Finance Ministry Recommends 25 Oil Marketers For Investigation
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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