Reps Uncover $270m Forex Scam

The House of Representatives ad hoc committee on the Review of Pump Prices of Petroleum products on Thursday, discovered another staggering sum of $270 million collected by oil marketers for the purpose of purchasing petroleum products but which was rather diverted.
A document provided by the Central Bank of Nigeria (CBN) to the Hon Nnana Igbokwe-led investigative panel, indicated that the amount was applied for and received for the purpose of importing petroleum products, including kerosene and petrol.
The House also queried the oil companies for diversion of petroleum products which were allocated to them for listing and distributions which, unknown to them, were tracked.
Following this discovery, the committee issued a summon on the  Managing Director of Ascon Oil Limited to appear before it on May 15.
The representative of Folawiyo Energy Limited Oladikpo Makanjuola, was handed over to anti-fraud unit of the Nigeria Police to make further statement on allegations of diversion of petroleum products and forex.
Igbokwe said, Ascon Oil Limited collected forex worth $190 million for the purchase of petroleum products which unfortunately were diverted.
The panel placed for further inquiry into the status of 25 metric tones of petroleum products in the custody of Folawiyo Energy Limited which was discharged in June 2015 at MT High Efficiency by Pipeline Products Marketing Company (PPMC) that cannot be traced.
In his testimony, Mr Makanjuola, denied that his company was owing PPMC stock or take responsibility for any missing product, remarking that, “because we only followed what they instructed us to do.
“For the record, my company has never owed PPMC in finance or stock, it will be uncharitable for them to claim we owe them. They are responsible for evacuation of their stock. We only do the physical inspection”, he said.
But, however, the House committee insisted they must take responsibility for the status of products allocated and lifted by them as indicated in the log book and flow charts provided by the PPMC.