of the subsidy are reps of those companies. Does the average Nigerian who refuses to read know that during Abacha's regime, with Buhari at the head of the PTF racket; the refineries were deliberately run down and monies for their turn around maintenance routinely vanished into thin air? But wait for the cracker! At the time this lot were running down our local refineries, Abacha actually used FG funds to build a personal refinery in Sierra Leone, so he and his cronies could milk the nation dry as a fuel importers! That refinery was acquired through the vehicles, Integrated Investment Trust Limited and Nasimatume Investments Limited jointly owned by Abacha and his National Security Adviser, Ismaila Gwarzo. Needless to say, the Abacha refinery in Sierra Leone is now cobwebbed. Many of our ex-generals are in similar rackets, they destroy the refineries at home, while having shares or ownership of refineries abroad to milk the nation dry. Behind those names listed, is an ex-general or two. Now for the clanger! Guess who helped Abacha fund the that refinery and suck the blood of the common man? TINUBU! Through his Oando front, he got 24% ownership of the Abacha refinery. Is it any surprise that Tinubu pressed for a deal to trade SW votes in return for the right to choose the minister of petroleum? When he didn't get that crazy demand that would finally have wrapped his blood sucking tentacles around the country and Deziani was deftly picked instead, we suddenly started seeing all sorts of paid slander articles in the press. Deziani promised to carry out deep reforms and she is doing it quite well, thank you! Babangida also built private refineries with govt money like Abacha, to enjoy the same "subsidies" on the sweat and blood of the common man. His refineries were in Ivory Coast and Benin Republic. We have had presidents who have industrialised foreign countries, while phucking up Nigeria. |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by HighChief4(m): 3:39am On Dec 03, 2011 |
Jesus Take the wheel. Honestly, some people are just heartless, they are just quietly robbing the country dry. SMH |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by EkoIle1: 4:58am On Dec 03, 2011 |
The saddest part is, these cartels are capable of building their own refineries in Nigeria and still make money, but why do the work or go through all that when easy and free money is available. |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by BlackRevo: 5:15am On Dec 03, 2011 |
This is some serious shit, to even think that the data collated already was for the year ending in 2001. One has to wonder what would be the figure for the year 2002 to 2011? . |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by BlackRevo: 5:33am On Dec 03, 2011 |
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. Jesus Christ http://saharareporters.com/news-page/fuel-subsidy-scam-senate-releases-names-cabal |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by sheyguy: 6:44am On Dec 03, 2011 |
We shouldn't jump to make hasty conclusions yet, they have only published the names, they have not given us the names of those who have violated the law by declaring false value of crude oil imported or by redirecting locally refined crude oil through the ports as imported crude oil. However, i can bet that between Adenuga, Tinubu, and Otedola companies lies a great deal of these "oil crimes". Quote From TheNation Newspaper version of the report Stanley gave the figure of N1.348 trillion as the amount spent on fuel subsidy between January and August this year. He also gave a grand total of N3.665 trillion as the amount spent on fuel subsidy between 2006 and August 2011. But the committee wanted to know why fuel subsidy which used to be about N500 million in one year suddenly jumped to N1. 426 trillion within the space of less than one year. Abe also wanted to know what a construction company has to do with importation of fuel. He, however, did not mention the construction company listed among the beneficiaries, in spite of the preseure piled on him by reporters. Link: http://www.thenationonlineng.net/2011/index.php/news/28463-senate-names-fuel-subsidy-beneficiaries.html We need to see those who benefitted most in the last one year as they are the real deal here, because they spent over 30% of the subsidy money within the last one year. that's about 35% spent in less than 15% of the duration they paid the subsidy with detail pasted above. |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by Beaf: 8:08am On Dec 03, 2011 |
^ You are wrong. We need to know those who have benefited since IBB's and Abacha's times; that is when Nigeria started getting seriously phucked. Once we have those names's, the average person will once and for all know the true enemies of the country. For starters, see my earlier post. |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by Nobody: 8:13am On Dec 03, 2011 |
Is anybody still wondering why SW so desperately wants to hold on tightly to one Nigeria, at the expense of SS and some SE states. Refusing to either go left or go right. They just took a lopsided stand at the middle. Jonathan is not a fool. He know his people has been rode like a donkey all these years. The more reason he wants to end it all, No wonder GEJ said nigeria will crash if subsidy stays! Go ahead my president u hav my support! MEND/Boko HARAM here is a fresh list of new targets! So get to work boys, kill them all! |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by BetaThings: 6:38pm On Dec 03, 2011 |
