Police arrest six oil companies’ MDs over alleged N24.6billion oil subsidy scam

The Special Fraud Unit, Milverton Road, Ikoyi, Lagos, has arrested the Managing Director/Chief Executive Officers of six oil marketing companies over their alleged involvement in a N24.6 billion oil subsidy scam.
They were arrested following SUF’s continued investigation of oil marketers, as referred to it by the Presidential Committee on Oil Subsidy.
Those arrested are Mr. Odjegba Onoriode, Managing Director Eurafric Costal Services; Mr. Ejiofor Innoma Chikadiba, Group Managing Director, Caades Oil and Gas Ltd; Mr. Sowami Olatunde, Managing Director/Chief Executive Officer of Prudent Energy and Services Ltd; Mrs. Gladys Amaefule, Managing Director, Somerset Oli and Gas Ltd; Mallam Bashir Adamu Gusau, Managing Director Imad Oil and Gas Ltd, and Sir Daniel Chikwudozie, Managing Director, Dozzy Oil and Gas Ltd.
SFU’s Commissioner of Police, Mr Tunde Ogunsaki, confirmed to The Nation that the suspects are still in their custody.
The spokesperson for SUF, Ngozi Isintume-Agu, an Assistant Superintendent, who also confirmed their arrest, told The Nation that investigation so far has revealed that a total subsidy amount of N6.130billion was paid to Eurafric Coastal Services Ltd, based on 85, 519 million litres of fuel imported between November 2010 – 2011 financial year, which comprises six transactions.
She explained that a total amount of N9.935 billion was due to CAADES Oil & Gas Ltd, based on 13.501 million litres of PMS imported in December 2011, which comprises two transactions.
Prudent Energy & Services Ltd, Somerset Oil & Gas Ltd, and IMAD Oil & Gas Ltd got payments of N1, 360, 898,638.10 was paid to based on a single importation of 18, 316, 767 million litres of PMS, N2.690 billion was paid to based on 40.165 million liters of PMS imported in two transactions, of N2.760 billion was paid to based on 55.426 million liters of Petroleum Motor Spirit imported which comprises three transactions respectively. Dozzy Oil & Gas Ltd also claimed N1, 773, 938, 533.60 in a single transaction dated 01/07/2011.
Isintume-Agu noted that investigation is on-going and that trial of the suspects will commence at the end of the investigation.