FG will not accept blackmail from oil subsidy thieves- Okonjo-Iweala

Channels Television  
Updated August 18, 2012

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has again stressed that the federal government will not accept blackmail from oil marketers who have questions to answer over fuel subsidy payments.

Minister of Finance, Dr. Ngozi Okonjo-Iweala

Addressing journalists in Abuja, Dr. Iweala asked Nigerians to allow justice take its course on the oil markets who have collected large chunks of money from government without any tangible result.

She blamed the closure of some fuel stations in Abuja on the oil companies been investigated for oil subsidy fraud. The minister also said the closure was targeted at creating artificial scarcity of petroleum products in the capital city.

Some of the oil companies under investigation for fraudulent activities include Conoil Plc, MRS Oil and Gas Ltd., Capital Oil and Gas Industry Ltd., and 18 other firms in the fuel subsidy imbroglio.

It said that these companies were being investigated based on the evidence that they might have engaged in fraudulent activities under the fuel subsidy regime.

The Ministry of Finance, in a statement on Friday, gave the names of the other companies as Aluminnur Resources Ltd., Brilla Energy Ltd., Caades Oil and Gas Ltd., Downstream Energy Source Ltd., Eterna Plc and Eurafric Oil and Gas Ltd.

Others are Lumen Skies Ltd., Majope Investment Ltd., Matrix Energy Ltd., Menon Oil and Gas Ltd., MOB International Services, Nasaman Oil Services Ltd., Natacel Petroleum Ltd., Ocean Energy Trading and Services, Pinnacle Contractors Ltd., Sifax Oil and Gas Company, Tonique Oil Services Ltd. and Top Oil and Gas Development Company Ltd.