Nigeria exposes 25 oil companies and their loots

The Nigerian government under blackmail and pressure by oil importers and unions went for broke Wednesday, releasing an elongated list of local oil companies indicted by the Aigboje Aig- Imokhuede committee over fraudulent receipt of subsidy payments.

In a press release, Dr. Ngozi-Okonjo Iweala, Finance Minister and Coordinating Minister of the Economy, stated that the 25 marketers were indicted by the Imokhuede Committee, four more than the list of 21 rogue companies released earlier. .

“The Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments has confirmed the number,” the notice said. Some of the companies as shown in the chart below were indicted for multiple infractions by the commitee.

“As the information shows, some of the companies claimed payments for consignments brought in by ships, which investigations revealed were either non-existent, or were somewhere else in the world!” the government said.

The full list is as follows:
Please find below extract of the report detailing the cases against the Twenty-Five (25) OM&Ts.

1.ALMINNUR RESOURCES LIMITED
Subsidy payments for which mother vessels were no Longer operational at the time of transshipment and no shipping documents N504,329,535.27
Subsidy payments for which mother vessels were no Longer operational at the time of transshipment and no shipping documents N546,700,899.36
Total N1,051,030,434.63
2.BRILLA ENERGY LIMITED
Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment N963,796,199.85

3.CAADES OIL AND GAS LTD
No evidence of Sales proceeds in banks N487,799,826.80

4.CAPITAL OIL & GAS INDUSTRY LTD
Subsidy payments without proof of existence of the mother vessel bill of lading or daughter vessel bill of lading N984,440,711.38
Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment N1,480,444,043.58
Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment N1,832,280,164.36
Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment N2,110,438,332.44
Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment N2,490,576,987.15
Total: N8,898,180,238.91
5. CAPITAL OIL PLC
Subsidy payments for which mother vessels were not found in the locations claimed at the time of transhipment N608,077,964.00
Subsidy payments for which mother vessels were not found in the locations claimed at the time of transhipment N608,220,553.20
Total:N1,216,298,517.20
6. CEOTI LIMITED
Specially mentioned transactions with various infractions. Transactions were discovered to be bills for collection
transactions,but as at the time of the review it was discovered that the shipping documents evidencing arrival
of the products had not been submitted to the respective banks for payment:. 11/07/12 : OM/T to provide letter
from their bankers confirming that they financed the transaction. N 1,773,421,842.01

7.CONOIL PLC
Subsidy payments without proof of existence of the mother vessel bill of lading or daughter vessel bill of lading N1,065,934,768.66
Subsidy payments without proof of existence of the mother vessel bill of lading or daughter vessel bill of lading N1,882,143,309.24
Total: 2,948,078,077.90
8.DOWNSTREAM ENERGY SOURCE LTD
Subsidy payments for which mother vessels could not be traced N789,648,329.25
Subsidy payments without the signature of external auditors and independent inspectors on shore tank certificates N984,440,711.38
Total:N1,774,089,040.63
9.ETERNA Oil PLC
Subsidy payments for which there were no shipping documents or evidence of payment for the products in foreign exchange. (Form ‘m’ 945404) N578,295,672.84
No evidence of sales proceeds in the bank. N626,465,370.06
Subsidy payments without proof of existence of mother vessel bill of Lading or Daughter bill of Lading. (Form ‘m’ 926342) N917,895,596.40
Total:2,122,859,123.70
10.EURAFRIC OIL & GAS LTD

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment N955,688,127.82
Subsidy payments for which mother vessels were no longer operational at the time of transhipment N1,306,170,995.88
Total:2,261,859,123.70
11. HEYDEN PETROLEUM
Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment N594,714,089.31

12. LUMEN SKIES LTD
Transactions disclaimed by banks N267,521,051.32
Transactions disclaimed by banks N507,266,701.54
Total: 774,787,752.86
13.MAJOPE INVESTMENT LTD
Subsidy payments without the signature of external auditors and independent inspectors on shore tank certificates N959,813,734.22

14.MASTER ENERGY OIL & GAS LTD
Subsidy payments for which mother vessels could not be traced N1,454,308,353.50
Subsidy payments for which mother vessels could not be traced N1,454,687,937.79
Total:N2,908,996,291.29
15.MATRIX ENERGY LIMITED
Subsidy payments for which mother vessels could not be traced N560,744,384.56
Subsidy payments for which mother vessels could not be traced N1,274,372,887.98
Specially mentioned transactions with various infractions. Transactions were Bills for collection
and as at the time of review no shipping document evidencing payment was available. MAT/2031/MAS/PMS/28/09/11 N1,301,904,784.71
Subsidy payments for which mother vessels were not found in locations claimed at the time of
transhipment. MAT/1679/MAS/PMS/27/04/11 1,501,684,359.70
Subsidy payments for which mother vessels could not be traced. MAT/2031/MAS/PMS/28/09/11 1,595,095,720.20
Total:6,233,802,137.15
16.MENOL OIL & GAS LIMITED
Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment N1,691,595,830.87

17.MOB INTERNATIONAL SERVICES
No evidence of Sales proceeds in banks N1,019,068,114.10
No evidence of Sales proceeds in banks 1,118,260,800.00
Total:2,137,328,914.10

18.MRS OIL & GAS PLC
Subsidy payments for which there were no shipping documents or evidence of payment for the products in foreign exchange N6,086,531,305.33

19.NASAMAN OIL SERVICES LTD
Subsidy payments for which mother vessels were no longer operational at the time of transhipment N598,723,358.04
Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment 749,991,273.36
Subsidy payments without the signature of external auditors and independent inspectors on shore tank certificates 881,350,767.57
No evidence of Sales proceeds in banks N1,631,342,040.93
Total: 3,861,407,437.90
20.NATICEL PETROLEUM LIMITED
Specially mentioned transactions with various infractions. No shipping document in bank and no evidence of payment for product N1,514,333,360.64
No evidence of Sales proceeds in banks 1,567,037,317.70
Total:3,081,370,678.34
21.OCEAN ENERGY TRADING & SERVICES LTD
Subsidy payments for which mother vessels could not be traced N1,778,180,051.20

22.PINNACLE CONTRACTORS LTD
Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment N1,227,601,783.20
Subsidy payments for which mother vessels were no longer operational at the time of transhipment N1,528,044,960.84
Total:2,755,646,744.04

23.SIFAX OIL AND GAS COMPANY
Subsidy payments for which mother vessels were no longer operational at the time of transhipment N 1,033,119,489.60

24.TONIQUE OIL SERVICES LTD
No evidence of Sales proceeds in banks N1,575,014,046.51

25.TOP OIL AND GAS DEVELOPMENT COMPANY LIMITED.
Subsidy payments for which mother vessels were no Longer operational at the time of transshipment and no shipping documents N1,092,496,724.55
Subsidy payments for which mother vessel could not be traced and no shipping documents were sighted 1,268,236,760.88
Total:2,360,733,485.43