by Stanley Azuakola

Minister of Finance and co-ordinating minister for the Economy, Dr. Ngozi Okonjo-Iweala has released a list with 21 firms which were indicted by the Presidential Committee on Fuel Subsidy Payments which was headed by Mr. Aigboje Aig-Imokhuede, managing director and chief executive officer of Access Bank Plc.

On Wednesday, in a meeting with some marketers, Okonjo-Iweala had threatened to release the names if the marketers continued in their attempt to blackmail the government by inducing fuel scarcity in the nation.

In a statement issued on Friday by Paul Nwabuikwu, technical assistant to the minister, the 21 firms were listed as:

1. Alminnur Resources Limited.
2. Brilla Energy Limited
3. Caades Oil and Gas Limited
4. Capital Oil and Gas Industry Limited
5. Conoil Plc
6. Downstream Energy Source Limited
7. Eterna Plc
8. Euraafric Oil and Gas Limited
9. Lumen Skies Limited
10. Majope Investment Limited
11. Matrix Energy Limited
12. Menon Oil and Gas Limited
13. Mob International Services
14. M.R.S. Oil and Gas Limited
15. Nasaman Oil Services Limited
16. Natacel Petroleum Limited
17. Ocean Energy Trading and Services
18. Pinnacle Contractors Limited
19. Sifax Oil and Gas Company
20. Tonique Oil Services Limited
21. Top Oil and Gas Development Company Limited.

Excerpts from the minister’s statement captioned: “Important Developments in the Management of Fuel Subsidy Payments”, are reproduced below:

“The essence of this statement is to apprise Nigerians of some key developments in the management of fuel subsidy payments which are important to understanding the approach adopted by the Federal Government on this issue which understandably has attracted a lot of public attention.

“The position of the Federal Government on fuel subsidy payments is clear. We will do our best to encourage honest efforts by genuine companies engaged in fuel importation but we will not fall for the cheap blackmail of indicted marketers who are using all kinds of subterfuge to escape sanctions.

“We know that Nigerians are fully in support of this position because the money belongs to all Nigerians and it is important that the correct steps are taken to protect the public interest. We would also like to stress that marketers with legitimate and unencumbered claims have been paid and will continue to be paid.”

The statement also said that between April and May 2012, Batches D/12 and E/12 involving 14 oil marketers with a claim of N17 billion were fully settled.

“In addition, since early July 2012, N25.6 billion worth of claims have been fully settled. In all, between April and August this year, in respect of 2012 PMS claims, N42.666 billion have been paid to 31 oil marketers.

“These are incontrovertible facts which confirm government’s commitment to ensuring that issues concerning genuine marketers with legitimate claims are dealt with expeditiously,” the statement said.”

Okonjo-Iweala noted that the 21 companies were being investigated because the Aig-Imokhuede committee uncovered evidence that they may have been engaged in malpractices in the sector. The recommendation of the committee was that the 21 firms refund various amounts to the national treasury.

She also disclosed the fate of a second category of marketers who may have also been indicted but on what she described as “minor infractions.”

“There is a second group of companies with infractions which are relatively minor. These are in discussion with government for a quick resolution of their issues. Government is prepared to settle their claims under the following circumstances

“For oil marketers under investigation for possible refunds to the government, their 2012 outstanding claims will be netted out against their expected refunds to government and those with a positive net balance i.e outstanding claims greater than expected refunds will be processed and paid.

“For marketers with a negative balance with government, i.e they owe Government more in refunds than Government owes them, the Aig-Imoukhuede committee will accelerate review of their documents after the Sallah break so that their claims can be processed and settled, if cleared, without further delay.

“For others that may not be in the above categories but who have other issues or claims, their claims will also be attended to with the same dispatch.”

She warned the indicted marketers who she claimed were instigating the unions to embark on strikes and cause scarcity of fuel to desist from such practices because no amount of blackmail will dissuade government from prosecuting them.

“We want to make it clear that Government will fully investigate their activities and if found guilty, bring them to book and recover all public funds fraudulently obtained, in the guise of fuel subsidy claims. No degree of blackmail will stop the Government from doing its work. Government will, therefore, pursue justice and ensure that those who are found guilty are appropriately sanctioned.”