N24.6b subsidy scam: Police arrest six oil companies chief executives

The special Fraud Unit of the Nigeria Police has arrested and is interrogating six chief executive officers of oil companies for alleged involvement in the fuel subsidy scam.
According to a statement on Friday by the Public Relations Officer of the SFU, Ngozi Isintume-Agu, the arrested chief executive officers are: Odjegba Onoriode, the Managing Director of Eurafric Coastal Services; Ejiofor Innoma Chikadibia, the Group Managing Director of Caades Oil and Gas Limited; Sowami Abuwasin Olatunde, the Managing Director/Chief Executive Officer of Prudent Energy and Services Limited; Gladys Amaefule, the Managing director of Somerset Oil and Gas Limited; Mallam Bashir Adamu Gusau, the Managing Director of Imad Oil and Gas Limited; and Sir Daniel Chikwudozie, the Managing director of Dozzy Oil and Gas Limited.
Isintume-Agu said in the statement that the arrest of the top officers of the oil companies was sequel to their recommendation for investigation by the Presidential Committee on Oil Subsidy.
She said further: “Investigation so far revealed that a total subsidy amount of N6.130 billion was paid to Eurafric Coastal Services Ltd based on 85,519 million litres of fuel imported between November 2010-2011 financial year which comprises 6 transactions.
“A total amount of N9.935 billion was due to CAADES Oil & Gas Ltd based on 13.501 million litres of PMS imported in December 2011 which comprises 2 transactions.
“A total subsidy payment of N1, 360, 898,638.10 was paid to Prudent Energy & Services Ltd based on a single importation of 18, 316, 767 million litres of PMS.
“A total subsidy payment of N2.690 billion was paid to Somerset Oil & Gas Ltd based on 40.165 million litres of PMS imported in 2 transactions.
“A total amount of N2.760 billion was paid to IMAD Oil & Gas Ltd based on 55.426 million litres of PMS imported which comprises 3 transactions.
“A total amount of N1, 773, 938, 533.60 was claimed by Dozzy Oil & Gas Ltd in a single transaction dated 01/07/2011.”
Isintume-Agu said the suspects would be arraigned “at the end of the investigation.”