Monday, 14 September 2015

Femi Otedola, Ifeanyi Uba and Jide Omokore Fingered in Multibillion Naira Kerosine Subsidy Scam

 ...How Government officals have been Conniving with them to Defraud Nigerians
+How they are making more than N80 per litre Illegally for Themselves and Associates in government

Femi Otedola
In any forward-looking society, the government makes sure that whatever it earmarks for the people gets to them. But this far from the norm in Nigeria, where the government and some selected people have been hoodwinking the people they swore to protect and serve. There has been so much going on in terms of corruption and the fact that those who perpetrate the heinous crime against the people in most cases go scot-free. The very few that are prosecuted often turn out to be those who have stepped on the toes of the corrupt powers-that-be, and the cases turn out to be mere formality, as nobody is punished. This has further encouraged the reckless plundering of the country’s sovereign wealth and reinforces the submission of a governorship candidate during the just concluded electioneering campaign, who said that “governance in the country is like a company and whoever is elected is the CEO who disburses the people’s common wealth among the various corrupt cabals just like profits are shared among shareholders.

The most corrupt sector in Nigeria is, without doubt, the petroleum industry. It is where the people are most affected, as essential daily-used products like kerosene, diesel, cooking gas and petrol are traded. Knowing full well the importance of these products, it behoves on government to make sure that there is order in their distribution, to ensure availability and affordability. And their scarcity has a more telling effect the common man, who, because of government’s inability to provide stable electricity has to power his equipment himself. It is however sad that kerosene, which should be a reprieve for the common man, is being taken advantage of by those in government in conjunction with some private companies to perpetrate fraud of unimaginable proportions against Nigerians.

Years back, at the inception of the current political dispensation, it was general knowledge that Femi Otedola’s Zenon Oil was directly involved in the importation and distribution of Dual Purpose Kerosene (DPK), generally called kerosene. This was attributed to his closeness to Chief Olusegun Obasanjo, who was then the President of Nigeria. It was even alleged that the former president decided to sell the state-owned African Petroleum (AP) to Otedola, to enable him effectively distribute the allegedly highly subsidised kerosene.

During this period, kerosene was sold for N50 only at AP, while other filling stations were either out of stock or were selling for around N100 or above. In most cases, it was the retailers who received their supplies from tankers that sold the product to people at astronomically high prices. The questions now are: since it was only Otedola’s AP that Obasanjo awarded the right to import and sell at subsidised rate, where were those selling in different streets across the country getting their supply? And at how much were they getting it that warranted them selling it as high as they were doing even then?
Ifeanyi Uba

It is the general belief that the right to be the sole importer and seller of kerosene during Obasanjo’s regime was responsible for the much talked about wealth and popularity of Otedola. Investigation shows that the money committed to the subsidy suddenly made kerosene importation and supply very lucrative. Little wonder that after Obasanjo’s tenure, another company started lobbying for the lucrative kerosene business. And this turned out to be the beginning of Ifeanyi Uba’s Capital Oil and Gas incursion into the money-spinning kerosene importation and distribution.

Uba, realising how much he stood to gain, tried his luck during Umaru Musa Yar’Adua’s regime when Diezani Alison-Madueke was appointed the Minister of Petroleum. Knowing that it would be very difficult to wrest the right off Otedola’s AP, he used the influence of the Petroleum Minister to introduce the concept of mobile filling stations. This was contained in an agreement signed with the Nigerian National Petroleum Corporation (NNPC) for the sale of kerosene directly to consumers, which was said to be a move aimed at eliminating middlemen and bringing down the price.
The agreement happened to be the beginning of a systematic approach by the then Petroleum Minister to take from Otedola the importation right and consequent wealth the subsidy brings, and to give same to her own associates. In no time at all, the contract was issued to little known SPOG Petrochemicals, a company owned by Jide Omokore, a known associate of the Minister and that opened the door for the product to be sold to the people at a price far higher that it was pegged at by the government.

Unlike the era of Otedola’s African Petroleum, which has since changed name to Fort Oil, andb Ifeanyi Uba’s Capital Oil and Gas, which both sold and still sell to consumers through their filling stations and customised tankers otherwise known as mobile filling stations, Jide Omokore’s SPOG has nowhere to sell directly to consumers. It only sells to other companies that run filling stations. And that  is the reason the controlled price of N50 in some filling stations has since disappeared.

Findings revealed that a sum of $3.38 billion was spent on kerosene subsidy in the country between January 2012 and July 2013. But the people never got the product for anything less than N130 per litre during the stated period. This invariably means that some elements in the government and Mr. Omokore and associates were able to pocket more fantastic sums of money for a service they did not render to Nigerians.

Jide Omokore
The Federal House of Representatives in its investigation into the petroleum sector of the country revealed that the government claimed that subsidy to the tune N101 per litre is paid on kerosene while the country makes use of an average of 9,000,000 litres of kerosene per day, the figure gives an average of N909 million paid on subsidy per day to make the product available to the people at N50 instead of the N130 – N150 that is obtainable today even in filling stations.

While the people are suffering based on the hardship they undergo because of the high cost of kerosene, some individuals like Femi Otedola, Ifeanyi Uba, Jide Omokore and others are smiling to the bank at the expense of Nigerians.