Beaf: Jonathan hates corruption? So where is Ogbulafor? Siemens case? Harliburton Beaf: Oando was privatised by Obasanjo! well after Abacha died in 1988 Any more lies? Afterall you have said Nigerians don't read And you are doing your won slandering here, are you not? If Deziani is slandered, let her go to court and clear her name I am actually praying to God to give her the courage to go to court Beaf: But IBB is like a father to Jonathan When will Jonathan start behaving like his father figure And why can Jonathan not move against him Is he not C-in-C? |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by BetaThings: 6:47pm On Dec 03, 2011 |
Beaf: Otedola is one of the largest backers of Jonathan He was reported to SEC as having falsified AP's accounts And did not pay for AP's shares he bought in 2008 His relationship with Jonathan only got stronger after these accusations The average person does not need names He needs action The true enemy of Nigerians is the leader who refuses to jail criminals |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by Kilode1: 7:07pm On Dec 03, 2011 |
BetaThings: Like the pictures below shey? Lol Anyway, sensible Nigerians know the "owners of Nigeria" care little about ethnicity or political parties. They will find a way to profit from our corrupt system regardless of which party is in power. Ok. So where is the list of those doing oil round-tripping on the high seas? When are we going to charge them to court and jail them? [img]http://thewillnigeria.com/thumbnail.php?file=obudu_258349108.jpg&size=article_medium[/img] I still believe Otedola and Adenuga are errand boys tho. You don't just purchase oil blocks from obscurity, the real owners of Nigeria are in the shadows |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by PROUDIGBO(m): 7:20pm On Dec 03, 2011 |
Black_Revo: ^^^ On the bolded, i doubt there's enough zeros on the calculator to compute the mind boggling amount. Jesus wept!!! My blood is boiling right now. Later they will tell you Igbo man is the problem with Nigeria. What do these thieving bastards do with all these billions of $$$ for chrissake!!!? I wonder how they go to sleep at night -with all the poverty around them- feeling smug that they've made an extra couple of million and shafted the average Nigerian in the process. It's just pure greed and avarice, and the blood of anyone that has died for lack of adequate healthcare; the blood of the poor young graduate that spent years without finding a job and then went on to commit suicide b'cos he/she felt all alone and abandoned; the blood of all those who have died on our roads for lack of maintainance; the blood of all those who have died in foreign lands b'cos of lack of opportunities back home; the blood of all these poor souls is partly on the heads and conscience of these greedy thieving scum, and they'll get theirs for sure- if not in this life, then on the day of judgement b/4 God almighty. Amen. |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by musiwa43: 7:50pm On Dec 03, 2011 |
interesting. |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by musiwa43: 7:52pm On Dec 03, 2011 |
1. Oando Nigerian Plc. – N228.506 billion own by Tinubu 2. MRS –N224.818 billion own by Dantata 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 you can see most of the oil is imported into nigeria. It does not matter if Tinubu collect the largest subsidy in nigeria. they should remove it for the best of nigerian. You cant continue to have fuel subsidy forever. The solution is to increase people salary so that they can be able to pay for the oil. But you cant have subsidy remove without increasing people salary. N18,000 does not look fair on nigerian. N50,000 looks OK. You see the disadvantage of not removing subsidy is more than the advantage of having it. Even for the west. It will lower the price at the pump over here. because you have cut out a long process of production. And there is an issue of big lost of the crude during transit. nearly 30% is lost. You also have the problem of destruction of the ecosystem because crude and oil is been ship using pipeline which destroy the soil. you will have nothing to leave for your children and next generation if you have destroyed the soil. There is also the issue of water hyacinth in lagos,ogun .delta , ondo state etc, which the ecosystem have alter. and reduce or cut off fishing. So overall you are helping yourself by removing Oil subsidy. By cutting off subsidy, many by product of crude now will be made in nigeria. Here is the solution to the problem of fuel subsidy. You will give nigerian the option of multiple pricing . Nigerian can either buy made in nigeria Oil or the one imported. so there will be two price at the pump. The nigeria made petrol will be called regular. While the one you import will be call super. Nigerian will decide which one to buy. they will not be the same price. We dont have petrol at the same price. So NNPC should ask the oil market to introduce alternate oil price. the one produce in nigeria will be still N65 while the one imported will have the international price. People will now decide which one they want to buy. This is how it is done. removing oil subsidy will increase job in nigeria. reducing unemployment. now say thank you , that is your solution The most important is to increase people salary to N50,000. By increasing the salary may affect other areas, but will balance out by the end of the day. What it means. is that people budget for petrol will increase. just as their salary increase. |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by Onlytruth(m): 8:51pm On Dec 03, 2011 |
