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FUEL SUBSIDY SCAM: SENATE RELEASES NAMES OF CABAL AND HOW THEY STOLE NIGERIA FUTURE

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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.
This was revealed today in Abuja by the Nigerian Senate joint Committee on Petroleum (Downstream), Appropriation and Finance.
Senator Magnus Ibe, the chairman of the committee, also disclosed that some 100 companies in the downstream sector and in construction, shared over N1.426 trillion between January and August 2011 alone.
Oando Oil is owned by Wale Tinubu’s Oando; Mike Adenuga owns CONOIL, Femi Otedola owns AP, while MRS Oil is run by Aliko Dangote’s brother, Sayyu Dantata. Other key players named today include Pinaccle Construction Ltd, as well as Integrated Oil and Gas, which is owned by a former Minister of the Interior, Capt. Emmanuel Iheanacho.

The full list, and their individual haul, as read out by Senator Abe, is as follows:

1. Oando Nigerian Plc. – N228.506 billion

2. MRS –N224.818 billion

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. 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!
Nigeria, which way forward then???

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1 thought on “FUEL SUBSIDY SCAM: SENATE RELEASES NAMES OF CABAL AND HOW THEY STOLE NIGERIA FUTURE”

  1. We need proper education, there are a lot of these companies that are even paying some government official to prevent subsidy removal. Now I know better why we need subsidy removal only that it was not well planned and it will be extremely difficult to accept for Nigerians.

    This subsidy stuff should be gradual and in stages, I used to fill me car with N4700 bt now I will need someone's salary of about N12,000 to fill up.

    All I can say, it is well

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