Subsidy: We Have Paid N338.24bn To Oil Marketers In 2012, Says FG

Ngozi Okonjo-Iweala The Federal Ministry of Finance said it has paid about N338.24billion as at August 22, 2012.

This was revealed in a press release on Monday, titled: “Update on Payments to Oil Marketers Whose Claims Have Been Verified”, said that a whopping sum of N259.34billion were paid the OM&TCs as subsidy arrears for 2011, while about N78.9billion have been paid for 2012 verified claims.

Below is the press release:

PRESS RELEASE

Fellow Nigerians,

Compliments.

Contrary to the impression given by some marketers and their agents, the Federal Government has continued to pay marketers whose claims have been duly verified. This is in line with its commitment to encourage honest and professional private sector operators in the subsidy regime.

As the attached information shows, in addition to other verified payments made in 2011-2012, a total of N34.6 billion was paid on Wednesday, August 22, 2012 alone.

In all, a total of N259,339,041,657.85 has been paid in 2011-2012.

However, as the Federal Ministry of Finance has emphasised over and over again, only marketers whose documents have been verified, processed and cleared will be paid.

It is also important to note that both the number of claims by marketers and the amount paid have reduced significantly due to the work of the Aig-Imoukhuede Committee and the rigorous procedures which have been adopted to check fraud.

Pls see details below:

FEDERAL MINISTRY OF FINANCE

UPDATE ON PAYMENTS TO OIL MARKETERS WHOSE CLAIMS HAVE BEEN VERIFIED

In line with the commitment of the Federal Ministry of Finance to manage fuel subsidy payments in a transparent manner that protects and enhances the interests of the Nigerian people, below are two tables which detail the current status of payments on verified claims by marketers.

[Please note that the Federal Ministry of Finance makes payments based on submitted batches by the Petroleum Products Pricing Regulatory Agency (PPPRA).]

TABLE 1:

LATEST PAYMENTS MADE BY THE FEDERAL MINISTRY OF FINANCE TO OIL MARKETERS IN 2012 AGAINST 2012 CLAIMS

NO. OF COMPANIES: 24
NO. OF CLAIMS: 43

S/NO. NAME OF OIL MARKETER
1. ASCON OIL COMPANY LIMITED (3 Claims)

2. BODEJ INVESTMENT LIMITED (1 Claim)

3. BOVAS AND COMPANY LIMITED (2 Claims)

4. CHANNEL OIL AND PETROLEUM LIMITED (1 Claim)

5. DEE JONES PETROLEUM AND GAS LIMITED (1 Claim)

6. DOZZY OIL AND GAS LIMITED (1 Claim)

7. FIRST DEEP WATER DISCOVERY LTD (1 Claim)

8. FOLAWIYO ENERGY LIMITED (1 Claim)

9. HEYDEN PETROLEUM LIMITED (1 Claim)

10. HONEYWELL OIL & GAS LIMITED (1 Claim)

11. INTEGRATED OIL & GAS (1 Claim)

12. MASTERS ENERGY OIL AND GAS LTD (1 Claim)

13. MOBIL OIL NIGERIA NIGERIA PLC (3 Claim)

14. MRS OIL & GAS LIMITED (1 Claim)

15. NIPCO PLC (4 Claims)

16. OANDO PLC (2 Claims)

17. RAHAMANIYYA OIL & GAS (3 Claims)

18. RAIN OIL LIMITED (5 Claims)

19. SAHARA ENERGY RESOURCES LIMITED (2 Claims)

20. SHORELINK OIL AND GAS SERVICES LIMITED (2 Claims)

21. SWIFT OIL LIMITED (1 Claim)

22. TECHNO OIL LIMITED (3 Claims)

23. TOTAL NIGERIA PLC (1 Claim)

24. ZALEX ENERGY RESOURCES LIMITED (1 Claim)

Grand Total: N78,899,342,509.65

*Some claims were settled before substantive implementation of the Aig-Imoukuede Committee’s Report which led to the suspension of payments of all 2012 claims to oil marketers under investigation for serious infractions.

Please note that of the total amount of N78.9 billion paid so far under this category, N34.6 billion was paid on Wednesday, August 22, 2012 following a thorough process of claims verification. This is in line with the commitment of the Federal Ministry of Finance to continue the payment of marketers whose papers have been processed and cleared.

