EFCC re-opens 2011 fuel subsidy scandal

Forum 7 years ago

EFCC re-opens 2011 fuel subsidy scandal

The Economic and Financial Crimes Commission, EFCC, has reopened investigations into alleged N10.9 billion 2011 subsidy scam.
The commission, it was gathered, has already investigated some key officials of the IPMAN Investment Company Limited, a company incorporated by some independent marketers to participate in the importation of refined products into the country in 2011.

The Vice Chairman of IPMAN Investment Company Ltd, who is also the president of IPMAN, Elder Chinedu Okoronkwo, confirmed that he received a letter from the Police Special Fraud Unit, Department of Criminal Investigations, requesting him to release some of his members including the former president, Alhaji Aminu Abdulkadir, and Obasi Lawson for scrutiny.


He also confirmed that the EFCC on August 9 and 11 invited other members of IPMAN Investment and Co, who included Mr Mike Osatuyi, Alhaji Baba Kano Jada, Alhaji Habu Jajere and Alhaji Mustapha Y. Bawa, for questioning.

He told Daily Trust that: “We at the IPMAN secretariat are happy that the authorities are re-opening this case, because as a vice chairman of this company, we are kept in the dark.

“We don’t know when and how the IPMAN Investment Company Ltd imported any product, but all we saw was the release of N10.9 billion as subsidy reimbursement, that is why we started asking questions.

“Let’s keep IPMAN politics aside, this is national issue, let them provide the information and details of how much product was imported, who lifted it, which bank account the marketers paid the money to lift such product, and which bank opened the LC for them to import such product for which they deserved N10.9 billion reimbursement.


“These are the questions we asked Aminu and co but they rather tried to shift attention to another issue,” Okoronkwo said.

Similarly, the Executive Director Marketing, IPMAN Investment Co Ltd, Mr Mike Osatuyi, confirmed the invitation by the EFCC but said it was a normal investigation.

He said the matter was already closed as government agencies including the EFCC, National Assembly and the Aig-Imoukhuede Committee set up by the federal government have concluded their investigations without any indictment on any of the executive members.