Oil Subsidy Beneficiaries List, A Who is Who of Power Brokers in Nigerian Government

This week, the Senate Joint Committee on Petroleum Resources (Downstream) released a list of the beneficiaries of the Oil Subsidy in the country.

Prominent Nigerians, recipients of National awards and cabinet members featured on the list. Notably the current Minister of Aviation, Princess Stella Oduah’s Sea Petroleum and Gas was listed as a beneficiary of the oil subsidy.

Former minister of Interior, under the GEJ administration, Captain Emmanuel Ihenacho’s Integrated Oil and Gas also benefitted from the oil subsidy in excess of N 30 Billion according to data released by the committee.

Other beneficiaries include Oando Plc (N 228.5 Billion), MRS (N224.818 billion), Con Oil (N37.96 billion), Enak Oil & Gas (N19.684 billion), Bovas & Co. Nig Ltd (N5.685 billion), Obat (N85 billion) and AP (N104.5 billion).

Folawiyo Oil (N113.3 billion), IPMAN Investment Limited (N10.9 billion), ACON (N24.1 billion), Atio Oil (N64.4billion), AMP (N11.4 billion), Honey Well (N12.2 billion), Emac Oil (N19.2 billion), D.Jones Oil (N14.8 billion) and Capital Oil (N22.4 billion), AZ Oil (N18.613billion).

The Senate panel also reiterated the fact that many companies benefitting from the oil subsidy schemes, were nothing less than briefcase companies that dod not meet the criteria for participants in the program. Oil subsidy participants are required to own tank farms of nothing less than 5,000 metric tones storage capacity.

The Senate has adjourned the hearing until Monday December 12.

Many observers are pleased with the disclosures by the committee, however it remains unclear what plans the lawmakers have in order to stem the tide of abuse by the beneficiaries of the program.