Adenuga, Otedola

Uncovered: Tinubu, Adenuga, Otedola’s “Criminal Conspiracy” Against Nigerian Govt.

A petitioner who wrote to the Economic and Financial Crimes Commission, EFCC, has alleged “criminal conspiracy” between some NNPC/PPMC officials and oil marketers, including billionaires Mike Adenuga’s ConOil and Femi Otedola’s Forte Oil. The affected officials and marketers are said to have colluded to deny the Nigerian government of N86.4 billion payment for crude oil lifted from the Nigerian National Petroleum Corporation, NNPC.

The petitioner, a law firm, B. I. Murtala & Co., accused  top NNPC and PPMC officials of “abuse of office, economic sabotage, illegal diversion of petroleum products, illicit enrichment and corruption as well as criminal conspiracy”.

Officials fingered for investigation in the alleged conspiracies include Supervisor and Area Manager, Kaduna Depot of PPMC, Ajabi Hussaini and Rabo Shuaibu respectively, and Manager, Programming & Operations, NNPC, Abuja, Ahmed Tukur Gwarzo.

Others include Executive Directors, Commercial as well as Shared Services, PPMC, Ezecha Justin and Mustapha Muhammad respectively, and Manager, Finance & Accounts, PPMC, Titonenye Kokade.

“There exists a conspiracy between PPMC/NNPC and suspected oil marketers who deliberately withheld huge government revenues in respect of petroleum products received on credit without due payment or remittance into the Federation Account,” the petitioner said.

The petition says the corrupt process has lasted 10 years. On the debtors list are the Nigerian National Petroleum Corporation (NNPC) subsidiary, NNPC Retail,


Members of the Major Oil Marketers Association of Nigeria (MOMAN) and the NNPC Retail (mega filling stations), which account for about 85 per cent of the debt.

The major independent marketers include NNPC Retail (N22.56 billion), Oando (N25.05 billion), Forte Oil (N10.09 billion), Nigerian Independent Petroleum Company (NIPCO) N5.5 billion, Total Oil (N1.42 billion), Conoil (N1.3 billion) and Mobil Oil (N276.95 million).

The independent marketers include Master Energy (N5.5 billion), MRS Oil & Gas (N3.997 billion), Heyden Petroleum (N2.7 billion), Danium Petroleum (N2.35 billion), A&E Petroleum (N1.89 billion), Rahamaniyya Petroleum N1.65 billion), Càpital Oil (N1.3 billion), and Amicable Petroleum (N495.35 million).

Others debtors are Aiteo Petroleum (N426.37 million), Honeywell Oil (N40.96 million), DM Kurfi (N36.11 million), Ascon Petroleum (N20.04 million), Azman Oil (N19.35 million), Felande Petroleum (N8.4 million), Sharon Oil (N3.8 million) and Zamson Petroleum (N3.06 million).

Oando PLC is owned by Wale Tinubu.

Following EFCC’s investigations, NNPC Retail paid back over N15.95 billion between July 25 and August 1, 2016, with over N6.62 billion still outstanding. The EFCC also recovered over N5.57 billion from NIPCO, leaving a balance of N1.93 billion.

Other recoveries include N1.2 billion from Master Energy, with N4.31 billion still unpaid; N2.2 billion from MRS Petroleum, which still has N1.75 billion to pay, while Rahamaniyya Oil & Gas repaid N400 million, to leave N1.25 billion unsettled.

PREMIUM TIMES which published the report said its efforts to speak to some of those concerned failed.

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