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Oando Vindicated in Subsidy Probe

By on August 20, 2012

Oando CEO, Wale Tinubu

Indigenous oil and gas major, Oando Plc and her group of companies have been vindicated of any impropriety in the fuel subsidy investigation.

According to a statement from the Ministry of Finance released last Friday, 21 firms have been named for prosecution. The companies include MRS, Conoil and Eterna Oil.

However the list did not include Oando.

Speaking to journalists recently, the CEO of Oando Plc, Wale Tinubu said none of the group companies of Oando were involved in the subsidy mess.

He welcomed further investigations saying, “the investigation is a step in the right direction. Those who are found to have committed some infraction should be made to pay the penalty; this way, government can recover some of the monies that were misappropriated.”

Oando disclosed that the Federal Government was still owing N60 billion in unpaid subsidy claims.

He said, “We seek payment for products delivered. All the marketing companies were told to verify their imports for the year and Oando has recently concluded its own verifications. So we are not in any way indicted for any wrong doing.”