Jonathan under fire for appointing Aig-Imoukhuede to subsidy verification panel in the report of a Technical Committee set up to review fuel subsidy payments. Oil Subsidy Cabal’s Plot to Rubbish Aig-Imoukhuede’s Report Uncovered!! *** Jonathan Directs EFCC to Arrest Subsidy Thieves. Aig-Imoukhuede committee submits preliminary report on fuel subsidy Jonathan on the verification of the fuel subsidy claims and payments.
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Posted October 19, 1. I will like to summarise them as follows: Disclaimer Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof. Umoukhuede revision of the eligibility criteria for oil marketing and trading companies in the PSF guidelines by PPPRA amended the requirement for the proof of ownership of storage facilities with a minimum storage capacity of 5,MT for the particular product to include a valid throughput agreement of storage facility with a minimum storage capacity of 5,MT for the particular product.
While the Committee conducted detailed reviews of several aspects of the subsidy payment process, it is noted that the process for NNPC is significantly more it- than the process for the private sector and would require a thorough forensic audit covering but not limited to the following:. This opened up opportunities for participation by companies with no investment in infrastructure relevant to the role on oil marketing and trading companies in the PSF scheme.
The Aig-Imoukhuede-led committee report on subsidy (4)
This subwidy be a deterrent against the presentation of false subsidy claims by oil marketing and trading companies and provide recourse to the banks if subsidy was on the basis of false claims. He described the appointment by Mr.
Jonathan had shown his unwillingness to prosecute indicted officials and companies in the fuel subsidy scam. Details of the Committee findings: Posted June 26, 0. Addressing State House correspondents in Aso Villa yesterday after the committee tendered their report to the President, the Chairman said the companies involved were 21 and refused to reveal their identities.
In order to correct this situation, the Government has to implement at least one of the following options:. In this article featured Other News. Lagos lawyer, Jiti Ogunye, believes that the presence of Mr. These opportunities were clearly exploited by both the shbsidy and the regulators of the process to the detriment of the country.
Imoukhuede, Ice Energy Petroleum Trading Limited, was indicted by the House of Representatives committee which probed the fuel subsidy payments. Contact Us Privacy-Policy Terms. Prior to Novemberdomestic crude was sold to NNPC at a discount in terms of price as well as exchange rate. Abuse of the due diligence process for applicants to the PSF scheme, lack of transparency in the process for import allocations, payment of subsidies to oil marketing and trading companies in spite of lapses in presented documentation and the inability of PPPRA to use effective vessel tracking tools to verify the status and location of the vessels supposedly used to import petroleum products and to compare such information with the details on presented bills of lading contributed to the creation of opportunities for abuse of the subsidy payment process.
Nigeria to revamp mines, steel sector Next. He disclosed that the committee also recommended total deregulation to the Presidency as the way out of the subsidy fraud.
The Aig-Imoukhuede-led committee report on subsidy (4) – Vanguard News Nigeria
Imoukhuede and subsequently, the new man committee. At that time, the subsidy was paid based on the difference between the price at which NNPC sold to imoujhuede marketing companies and the cost of crude oil refining. The Committee recommends that the eligibility criteria for oil marketing and trading companies in the PSF guidelines should be revised by PPPRA to include the following: Aig Imoukhuede Subsidy Committee head subsidy fraud.
The inability of PPPRA to use a transparent basis of determining the conversion factor created opportunities for manipulation of the volume of imported products for which subsidy was paid.
The Aig-Imoukhuede led committee charged with verification and reconciliation of fuel subsidy claims and payments has indicted 21 firms of imoukhuedee subsidy fraud to the tune of N billion and recommended their prosecution to the Presidency. The inability of PPPRA to use a transparent basis for the conversion factor from metric tonnes to litres used in the PPPRA template created opportunities for abuse in the determination of the volume of imported products for which subsidy should be imoukhueed.
The creation of the Petroleum Support Fund PSF in was therefore an effort reprot addressing the challenges in the subsidy scheme. Posted May 16, 0.
This led to a situation where the Federal Government agreed with NNPC to deduct its approved subsidy claims from its crude cost obligations. Of this amount, N21bn was cleared and that leaves Nbn as the sum in contention for which the committee recommended replrt the process of recovery should be made. June 23, NNPC refined the crude oil and sold the derived petroleum products repprt controlled and highly subsidised prices approved by the Government.
Subsidy Fraud: Aig-Imoukhuede led Committee Indicts 21 Firms on N382 billion
Strategic petroleum products were then sold at highly subsidised prices. Civil society groups have condemned President Goodluck Jonathan for appointing Aigboje Aig-Imoukhuede, the Group Managing director of Access Bank, as chairman of the man committee to verify and reconcile all claims made in the report of a Technical Committee set up to review fuel subsidy payments.
From October on the directive of Government, NNPC was allottedbarrels of crude daily for domestic consumption at the prevailing international market price. He said it called to question the credibility of people around the President. Notify me of new posts by email. The Committee recommends that imoukhyede determination of the conversion factor of PPPRA be made transparent to eliminate manipulation of the volume of import products for which subsidy should be paid.