These Are The Companies That Shared N3.655 Trillion of Subsidy Fund Between 2006 And 2011
The Senate Joint Committee on Petroleum (Downstream), Appropriation and Finance has listed Oando Oil, Conoil, African Petroleum and MRS Oil as among the main players in the petroleum sector who have shared at least N3.655 trillion between 2006 and September 2011 in subsidy payments for the importation of refined petroleum products.
The committee chairman, Senator Magnus Ibe, when making the disclosure, also said about N1.426 trillion was shared by some 100 companies in the downstream sector and in construction, between January and August 2011 alone.
Oando Oil is owned by Wale Tinubu; Mike Adenuga controls CONOIL, Femi Otedola is the majority shareholder at AP, while MRS Oil is run by Aliko Dangote’s brother, Sayyu Dantata.
Other key players named include: Pinnacle Construction Ltd, as well as Integrated Oil and Gas, which is owned by a former interior minister, Capt. Emmanuel Iheanacho.
The full list, along with the amounts they received, are as follows:
1. Oando Nigerian Plc. – N228.506 billion
2. MRS –N224.818 billion
3. Pinnacle Construction-N300 billion
4. Enak Oil & Gas –N19.684 billion
5. CONOIl – N37.960 billion
6. Bovas & Co. Nig. Ltd. – N5.685 billion,
7. Obat N85 billion and AP; N104.5 billion.
8. Folawiyo Oil – N113.3 billion
9. IPMAN Investment Limited- N10.9 billion
10. ACON – N24.1 billion
11. Atio Oil-N64.4 billion
12. AMP- N11.4 billion
13. Honeywell-N12.2 billion
14. Emac Oil- N19.2 billion
15. D.Jones Oil-N14.8 billion;
16. Capital Oil – N22.4 billion
17. AZ Oil- N18.613 billion
18. Eterna oil- N5.57 billion
19. Dozil oil- N3.375 billion
20. Forte oil-N8.582 billion.
21. Integrated Oil and Gas- N30.777 billion
With reference to 2011, the companies named by the Senate and the amount of money they have received this year alone include Otedola’s African Petroleum, N104.58 billion; A.A. Rano, N1.14 billion; A.S.B, N3.16 billion; Arcon Plc, N24.116 billion; Aminu Resources, N2.3 billion; Avante Guard, N1.14 billion; Avido, N3.64 billion; Boffas and Company, N3.67 billion; and Brilla Energy, N960.3 million.
Others also listed are: DownStream Energy, N789.648 million; Dosil Oil and Gas, N3.375 billion; Inco Ray, N1.988 billion; Eternal, N5.574 billion; Folawiyo Energy, N113.32 billion; Frado International, N2.63 billion; First Deepwater Oil, N257.396 million; Heden Petrol, N693 million; Honeywell Petrol, N12.2 billion; Integrated oil, N30.777 billion; AMP, N11.417 billion; Ascon, N5.271 billion; Channel Oil, N1.308 billion; Forte Oil, N8.582 billion; Enak Oil & Gas, N19.684 billion; IPMAN Investment Limited, N10.9 billion; Atio Oil, N64.4 billion; AMP, N11.4 billion; and Emac Oil, N19.2 billion.
Media reports suggest that in 2006, only MRS, TOTAL and OANDO were officially listed as beneficiaries of the fuel subsidy recognised by the Federal Government.
The three companies were said to have been listed as “major marketers.”
In the following year, 2007, AP and Mobil joined the three companies and were listed under the category of majors. That same year, NIPCO was introduced and listed under the category of petrol depot owners. A new category of “independents” included some marketers who had no depot facilities.
Aiteo Energy Resources and Triquest Energy were also added in 2007, bringing the total to eight beneficiaries of the fuel subsidy.
By 2008, the numbers had risen sharply, to 23, including six ‘majors.’ Conoil and NIPCO were joined by Capital Oil and Folawiyo Energy in the category of depot owners.
The list of independents also increased from two in 2007 to 14 in 2008 as Aiteo and Triquest were said to have been joined by Tonique Oil Services, IMAD Oil & Gas, Integrated Oil and Gas, Rahamaniyya, AMG Petro Energy, Britannia, Acorn, A-Z Petroleum, Shield Petroleum and Majope Investment Limited.
And in 2010, while the beneficiaries of the subsidy payment under the category of major marketers remained steady at six and the depot owners remained two, the list of independent marketers jumped up to 28, with the curious inclusion of many relatively unknown companies.
Competent sources said that the lion’s percentage of N1.426 trillion fuel subsidy for 2015 will go to Otedola’s AP, Wale Tinubu’s Oando, Total, Sayyu Dantata’s MRS and And Mike Adenuga’s Conoil.
President-elect Muhammadu Buhari has promised to clean up the regime of Nigeria’s fuel subsidy programme and commit to making the nation self-sufficient in refining and utilising petroleum products.