AIG IMOUKHUEDE SUBSIDY REPORT PDF

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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In order to correct this situation, the Government has to implement at least one of the following options: Posted June 26, 0. He said the committee had built an airtight case that would be difficult to challenge in court, and he said the President displayed unique wisdom in staffing the committee with technocrats who have vast experience.

Aig-Imoukhuede Committee unravels how petroleum subsidy was shared July 2, They were interviewed by various panels imouukhuede by the committee and the outcomes of these interviews are also captured in the report.

Aig-Imoukhuede committee submits preliminary report on fuel subsidy – The Eagle Online

These changes in conjunction with the lack of adequate provisions for dealing with violations including criminal activities and of a deterrent to prevent oil marketing and trading companies from making false subsidy claims in the PSF guidelines and the inclusion by PPPRA of oil marketing and trading companies that did not meet the eligibility criteria even after the above changes in the PSF guidelines created significant opportunities for abuse of the subsidy process.

This led to a situation where the Federal Government agreed with NNPC to deduct its approved subsidy claims from its crude cost obligations. February 21, In addition, oil marketing and trading companies must comply with the guidelines going forward.

Posted August 1, 0. I will like to summarise them as follows: Next Post Court stops FG from acting on subsidy probe report. This shall 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. NNPC was therefore deducting the approved subsidy amounts for any given month before transferring the net amount to the Federation Account.

Subsidy on petroleum products has been an issue since the s when demand for petroleum products was met solely from local production. Lagos lawyer, Jiti Ogunye, believes that the presence of Mr.

Following the insistence by many Nigerians that the House report be implemented, the Federal Government set up the Technical committee headed by Mr. Jonathan had shown his unwillingness to repor indicted officials and companies in the fuel subsidy scam.

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Previous Post Dana Air: Will not be published. Of this amount, N21bn was cleared and that leaves Nbn as the sum in contention for which the committee recommended that the process of recovery should be made. So, the actual amount that was suvsidy verified is Nbn.

The creation of the Petroleum Support Fund PSF in was therefore an effort at addressing the challenges in the subsidy scheme.

At that time, the subsidy was paid based on the difference between the price at which NNPC sold to the marketing companies and the cost of crude oil refining. The Committee recommends that all the affected oil marketing and trading companies found to have violated various aspects of the PSF guidelines as highlighted in this report should refund the subsidy payments for a total sum of N,, Obviously, the first is the recovery of the said amount.

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 paid.

Contact Us Privacy-Policy Terms. By Afolabi Ogunde on July 25, Prior to Novemberdomestic crude was sold to NNPC at a discount in terms of price as well as exchange rate. Ice Energy had failed to either appear or submit documents to the House committee. The Imoukhuedw led committee charged with verification and reconciliation of fuel subsidy claims and payments has indicted 21 firms of committing subsidy fraud to the tune of N billion and recommended their prosecution to the Presidency.

In this article featured Other News.

Subsidy Fraud: Aig-Imoukhuede led Committee Indicts 21 Firms on N382 billion

The PSF scheme was under-funded and therefore the NNPC used a combination of proceeds from its subsidised collections from products sales at the depots and the subsidy claims approved by PPPRA to settle the gross amount for the cost of crude oil it purchased. Strategic petroleum products were then sold at highly subsidised prices. This was never sustainable and has led zig a convoluted accounting process for cost recovery, with significant arrears of payment due to NNPC.

The Committee recommends that the ssubsidy criteria for oil marketing and trading companies in the PSF guidelines should be revised by PPPRA to include the following: Posted October 19, 1.

The Aig-Imoukhuede-led committee report on subsidy (4)

He disclosed that the committee also recommended total deregulation to the Presidency as the way out of the subsidy fraud. Posted October 19, 0. NNPC refined the crude oil and sold the derived petroleum products at controlled and highly subsidised prices approved by the Government.

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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 lawyer stated that by choosing the bank boss to chair the committee, Mr. There was no evidence that PPPRA excluded any oil marketing and trading company from the PSF Scheme for two successive quarters or more as stated in the terms of the import permits from PPPRA in spite of the fact that there were various instances where oil marketing and trading companies did not import the allocated volume of petroleum products.

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:.

The Aig-Imoukhuede-led committee report on subsidy (4) – Vanguard News Nigeria

There was no documentary evidence that this process was duly authorised by law, by the PSF guidelines or by any duly designated Government agency and there is therefore no legitimate backing for the current practice.

He said it called to question the credibility of people around the President. August 1, 0. 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.

The Committee was unable to examine all the above to the extent required and therefore recommends that the Federal Government appoints consultants to reporh out the forensic audit of the NNPC subsidy claim process.

The role of NNPC as a supplier and distributor of petroleum products could be summarised as follows:. 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 sybsidy subsidy payments.

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