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Finance Ministry Recommends 25 Oil Marketers For Investigation

Source: thewillnigeria.com
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S/N
OM/T
INFRACTION DESCRIPTIONS

AMOUNT
1
ALMINNUR RESOURCES LIMITED

Subsidy payments for which mother vessels were no Longer operational at the time of transshipment and no shipping documents

504,329,535.27

Subsidy payments for which mother vessels were no Longer operational at the time of transshipment and no shipping documents

546,700,899.36




1,051,030,434.63
2
BRILLA ENERGY LIMITED

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

963,796,199.85

3
CAADES OIL AND GAS LTD

No evidence of Sales proceeds in banks

487,799,826.80

4
CAPITAL OIL & GAS INDUSTRY LTD

Subsidy payments without proof of existence of the mother vessel bill of lading or daughter vessel bill of lading

984,440,711.38

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

1,480,444,043.58

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

1,832,280,164.36

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

2,110,438,332.44

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

2,490,576,987.15




8,898,180,238.91
5
CAPITAL OIL PLC

Subsidy payments for which mother vessels were not found in the locations claimed at the time of transhipment

608,077,964.00

Subsidy payments for which mother vessels were not found in the locations claimed at the time of transhipment

608,220,553.20




1,216,298,517.20
6
CEOTI LIMITED

Specially mentioned transactions with various infractions. 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:. 11/07/12 : OM/T to provide letter from their bankers confirming that they financed the transaction.

1,773,421,842.01

7
CONOIL PLC

Subsidy payments without proof of existence of the mother vessel bill of lading or daughter vessel bill of lading

1,065,934,768.66

Subsidy payments without proof of existence of the mother vessel bill of lading or daughter vessel bill of lading

1,882,143,309.24




2,948,078,077.90
8
DOWNSTREAM ENERGY SOURCE LTD

Subsidy payments for which mother vessels could not be traced

789,648,329.25

Subsidy payments without the signature of external auditors and independent inspectors on shore tank certificates

984,440,711.38




1,774,089,040.63
9
ETERNA PLC

Subsidy payments for which there were no shipping documents or evidence of payment for the products in foreign exchange. (Form ‘m’ 945404)

578,295,672.84

No evidence of sales proceeds in the bank.

626,465,370.06

Subsidy payments without proof of existence of mother vessel bill of Lading or Daughter bill of Lading. (Form ‘m’ 926342)

917,895,596.40




2,122,859,123.70
10
EURAFRIC OIL & GAS LTD

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

955,688,127.82

Subsidy payments for which mother vessels were no longer operational at the time of transhipment


1,306,170,995.88




2,261,859,123.70
11
HEYDEN PETROLEUM

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

594,714,089.31

12
LUMEN SKIES LTD

Transactions disclaimed by banks

267,521,051.32

Transactions disclaimed by banks

507,266,701.54




774,787,752.86
13
MAJOPE INVESTMENT LTD

Subsidy payments without the signature of external auditors and independent inspectors on shore tank certificates

959,813,734.22

14
MASTER ENERGY OIL & GAS LTD

Subsidy payments for which mother vessels could not be traced

1,454,308,353.50

Subsidy payments for which mother vessels could not be traced

1,454,687,937.79


2,908,996,291.29
15
MATRIX ENERGY LIMITED

Subsidy payments for which mother vessels could not be traced

560,744,384.56

Subsidy payments for which mother vessels could not be traced

1,274,372,887.98

Specially mentioned transactions with various infractions. Transactions were Bills for collection and as at the time of review no shipping document evidencing payment was available. MAT/2031/MAS/PMS/28/09/11

1,301,904,784.71

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment. MAT/1679/MAS/PMS/27/04/11

1,501,684,359.70

Subsidy payments for which mother vessels could not be traced. MAT/2031/MAS/PMS/28/09/11

1,595,095,720.20




6,233,802,137.15
16
MENOL OIL & GAS LIMITED

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

1,691,595,830.87

17
MOB INTERNATIONAL SERVICES

No evidence of Sales proceeds in banks

1,019,068,114.10

No evidence of Sales proceeds in banks

1,118,260,800.00




2,137,328,914.10
18
MRS OIL & GAS PLC

Subsidy payments for which there were no shipping documents or evidence of payment for the products in foreign exchange

6,086,531,305.33

19
NASAMAN OIL SERVICES LTD

Subsidy payments for which mother vessels were no longer operational at the time of transhipment

598,723,358.04

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

749,991,273.36

Subsidy payments without the signature of external auditors and independent inspectors on shore tank certificates

881,350,767.57

No evidence of Sales proceeds in banks

1,631,342,040.93




3,861,407,437.90
20
NATICEL PETROLEUM LIMITED

Specially mentioned transactions with various infractions. No shipping document in bank and no evidence of payment for product

1,514,333,360.64

No evidence of Sales proceeds in banks

1,567,037,317.70




3,081,370,678.34
21
OCEAN ENERGY TRADING & SERVICES LTD

Subsidy payments for which mother vessels could not be traced

1,778,180,051.20

22
PINNACLE CONTRACTORS LTD

Subsidy payments for which mother vessels were not found in locations claimed at the time of transhipment

1,227,601,783.20

Subsidy payments for which mother vessels were no longer operational at the time of transhipment

1,528,044,960.84




2,755,646,744.04
23
SIFAX OIL AND GAS COMPANY

Subsidy payments for which mother vessels were no longer operational at the time of transhipment

1,033,119,489.60

24
TONIQUE OIL SERVICES LTD

No evidence of Sales proceeds in banks

1,575,014,046.51

25
TOP OIL AND GAS DEVELOPMENT COMPANY LIMITED.

Subsidy payments for which mother vessels were no Longer operational at the time of transshipment and no shipping documents

1,092,496,724.55

Subsidy payments for which mother vessel could not be traced and no shipping documents were sighted

1,268,236,760.88




2,360,733,485.43