Subsidy Scam: Oil Marketers Begin Refund of Unmerited Funds to FG

NEC Chairman, VP Namadi Sambo

The National Economic Council (NEC) revealed yesterday that some of the oil marketers indicted by the Federal Government on the subsidy scam have begun to refund the unmerited funds to the National Treasury.

The FG had indicted several marketers of having received funds totaling close to N400 billion in subsidy funds without the downstream transactions to merit the payments.

The NEC is chaired by Vice-President Namadi Sambo and comprises of the State governors, Finance Minister, CBN Governor and other strategic members of the government.

Briefing State House Correspondents after yesterday’s meeting, the Anambra State governor, Peter Obi said some of the marketers had begun refunding funds.

His words: “From the report we got today some have started refunding. It is a serious case that people were paid for vessels that were not anywhere near the Nigerian waters. And I think when the Federal Government do a thing that is courageous and right, they should be encouraged and can at least give them the courage to do more.

“So, we support the Federal Government in the effort to clean up the entire value chain and process of petroleum industry; they have our full support.”

“We support the Federal Government in their effort to clean up the entire value chain and process of petroleum industry, they have our full support. Council went further to commend the Federal Government on its present stand in the prosecution of those who were wrongly paid subsidy money and the need for them to refund it fully and also support the Federal Government in its determination to privatise  power,” Obi said.

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One Comment

1. 

   kalu orji kalu

   August 24, 2012 at 1:20 pm

   This is a welcome development and the first of its kind in Nigeria.Let all Nigerian support the Federal Government in the fight against corruption and bribery in the economic sector (oil sector)finally, let the funds recovered be used for capital project that will create opportunities for Nigerian.