Jonathan under fire for appointing Aig-Imoukhuede to subsidy verification panel in the report of a Technical Committee set up to review fuel subsidy payments. Oil Subsidy Cabal’s Plot to Rubbish Aig-Imoukhuede’s Report Uncovered!! *** Jonathan Directs EFCC to Arrest Subsidy Thieves. Aig-Imoukhuede committee submits preliminary report on fuel subsidy Jonathan on the verification of the fuel subsidy claims and payments.

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Ice Energy had failed to either appear or submit documents to the House committee. Strategic petroleum products were then sold at highly subsidised prices. A company owned by Akg.

The Aig-Imoukhuede-led committee report on subsidy (4)

Jonathan had shown his unwillingness to prosecute indicted officials and companies in the fuel subsidy scam. The Committee recommends that the determination of the conversion factor of PPPRA be made transparent to eliminate manipulation of the volume of import products for which subsidy should be paid.

Will not be published.

Wig Aig-Imoukhuede led committee reoprt with verification and reconciliation of fuel subsidy claims and payments has indicted 21 firms of committing subsidy fraud to the tune of N billion and recommended their prosecution to the Presidency.

Notify me of follow-up comments by email. There has been no consensus among the three tiers of Government Federal, State and Local to support the funding of the PSF since its creation in The Committee was susidy to examine all the above to the extent required and therefore recommends that the Federal Government appoints consultants to carry out the forensic audit of the NNPC subsidy claim process.

He disclosed that the committee also recommended total deregulation to the Presidency as the way out of the subsidy fraud. Lagos lawyer, Jiti Ogunye, believes that the presence of Mr.


Obviously, the first is the recovery of the said amount. Nigeria to revamp mines, steel sector Next.

Aig-Imoukhuede Committee unravels how petroleum subsidy was shared – SweetCrudeReports

Addressing State House correspondents in Aso Villa yesterday after the committee tendered their report to the President, the Chairman said the companies involved were 21 and refused to reveal their identities. This was never sustainable and has led to a convoluted accounting process for cost recovery, with significant arrears of payment due to NNPC. Posted May 16, 0. The Committee recommends that the eligibility criteria for oil marketing and trading companies in the PSF guidelines should be revised by PPPRA to include the following: This led to a situation where the Federal Imkukhuede agreed with NNPC to deduct its approved subsidy claims from its crude cost obligations.

The imbalance created by the arrangement led to the introduction of the subsidy scheme in existence today. This opened up opportunities for participation by companies with no investment in infrastructure relevant to the role on oil marketing and trading companies in the PSF scheme. The creation of the Petroleum Support Fund Reporr in was therefore an effort at addressing the challenges in the subsidy scheme. The Committee recommends that imoukhueee the affected oil marketing and trading companies found to have violated various aspects of the PSF guidelines as highlighted in this report should refund the subsidy payments for sunsidy total sum of N,, These changes in conjunction with the lack of adequate provisions for dealing with violations including criminal activities aog of a deterrent to prevent oil marketing and trading companies from making false subsidy claims in the PSF guidelines and the inclusion by PPPRA of oil marketing and trading companies that did not meet the aiig criteria even after the above changes in the PSF guidelines created significant opportunities for abuse of the subsidy process.


Civil society groups have condemned President Goodluck Jonathan for appointing Aigboje Aig-Imoukhuede, the Group Managing director of Access Bank, as chairman of the man committee to verify and reconcile all claims made in the report of a Technical Committee set up to review fuel subsidy payments.

August 1, 0. The lawyer stated that by choosing the bank boss to chair the committee, Mr.

Aig-Imoukhuede Committee unravels how petroleum subsidy was shared

He said the committee had built an airtight case that would be difficult to challenge in court, and he said the President displayed unique wisdom in staffing the committee with technocrats who have vast experience. Notify imkukhuede of new posts by email. Imoukhuede, Ice Energy Petroleum Trading Limited, was indicted by the House of Representatives committee which probed the fuel subsidy payments. Home Market — Finance Industries Goverment.

Website Notify me of follow-up comments by email. So, the actual amount that was being verified is Nbn.

I will like to summarise them as follows: These opportunities were clearly exploited by both the operators and the regulators of the process to the detriment of the country.