TABLE 2:

PAYMENTS MADE BY THE FEDERAL MINISTRY OF FINANCE TO OIL MARKETERS IN 2012 AGAINST 2011 ARREARS.

S/NO NAME OF OIL MARKETER
1 ACORN PLC
2 AITEO ENERGY RESOURCES
3 AMG PETRO-ENERGY LIMITED
4 ANOSYKE GROUP OF COMPANIES
5 ASCON OIL COMPANY LIMITED
6 AX ENERGY LIMITED
7 A-Z PETROLEUM
8 BAYWOOD CONTINENTAL LIMITED
9 BRITANIA .U. NIGERIA LIMITED
10 CAADES OIL & GAS LIMITED
11 CAH RESOURCES ASSOCIATED LIMITED
12 CAPITAL OIL & GAS INDUSTRY LTD
13 CARNIVAL ENERGY OIL & GAS LTD
14 CEOTI LIMITED
15 CHANNEL OIL & GAS SVS
16 CONOIL PLC
17 CRUST ENERGY LIMITED
18 DEE JONES PETROLEUM & GAS LIMITED
19 DOWNSTREAM ENERGY SOURCE LTD
20 DUPORT MARINE LIMITED
21 ECO-REGEN LIMITED
22 ETERNA OIL & GAS PLC
23 EURAFIC OIL & COASTAL SERVICE LIMITED
24 FARGO PETROLEUM & GAS LIMITED
25 FIRST DEEP WATER DISCOVERY LIMITED
26 FOLAWIYO ENERGY
27 FORTE OIL PLC
28 FRADO INTERNATIONAL LIMITED
29 FRESH SYNERGY LIMITED
30 GEACAN ENERGY LIMITED
31 HEYDEN PETROLEUM LIMITED
32 HONEYWELL OIL & GAS LIMITED
33 IBAFON OIL LIMITED
34 INTEGRATED OIL & GAS
35 KNIGHT BRIDGE OIL
36 LLYODS ENERGY LIMITED
37 LOTTOJ OIL & GAS LIMITED
38 MASTERS ENERGY OIL & GAS LIMITED
39 MATRIX ENERGY LIMITED
40 MOB INTEGRATED SERVICES
41 MOBIL OIL NIGERIA NIGERIA PLC
42 MOMATS OIL & GAS LIMITED
43 MRS OIL & GAS CO. LIMITED
44 MRS OIL NIGERIA PLC
45 MRS OIL NIGERIA PLC
46 NADABO ENERGY LIMITED
47 NASAMAN OIL SERVICES LIMITED
48 NATICEL PETROLEUM LIMTIED
49 NIPCO PLC
50 NORTHWEST PETROLEUM & GAS CO LTD
51 OAKFIELD SYNERGY NETWORK LTD
52 OANDO NIGERIA PLC
53 OBAT OIL & PETROLEUM LIMITED
54 OIL BATH NIGERIA LIMITED
55 ORIGIN OIL & GAS LIMITED
56 PETROL TRADE ENERGY LIMITED
57 PHOENIX OIL COMPANY LIMITED
58 PINNACLE CONTRACTOR LIMITED
59 PINNACLE OIL & GAS LIMITED
60 PRUDENT ENERGY & SERV. LTD
61 RAHAMANIYYA OIL & GAS LIMITED
62 RAINOIL LIMITED
63 ROCKY ENERGY LIMITED
64 RYDEN OIL LIMITED
65 SAHARA ENERGY RESOURCES LIMITED
66 SEA PETROLEUM & GAS COMPANY LTD
67 SHORELINK OIL & GAS LIMITED
68 SIFAX OIL & GAS COMPANY LIMITED
69 SIRIUS ENERGY RESOURCES LIMITED
70 SOMERSET ENERGY SERVICES LIMITED
71 TECHNO OIL LIMITED
72 TONIQUE OIL SERVICES LIMITED
73 TOP OIL & GAS DEVELOPMENT LIMITED
74 VALCORE ENERGY LIMITED
75 VENRO ENERGY LIMITED
76 VIVENDI ENERGY NIGERIA LIMITED
77 XALON PETROLEUM LIMITED
78 ZALEX ENERGY RESOURCES LIMITED
79 ZAMSON GLOBAL RESOURCES LIMITED

TOTAL AMOUNT SETTLED: N259,339,041,657.85

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