Subsidy: Integrated Oil, Oando fault technical committee

Two indigenous oil companies- Integrated Oil and Gas Ltd, and Oando Plc – on Monday faulted the Aig-Imoukhude led Technical Committee report on verification of subsidy claims, for indicting their companies of collecting unmerited payments.

The committee had on June 29 indicted 88 companies for collecting subsidy without the auditor’s signature.

The committee alleged that Integrated Oil and Gas received three instalments of subsidy payments:  N1.8 billion, N1.7 billion and N1.6 billion, without the auditors approval.

However, Emmanuel Iheanacho, the Chairman of Integrated Oil and Gas, said that his company did not take N5.1 billion subsidy as alleged in three instances without the auditor’s approval.

He said that documents confirming his company’s compliance was fully endorsed and counter-signed by the Petroleum Products Pricing and Regulatory Agency (PPPRA) officials and a Deloitte official.

“The auditors did validate not just one, but all import documents in respect of each of the shipments considered.

“I wonder why the committee did not deem it necessary to cross check its facts before publishing the reports. The company is currently being owed about N10.5 billion under the Petroleum Support Fund amidst accrued interests payments and exchange rate losses,” Mr. Iheanacho said.

In a statement issued by Meka Olowola, the head of public communications department, Oando also denied recieving unaudited payments saying that the company is always ready, willing and able to provide relevant documents supporting claims it made.

He said Oando does that “to demonstrate the culture of integrity which the company stands for.’’

According to him, upon arrival of vessels, government agencies including PPPRA auditors and Department of Petroleum Resources (DPR) verify quantity on board as well as shore tank volumes prior to the commencement of receipt.


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“It is impossible for vessels to discharge without due sign offs by the authorities. We have documents duly witnessed by all government agencies including PPPRA, DPR and independent inspectors for all the discharges including the stated transaction,” Mr. Olowola said.


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