TALE OF SIX ROGUE COMPANIES BEHIND PETROLEUM PRODUCTS ROUND TRIPPING AND THEIR GID FATHERS

You heard of petroleum marketing companies being investigated for round tripping petroleum products and still fleecing the nations of billions of naira through deceptive request for refund from the Petroleum Support Fund?

Yes, investigation is on-going and as we go to press, we have it on good source that six smalltime marketers have been fingered for detailed investigation, and well, for your ears only a former top notch in the Federal Government recently relieved of his high office, plus another one, who was part of the regulatory agency.

The six companies were said to have found influential moles at the Nigerian National Petroleum Corporation and its marketing arm, the Petroleum Products Marketing Company (PPMC). Know how the deal works? Here is an abridged detail; these six secure product allocations from PPMC, move in vessel to load products that were already imported into the country, make a foray to the high sea, then turn around, head for Nigeria and berth at designated PPMC ports as if they just brought in fresh supplies from wherever. The scheming round trippers off-load and well, after processing their paper, apply for fund from the PSF. For that effort, the former big man in government goes home with N25million on every successful returns made by his sea farer round tripping marketers.

Avail yourself a brief on what PSF is all about:

 The Federal Government established a petroleum support fund effective January 2006 to stabilise the domestic prices of petroleum products against volatility in international crude and products prices. A substantial amount of that by government schedule will go for kerosene subsidy, thereafter, whatever is left on a monthly basis will go for petrol.

 

The fund, which is domiciled in the Central Bank of Nigeria (CBN), available for companies and depot owners licensed by the Department of Petroleum Resources (DPR), the disbursement of the fund to marketers importing petroleum products follow collation of product figures in all refineries, jetties and depots located in various parts of the country.

 

Now, let’s do some comparison: None of the six companies,  prime suspects, are importers, “they don’t even have loading bays,” our very knowledgeable insider says.

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