Boyloaf: Chei I see your point bro! |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by Onlytruth(m): 8:52pm On Dec 03, 2011 |
This subsidy must go! Some people don swallow naija put since! |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by edoyad(m): 9:20pm On Dec 03, 2011 |
Na wa o. The real owners of Nigeria Abi ? |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by hakanai(m): 9:30pm On Dec 03, 2011 |
So when will the North bashing start?We are waiting for our turn.Anyone! anyone!! But how Obj aka daddy PDP is not in anyway mentioned especially where it is fact alot happened to during his term?Abi GEj daddy is managing facts as they come.Lets have it all.@beaf why did you mention some of your arch rivals,yet you forgot other key men Obj and TY Danjuma!!! hope its not because na GEJ supporters.Lets pour everything out ooo!!!! naijaaaaaa wasting of resources and starving a people because of greed 101. |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by jmaine: 9:33pm On Dec 03, 2011 |
Gbagaun don happen . .fowl nyash don open . . . i dey wait for more tory |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by musiwa43: 10:15pm On Dec 03, 2011 |
collecting money as subsidy oil |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by HighChief4(m): 11:00pm On Dec 03, 2011 |
Boyloaf: +1----Your next bottle of beer is on me. These people have finished Nigeria, go and see the thievery they are committing in Shell as well. |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by sheyguy: 11:17pm On Dec 03, 2011 |
PROUD-IGBO:Mr. Ndigbo apologist dont be too quick to start a tribal war here, the igbos have their share in this list too. Plus dont forget things like "the estimated N118B loss to importation of fake energy-sajving electrical bulbs alone", we still have fake drugs, electrical appliances among others while patonising slave labour factories in Asia. [size=14pt] Don't let us start that thread within this thread pls!!![/size] |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by HighChief4(m): 11:25pm On Dec 03, 2011 |
sheyguy: Do you have any source to confirm the above assertions? Meanwhile, we are talking about Yorubas that are stealing directly from the country's coffers and impoverishin the masses. Now we know why you so much want the "One Nigeria" |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by aljharem3: 11:31pm On Dec 03, 2011 |
High_Chief: Now the yorubas are the theives it is no long northerner smh |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by HighChief4(m): 11:34pm On Dec 03, 2011 |
^^^They are your(hausa) foot soldiers and fronts. All the Northern thieves front the yorubas to steal the country dry |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by PROUDIGBO(m): 11:35pm On Dec 03, 2011 |
Boyloaf: ^^^Honestly, if God could grant me one request now it would be for the South East (including Igbo parts of Delta and Rivers States) together with Cross Rivers and Akwa Ibom, break away from this cursed nation and form a loose confederation where each constituting part gets to keep 80% of its rescources/revenue, with just 20% going to a weak centre for Defence, Int'l Affairs, etc. A confederation where fairness, merit and the fear of God are the principle values/ethos on which the nation is built and every ethnic group has an equal 'vote' irrespective of population/size. When this nation is set up and running, then we can welcome new members on equal terms. I've had it with this country Nigeria: a place where some bastards see public office at the centre solely as a means to ra*pe and plunder the commonwealth. They've been in and around the corridors of power since the late 60's and what do they have to show for being in control of the all powerful Federal Government since then?: Absolutley fuc*k-all , unless of course you're counting their ever burgeoning foreign bank accounts, and opulent palaces they've built for themselves and their families while the wretched poor all around them fester in their disease-ridden slums. You can see how they're now bitter and disgruntled that a 'bloody fisherman' apparently didn't read the script and now wants to put sand in their garri. May God punish all of them (including any Igbo collaborators involved over the years) responsible for putting us in this mess. |
Re: Senate Panel Exposes Fuel Subsidy Beneficiaries by aljharem3: 11:38pm On Dec 03, 2011 |
PROUD-IGBO: Proud Igbo, biko And with everything, you think, I mean you actually think that the same corruption problem facing Nigeria would not face YOUR new country ? Would people like Orji and co not follow into this new country ? lol, really people need to think deeper |
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