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Sahara Energy, Oando, NNPC MDs in trouble over $1bn Petrol diversion scam

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The House of Representatives committee on review of petrol pricing has summoned the Managing Directors of Oando Oil, Mr. Adewale Tinubu, Sahara Energy, Mr. Tonye Cole and the Group General Manager in charge of Crude Oil lifting in the Nigeria National Petroleum Corporation (NNPC) to explain their roles in an alleged $1 billion petrol products diversion scam.

The committee also summoned the Managing Directors of SGS Inspection Services and some shipping companies in respect of products diversion in the process between importation and storage of petrol products.

The summoned officials are to appear before the committee on March 15, 2017.

Chairman of the adhoc committee, Mr. Ralph Nnanna Igbokwe, gave the directive at the continuation of hearing on Monday at the National Assembly.

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Mr. Igbokwe was particularly insistent on the personal appearance of the MDs and noted with displeasure that Oando has refused to honour at least three invitations to the committee hearing.

He reiterated that the essence of his committee’s investigation is to unravel the diversion of national resources into personal pockets by importers and traders of petroleum products.

According to him, “if products are taken away to unauthorized locations, it is our collective resources involved that would have been wasted and so as a Parliament, what we are doing here is protecting the interest of country.”

The hearing witnessed occasional presentation of contradictory facts and figures by officials of shipping companies, inspection agencies and the Department of Petroleum Resources (DPR) regarding quantities of crude oil lifted for export and refined products imported and eventually discharged at storage facilities.

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At some point, the representative of SGS inspection Services, Mr. Isaac Uzor admitted mix-ups in his submissions which he blamed on the administrative department of his organization.

Recall that the House of Representatives had in November last year passed a resolution to probe the N145/litre price of petrol with a view to arriving at an appropriate pricing which could be around N70/litre.

Culled from  TheIcon

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Femi Otedola: What Manner Of Philanthropist?

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philanthropist

 

A true philanthropist gives without expecting anything in return.

There are however many who give with the main objective of scoring cheap points and playing to the gallery.

Many consider Femi Otedola a philanthropist, but what manner of philanthropist is the man?

Known to have leant a helping hand to some people in the past, his gestures have however been said to have hidden intentions.

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There have been speculations that the man’s philanthropy is targeted at creating a soft landing for him when he eventually unveils his big picture.

Known to have picked the medical bills of individuals such as former Super Eagles captain and coach, Christian Chukwu; ace broadcaster, Sadiq Daba; and more recently legendary musician, Majek Fashek; the fact that his philanthropy is only focused on known individuals has raised eyebrows.

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That the chairman of Geregu Power Plc appears not to be interested in lending a helping hand to unknown individuals has raised questions about him.

 

 

 

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Chukwuma Soludo Bounces Back

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Soludo

 

Chukwuma Soludo’s experience confirms the fact that it doesn’t matter the number of time a man falls, as long as he can get up.

An economics professor, Soludo was once the Governor and Chairman of the board of directors of the Central Bank of Nigeria (CBN).

He, however, fell into obscurity when his tenure as Governor of CBN ended, as even the economic advice he gave while he was out of office were contested.

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Soludo however recently bounced back when he was appointed a member of the newly inaugurated Economic Advisory Council (EAC), a group which will be responsible for advising President Muhammadu Buhari on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues.

Though Soludo is just a member of the council, he returns to the thick of things after a while in hibernation.

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Keystone Bank rewards its Verve card holders with free petrol

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Fastest growing financial services provider, Keystone Bank Limited in partnership with Verve International, has launched a promotion to reward its customers for using its Verve Card to purchase petrol at select Oando Petrol stations across Nigeria.

 

According to a statement by the lender on Friday, the promo tagged “Free Fuel Alert” which is open to both new and existing customers of the bank will have Keystone Bank Verve Card holders receive free extra 5 litres of petrol each time they use their verve cards to purchase a minimum of N3,000.00 and above worth of petrol between 6am – 8pm every Friday from September 20 till November 8, 2019.

 

The selected Oando Petrol Stations where the promo will run are Lagos (Maryland, Marina, Awolowo Falomo, Awolowo Fire Station, Lawanson, Alapere, Ajah, Agege Bye-Pass, Trade Fair, Fola Agoro, Ojodu Berger, Sangotedo, Ago Palace Way and Shiro Road Fadeyi) Abuja (Garki, Ahmadu Bello Way and Zone 6 Wuse) Enugu (Ogui Road), Imo (Assumpta Avenue) Kaduna (Junction Road by Stadium), Kano (Club Road 1), Oyo (Orita Mef and Iwo Road, Southbound) Portharcourt (Aba Road and 75 Transamadi) Delta (Effurun Junction) Edo, Benin – City (Akpakpava Road).

 

While Keystone Bank Limited is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers, Verve Card International is a secure debit card which allows the card-holder to conveniently meet day to day financial needs like the payment for goods and services, airtime recharge, bill payments, funds transfer amongst others.

 

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