How Okonjo-Iweala, Madueke, Gombe Governor, NNPC, PPPRA Used Fuel Subsidy to Steal Over N1 Trillion

The recent report by the House of Representatives on fuel subsidy regime, heavily indicted petroleum minister, Dezeani Allison-Madueke, finance minister, Ngozi Okonjo-Iweala, and Gombe State Governor, Ibrahim Hassan Dankwambo, (who was Accountant General of the Federation between 2005 and 2011).

It revealed how those who championed the removal of fuel subsidy, swore the nation would collapse without it, fleeced Nigeria of over N1 trillion.

Others who allegedly supervised the fleecing of the nation’s wealth through fraudulent payments to oil marketers among other scams, are Managing Director of the Nigeria National Petroleum Corporation (NNPC), Austin Oniwon, former Executive Secretary of the Petroleum Products Pricing and Regulatory Agency (PPPRA), Oluwole Oluleye and the current scribe of the agency, Reginald Stanley.

The report exposed the monumental fraud perpetrated by officials of the finance ministry, NNPC, PPPRA, Budget office, and petroleum ministry. It exposed all the rogue deductions by NNPC, extra budget expenditary expenditures, illegal approval of price differentials (discounts ) to NNPC, fraudulent demurrage payments incurred by NNPC, and all payments PPPRA made to itself.

According to the report, the NNPC, in tandem with the petroleum ministry over deducted N286 Billion from two separate accounts, in excess of the PPPRA recommended figure for 2011. It also illegally got
N311 Billion as subsidy for kerosene contrary to presidential directive of July 29 2009 withdrawing subsidy on the product. Between 2009 and 2011, the NNPC illegally got discounts on crude oil price per barrel, to the tune of N108 Billion.

The PPPRA fraudulently paid itself over N312 Billion between 2009 and 2010.

The finance ministry in collaboration with the office of the Accountant General of the Federation, approved foreign exchange payments to marketers who did not import petroleum products.

The report also revealed that Gombe state governor, Dankwambo, as AGF, fraudulently approved the whooping sum of N998 Million, 128 times in twenty four hours, betwenn 12 and 13th January 2009 under the same scam.

The revelations exposed the hypocrisy and crookedness of Okonjo-Iweala, Madueke and Ibe who doggedly defended the reoval of fuel subsidy. The report also brought to the fore the reason why the trio came to the Faruk Lawan hearing with conflicting figures, and why Finance minister minister admitted she nor her officials never attended PPPRA meetings despite the fact she is a member.

Culled: Pointblank News

  1. Mike Ade Reply

    sincere no comment. It is sad

  2. Oscar Akom Reply

    Collect all of them the money and sent them to jail

  3. eke Reply

    all this while,we have been looking for,the so called cabals! cabals!! cabals!!! without knowing that,they are the ones who championed false fuel subsidy removal.okonjo iweala $ co. shame on you

  4. aladetan Reply

    they must al have a date with justice one day.

  5. Dfirst humphrey Reply

    So are they going to put Back a Real and Genuine fuel subsidy ?

  6. Jokam Reply

    Instead of castigating Dr. Iweala, Nigerians should be grateful to her for sanitising the industry. It was the effort of this woman that open the floodgate of investigation into the fraud in the industry.

  7. Olabode Reply

    It is bad to pass comment on the matter that is not well proved. Don’t be a judge without the proof of fact. Even if this is right what can you Do. If there is nothing like removal of fuel subsidy who care to know what is happening to our money and if they know how many of them speak out? is it not that they join them to have there share. what we need to do at this junction is not to crucified but to PRAY FOR NIGERIS. GOD BLESS NIGERIA

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