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N1.5billion Subsidy Scam: EFCC Presents First Witness Against Nadabo Energy

Source: thewillnigeria.com
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SAN FRANCISCO, January 16, (THEWILL) - The Economic and Financial Crimes Commission, EFCC, on Wednesday, presented its first witness in the on-going trial of Nadabo Energy Limited and Abubakar Ali Peters who are being prosecuted over a N1.5billion subsidy scam before Justice C. A. Balogun of the Lagos High Court, Igbosere.

At the resumed hearing, prosecution counsel, Ben Ubi asked the witness, Mrs. Omolara King, a senior field officer with the Petroleum Product Pricing Regulatory Agency, to explain to the court the processes of procurement, approval and conditions to be met before a company can partake in the Petroleum Support Scheme.

King confirmed that Nadabo Energy participated in the subsidy scheme. She told the court that the first defendant joined the scheme in the first quarter of 2010 and participated fully till the end of 2011. “During this period, I believe it imported products but I don’t know the quantity imported. Quantity allocated to the defendant during this period was 45,000 metric tons and I don’t know how much has been paid to the defendant”, she said.

1st and 2nd defendant’s counsel, Taiwo .O. Taiwo, while cross-examining the witness asked her to confirm whether the two defendants were qualified to participate in the scheme. She acknowledged that they were eligible but could, however, not disclose to the court whether they fully conformed to the rules governing the subsidy regime.

Nadabo Energy Limited and Abubakar Ali Peters are being prosecuted on a two count charge bordering on conspiracy to obtain money by false pretences and falsely claiming that the sum of N1, 464, 961, 978. 24. (One Billion, Four Hundred and Sixty-Four Million, Nine Hundred and Sixty One Thousand, Nine Hundred and Seventy Eight Naira, Twenty-Four Kobo) represented subsidy accruing to them under the Petroleum support Fund for the importation of Premium Motor Spirit (PMS).

Justice Balogun adjourned proceedings to February 19 and 20, 2013 for continuation of trial.