EFCC Recovers N13bn Illegal Fuel Subsidy Payment
The Economic and Financial Crimes Commission, or EFCC, was able to recoup over N13 billion as the profits of unauthorized payments made between 2017 and 2021 under the subsidy regime.
This was covered in full in a report posted on the Nigeria Financial Intelligence Unit’s website.
The report partly reads: “The Economic and Financial Crimes Commission, the agency responsible for the investigation and prosecution of fraudulent subsidies in the oil and gas in Nigeria recovered N12,998,963,178.29 as proceeds of illegal payment made under the subsidy regime between 2017 and 2021.”
A breakdown showed that approximately N4.67bn was recovered in 2017, N4.29bn in 2018, N2.41bn in 2019, N416.51m in 2020 and N1.22bn in 2021.
The report added: “Opportunities for fraudulent activities exist in the oil and gas sector from extraction to sales of refined products to consumers. The absence of reliable equipment to measure the volume of crude oil being extracted makes it impossible to estimate the volume of crude oil extracted and even stolen through oil theft and vandalism. Oil theft also occurs in the downstream sector, as petrol pumps are rigged at petrol stations or adulterated.
“Also, to be noted is the sale of petroleum products on the ‘black market’ giving rise to petroleum products being sold at exorbitant prices. Of concern is the emerging trend of filling station attendants acting as money agents, without appropriate customer due diligence carried out. It should be stated, however, that in most cases, the amount sold to an individual is usually not suspicious. However, if left unchecked, this practice could pose a threat to the country.”
Exposed!! Popular Abuja doctor revealed how men can naturally and permanently cure poor erection, quick ejaculation, small and shameful manhood without side effects. Even if you are hypertensive or diabetic . Stop the use of hard drugs for sex!! It kills!
The report also touched on the diversion of petroleum products to non-designated retail outlets. It said this is a fraudulent practice that leverages on the fuel subsidy regime.
The report reads: “Other fraudulent practices include the diversion of petroleum products to non-designated retail outlets to gain undue financial advantage. This practice may be intra- state, inter-state and across the borders of Nigeria to neighbouring countries.
“The Joint Border Exercise in August 2019 with operation code-named ‘Exercise Swift Response’ resulted in large number of seizures of trucks and other vehicles used to smuggle refined products outside the country. This exercise was coordinated by the Office of the National Security Adviser. This is also connected to the subsidy regime as the cost of PMS in Nigeria is significantly lower than in neighbouring countries
