EFCC recovers N328.9 billion from Conoil, Oando, 7 others

The Economic and Financial Crimes Commission, EFCC, on Wednesday disclosed that it has recovered a total of N328.9 billion from nine major oil marketers within one year.

The disclosure was made by the Spokesman of the commission, Wilson Uwujaren, in a statement in Abuja.

In the statement, he identified the marketers as Conoil Plc, Total Plc, OVH Energy Plc, Oando Plc, Forte Oil and Gas Plc, Mobil Plc, MRS Oil Plc, and NIPCO Oil Plc.

According to him, the recovery was made by the Kano office of the commission between July 2016 and July 2017.

Uwajaren said the development followed a petition against the management of the Nigeria National Petroleum Corporation, NNPC, and its subsidiary, Pipelines and Product Marketing Company, PPMC.

He said the petition alleged that N40 billion had been stolen by the major oil marketers in connivance with the leadership of the NNPC and PPMC.

“The EFCC, in a swift reaction, referred the petition to a special task force which swung into action by conducting a discrete investigation.

“Findings by the operatives of the EFCC revealed that the oil marketers were actually indebted to the Federal Government of Nigeria to the tune of N91.5 billion between 2010 and 2016.

“Further investigation into the allegation also revealed that the oil marketers had continued to obtain petroleum products from the government without proper payment, in violation of the NNPC/PPMC credit facility regulations.

“A probe of which further led to the discovery of N258.9 billion,” he said

Uwujaren further explained that the total amount of debt stood at N349.8 billion following the latter discovery.

He said officials of NNPC/PPMC and all the managing directors of the companies concerned were invited to the Kano zonal office of the commission by preliminary investigation.

Uwujaren added that there, their statements were recorded which aided the recovery process.

He added that “So far, a sum of N328.9 billion has been recovered from the major oil marketers. The outstanding debt now stands at N20.7 billion.”

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4 Comments

  1. Can you imagine that, a petition on N40b led to the recovery of N328.9b of our stolen money, infact, these PDP government nortured thieves have finished. Thank God for President Buhari that came on board, how on earth could we have heard these atrocities, talk-less of recovering them, the main reason they are doing everything they can think of, being diabolical,inclusive,to make sure his government did not succeed,but they forget that they can be any other thing but God and that God that saw the plight of Nigerians and brought PMB to wipe our tears, is still God and will never allow his plans and designs unaccomplished!

  2. My worry is how some Nigerians still fail to understand that,if PDP had continued in power,our economy would have completely collapsed,some cannot still see a number of great turn around of the economy in terms of diversifications.

  3. The major marketers we all thought have the
    Muscle and financial backing for their operations
    Are nothing but thiefs . God loves this country that
    Allowed another government to take over from pdp
    Everywhere is corrupt I don’t know how far PMB
    can go.

  4. This operation took place in only one state, if they extend their search light to other states they will still detect more. The past PDP government was a curse to this country. God bless Nigeria.

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