EFCC Recovers N328.9bn From 9 Oil Marketers

EFCC

The Economic and Financial Crimes Commission says it has recovered a total of N328.9bn from nine major oil marketers in one year.

Spokesman of the commission, Mr Wilson Uwujaren, disclosed this in a statement on Wednesday in Abuja.

He stated that the recovery was made by the Kano office of the commission between July 2016 and July 2017.

According to him, the recovery followed a petition against the management of the Nigeria National Petroleum Corporation (NNPC) and its subsidiary, Pipelines and Product Marketing Company (PPMC).


He said the petition alleged that N40 billion had been diverted by the major oil marketers in connivance with the leadership of the NNPC and PPMC.

“So far, a sum of N328,988,296,990.62 (three hundred and twenty-eight billion, nine hundred eighty-eight million, two hundred and ninety-six thousand, nine hundred and ninety naira, sixty-two kobo) has been recovered from the major oil marketers.

“The outstanding debt now stands at N20,765,919,869.48 (twenty billion, seven hundred and sixty-five million, nine hundred and nineteen thousand, eight hundred sixty-nine naira, forty-eight kobo),” the statement read.

The commission alleged that further investigation also revealed that the oil marketers had continued to obtain petroleum products from the government without proper payment, in violation of the NNPC/PPMC credit facility regulations.

The affected companies include NNPC retails, Conoil Plc, Total Plc, OVH Energy Plc, Oando Plc, Forte Oil and Gas Plc, Mobil Plc, MRS Oil Plc, and NIPCO Oil Plc.

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