By Kunle Kalejaye

FOURTEEN of the 25 oil marketers have been indicted by the Aig-Imoukhude subsidy committee for several infractions in the subsidy payment. The committee had during the submission of its report on July 24, erroneously announced that 21 companies were indicted.

However, the Minister of Finance and the Coordinating Minister of the Economy, Dr. Ngozi Okonjo Iweala last week released the list of 25 oil marketers that violated the subsidy scheme.

The 25 oil markets list was confirmed by the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments

According to the notice circulated last week by the office of the Finance Minister and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, most of the companies were cited for a single infraction each, some of them had several.

Six out of the eleven Oil marketers cited for single infraction could not provide evidence for subsidy payment for which mother vessels were not found in locations claimed at the time of transshipment.

According to the notice circulated by the Minister of Finance, Brilla Energy LTD, Brilla Energy LTD, Caades Oil and Gas LTD, Ceoti LTD, Majope Investment, Menol Oil and Gas LTD, Ocean Energy Trading and Services LTD, Pinnacle Contractors LTD, MRS Oil & Gas Plc, Sifax Oil & Gas Company, Tonique Oil services LTD were cited for single infraction.

The notice went further to state that the above listed companies were cited for either subsidy payment for which mother vessels were not found in locations as claimed at the time of transshipment or there was no evidence of sales proceeds in banks.

According to the notice, Brilla Energy LTD was indicted for subsidy payments for which mother vessels were not found in locations claimed.

MRS Oil and Gas Plc was indicted for subsidy payment for which there was no shipping documents or evidence of payment for the products in foreign exchange.

In the case of CEOTI LTD, the notice stated that the company specially mentioned transactions with various infractions. However, the transactions were discovered to be bills for collection transactions but as at the time of the review, it was discovered that the shipping documents evidencing arrival of the products had not been submitted to the respective banks for payment to provide letter from their bankers confirming that they financed the transaction.

Capital Oil and Gas Industry LTD, Alminnur Resources LTD, Conoil Plc, Capital Oil Plc, Downstream Energy Source LTD, Enterna Plc, Eurafric Oil and Gas LTD, Lumen Skies LTD, Master Energy Oil and Gas LTD, Matrix Energy Limited, Mob International Services, Nasaman Oil Services LTD, Naticel Petroleum LTD and Top Oil and Gas Developemt Company LTD are among the 14 oil marketers indicated for multiple infractions.

The notice revealed that Capital Oil & Gas Industry Limited had five infractions totaling almost $8.9 billion; Matrix Energy Limited, five infractions totalling $6.23 billion; and Nassaman Oil Services Limited, four infractions totalling $3.86 billion.