Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Anti-corruption body to charge fuel traders

25 July 2012, 12:45

 Abuja - Nigeria's anti-corruption agency will charge 12 fuel traders on Wednesday over allegations they illegally collected a combined N11 billion ($68.46 million) in subsidy payments for fuel they never delivered, it said in a statement.

The 12 individuals from seven companies charged are all from low-level Nigerian firms, although the Economic and Financial Crimes Commission (EFCC) said more than 100 other marketers were being investigated.

"The EFCC, has concluded arrangements to prosecute the first batch of suspects implicated in the oil subsidy fraud," an emailed statement from the government agency said.

"This investigation is massive and extensive and the Commission wishes to reassure Nigerians that every effort will be made to bring all those who defrauded the country in the guise of subsidy for imported fuel to book."

A parliamentary probe earlier this year uncovered $6.8 billion in subsidy fraud and accused high level politicians of being complicit in illegal fuel subsidy payments. Probes by the EFCC and another by a presidential committee have so far focused on oil firms rather than government officials.

The presidential committee said on Tuesday fuel traders collected $2.38 billion last year in fraudulent subsidy payments.

Several investigations into the import subsidy were launched after President Goodluck Jonathan attempted to remove the support on Jan. 1, before partially reinstating it after more than a week of protests over increased motor fuel costs.

The subsidy is not only rife with corruption but is also a drain on Nigeria's finances and removing it could have saved Africa's second largest economy more than $6 billion, equivalent to 20 percent of the entire 2012 budget.

Nigeria may be saddled with debts to fuel importers, including the state-oil company, after it spent half the N888 billion 2012 subsidy budget on arrears for last year. Subsidy costs are set to significantly overshoot planned spending.

- Reuters


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...