The police have commenced investigations into allegation of N832 million fraud allegedly perpetrated by some oil marketers in the country.
This followed a petition by the United Bank for Africa (UBA) Plc, alleging that a facility for N1 billion was granted to one of the oil marketers in June 2011.
The amount was to finance the importation of the 7,000 metric tonnes of Petroleum Motor Spirit (PMS) for supply to acceptable off-takers valued at N832 million.
The police Special Fraud Unit (SFU), which confirmed the receipt of the petition in a statement by its spokesperson, Mrs Ngozi Isintume, made available to newsmen in Lagos, on Saturday, said, it had commenced investigation into the N832 million fraud allegedly perpetrated by the oil marketers.
“The oil marketers allegedly defrauded the nation of about 7,000 metric tonnes of petroleum product (fuel) valued at N832 million.
“The marketers fraudulently diverted the said product with forged documents submitted to the Petroleum Products Pricing Regulatory Agency (PPPRA), Abuja, for subsidy payment.
“They were expected to return the evidence for the discharge of the product at a designated tank farm in Nigeria to enable Menol Oil & Gas Ltd. to collect SDNB from PPPRA to liquidate the facility.
“Investigation revealed that 7,000 metric tonnes of PMS arrived the shores of this country and the first suspect entrusted the whole consignment to the second suspect and her company to handle.
“The product was supposed to be discharged at Integrated Oil & Gas Depot, Lagos, but was later diverted to an unknown destination by the second suspect’s company,” it said.
The statement said that the suspects were in custody assisting detectives in their investigation.
This followed a petition by the United Bank for Africa (UBA) Plc, alleging that a facility for N1 billion was granted to one of the oil marketers in June 2011.
The amount was to finance the importation of the 7,000 metric tonnes of Petroleum Motor Spirit (PMS) for supply to acceptable off-takers valued at N832 million.
The police Special Fraud Unit (SFU), which confirmed the receipt of the petition in a statement by its spokesperson, Mrs Ngozi Isintume, made available to newsmen in Lagos, on Saturday, said, it had commenced investigation into the N832 million fraud allegedly perpetrated by the oil marketers.
“The oil marketers allegedly defrauded the nation of about 7,000 metric tonnes of petroleum product (fuel) valued at N832 million.
“The marketers fraudulently diverted the said product with forged documents submitted to the Petroleum Products Pricing Regulatory Agency (PPPRA), Abuja, for subsidy payment.
“They were expected to return the evidence for the discharge of the product at a designated tank farm in Nigeria to enable Menol Oil & Gas Ltd. to collect SDNB from PPPRA to liquidate the facility.
“Investigation revealed that 7,000 metric tonnes of PMS arrived the shores of this country and the first suspect entrusted the whole consignment to the second suspect and her company to handle.
“The product was supposed to be discharged at Integrated Oil & Gas Depot, Lagos, but was later diverted to an unknown destination by the second suspect’s company,” it said.
The statement said that the suspects were in custody assisting detectives in their investigation.
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