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Sunday, 18 November 2012

Special Fraud Unit arrests six MDs over N24.6bn


Six Managing Directors/Chief Executive Officers of some oil companies have been arrested by the Special Fraud Unit (SFU), Millerton, Ikoyi, Lagos State. The MDs were picked up as a result of their indictment by the Presidential Committee on Oil Subsidy.

Commissioner of Police, SFU, Tunde Ogunshakin, gave a breakdown of the total subsidy amount each company was paid. Read full breakdown below...


Eurafric Coastal Services Ltd: A total of N6.130billion was paid to it based on 85, 519 million litres of fuel imported between November 2010 – 2011 financial year which comprises 6 transactions.

Caades Oil and Gas Ltd: A total amount of N9.935 billion was paid to it, based on 13.501 million litres of PMS imported in December 2011 which comprises 2 transactions.

Prudent Energy and Services Ltd: A total subsidy payment of N1, 360, 898,638.10 was paid to it, based on a single importation of 18, 316, 767 million litres of PMS.

Somerset Oil and Gas Ltd: A total subsidy payment of N2.690 billion was paid to it, based on 40.165 million litres of PMS imported in 2 transactions.

IMAD Oil and Gas: A total amount of N2.760 billion was paid to it, based on 55.426 million litres of PMS imported which comprises 3 transactions.

Dozzy Oil and Gas Ltd: A total amount of N1, 773, 938, 533.60 was claimed by it, in a single transaction dated 01/07/2011.

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