Fraud Allegation Trails Onasanya’s First Bank Parting Project

+ Insiders Revealed Renovation is to Siphon Billions of Naira
 ...The many Fruad that is Forcing him out of the bank

His mien shows that of a complete gentleman, it would have been very wrong not to also address his as one, Mr. Bisi Onasanya, the outgoing Managing Director/Chief Executive Officer (MD/CEO) of First Bank Nigeria Plc, stumbled into the bank’s helms of affairs after his predecessor, Malam Sanusi Lamido Sanusi, was appointed the Central Bank of Nigeria (CBN) Governor.

Recently the bank MD announced that he will not be serving for another term as his current term at the helm of the bank’s affairs will be coming to an end later this year after over 6 years in charge, many were surprised since there seems to be no problem with him health wise that can stop him from completing his ten years tenures that banks CEOs stay was pegged to some years back. Feelers from within the bank board alleged that his retirement is due to the many bad publicity the bank has been attracting under his management.

Another source inside the bank also revealed that as his parting gift the Onasanya led management has embarked on an impromptu renovation of the bank’s head office in Marina, Lagos. The renovation which we gathered is an attempt by the MD to further enrich himself was billed to be done under 6 months with no certain amount budgeted for it, the source alleged that the renovation in billed to gulp several billion of naira and that the plan is to mention the money after the whole thing has been concluded.

All attempt to get the response of the bank was futile but a sms sent to Babatunde Lasaki, the bank’s head of Media and External Relations was answered, and he confirmed that renovation is ongoing while also revealing that it is to be carried out at every big branch of the bank though he also could not confirm the budget.

It will be recalled that Onasanya’s emergence has seen the bank playing lead role in Dr. Abdulrasheed Maina pension scam. It would be recalled that the bank under Onasanya was at the fore front of the crisis when the Senate Joint Committee on Establishment and Public Service and States and Local Governments, was investigating how pensions were looted when some officials of the Pension Office falsified documents to withdraw N24 billion instead of N3.5billion required and approved from the Budget Office for the payment of pensions, while N21 billion of the stolen money was lodged in a First Bank account, while the bank decided not to ask any question.

The bank also played a leading role in the now rested case of former Aviation Minister, Stella Oduah’s N255m bullet proof car. Recently, a Federal High Court Judge in Lagos, Justice Mohammed Yunusa ordered First Bank of Nigeria Plc to make public, documents relating to loan facility obtained by the Nigerian Civil Aviation Authority (NCAA), which was used in purchasing the controversial bullet proof cars for the former minister of aviation in 2013.

Onasanya led management was said to have entered into “over N1bn” loan facility with the agency to procure several vehicles for what the agency termed security and operational purposes without appropriation by the National Assembly. In the illegal deal the NCAA, which is the regulatory agency for the country’s aviation industry bought 54 vehicles for N643.1m under the “Leased Financing” it entered into with the First Bank Plc, including the controversial N255m bulletproof cars.

Also under his leadership the bank was also mentioned in a fraudulent activity that has to do with the former Governor of Bayelsa State, Chief Timipre Sylva and the SNECOU Group of Companies Limited over undisclosed services rendered since 2007 of which a deduction of N300 million monthly is being made from state's account based on an irrevocable Standing Payment Order (ISPO). In a statement issued by the State Governor Mr. Seriake Dickson, who explained that the money was being drawn from the Bayelsa State Government Consolidated Revenue Fund Account domiciled in First Bank, as far back as June 2007, and that the firm alone had with the help of the bank collected over N32 billion in ISPO.

The bank’s image took further bashing when it was dragged before a federal high court sitting in Lagos, by the Office of Attorney General of the Federation in a three count criminal charge of money laundering, in the case the bank was accused of conspiring with others to launder the sum of $1.9 million, the source of which was unlawful and thereby committed an offence contrary to and Punishable under sections 15 (3) and 18(a) of Money Laundering (prohibition) Act.

Inside source revealed that the many bad publicity his administration has brought to the bank is the reason it was impressed on him not to look for extension of his tenure till the mandated 10 years, and this is what he’s playing on to further loot the bank before he finally bow out of office at the end of this year.

Sunday, 13 September 2015

Pictures From The Beirut Wedding Extravaganza of Gov Ajimobi's Daughter

+ The Reason The Wedding Pictures Are Off Press

The Couple in front of their Cake
She was first mentioned in the media when she emerged with State Honours Award during her passing out parade at the NYSC with four other recipients. Her award was at that time queried in different quarters citing her parents influence.

She's at the moment enjoying media mention due to her wedding both the white and traditional that were all performed off the media preying eye. After her traditional wedding was successfully hidden from the media, all attempt to block the media from getting a whiff of the happenings was however thwarted when published the pictures of the pre-wedding party in far away Beirut, Lebanon, this was followed by that of the wedding proper.

The question making round is; why is Governor Ajimobi been too secretive about the whole wedding event? After all, it is always a thing of joy to give ones daughter away in marriage.  Sources close to the Governor however revealed that the need for the whole wedding to be kept off public radar was because of the 5 months salary being owed the Oyo State civil servants.

It is believed, that the secrecy became important because of the planned show of wealth the Governor has vowed to make of the wedding. This is because  Jibola is a child that has never attracted any form of scandal except the little one that has to do with the NYSC's award which can also be argued unlike her other siblings.