PPMC: Reps probe N500bn oil marketers debt

By Kemi Yesufu, Abuja

The House of Representatives  yesterday resolved to investigate an estimated N500 billion owed the Petroleum and Pipeline Marketing Company (PPMC).
The resolution was subsequent to the adoption of a motion sponsored by Jarigbe Agom Jarigbe (Cross-Rivers-PDP) entitled: “Urgent need to Investigate the Huge Debts owed to PPMC by Major and Independent Oil Marketers/ Sabotage by Some Oil Marketers.”
The ad hoc committee to investigate the causes of the debt which  is yet to be set up will be given two weeks to report back to the House.
Jarigbe in the motion noted that the country is in recession and needs all available funds that are accruable to the Consolidated Revenue Fund.
He said: “ PPMC, a subsidiary of NNPC, is owed over N500 billion by major oil maker terms and independent oil marketers.
“There is a connivance and compromise by functionaries of PPMC to leave government funds in the hands of these marketers, thereby putting the country in dire financial straits.
“The PPMC went into Through- Put Agreements with some of the marketers, which does not empower the marketers to sell out products stored in their respective Tank Farms, but the marketers surreptitiously and criminally sold out the products and have since, not remitted the funds to PPMC.”
The lawmaker expressed dissatisfaction that some of the marketers who were beneficiaries of the interventionist allocations from PPMC have still not remitted the proceeds to PPMC after several months.
He said:  “The following marketers are involved in this huge indebtedness to PPMC- Oando, Forte Oil, NIPCO, Total Oil, Conoil, Mobil Oil, Masters Energy Oil and Gas Limited, MRS Oil & Gas, Heyden Petroleum.”
Others, he said are: “Rahamaniya Petroleum , Amicable Petroleum, Aiteo Petroleum, Honeywell Oil, Capital Oil Felande Petroleum, Sharon Oil and Zamson Petroleum.”
Jarigbe alleged that the seeming complacency of the management of PPMC, could deprive the country from getting back funds that are arbitrarily in custody of some few individuals, “who intend to sabotage government and criminally convert funds that should rightly accrue to the Consolidated Revenue Fund.”
The lawmaker described the attitude of the PPMC as “ an act of criminality and should be vehemently resisted by this Honourable House.”
The motion was passed unanimously when put to a voice vote by the Speaker of the House, Yakubu Dogara.
PPMC: reps probe N500bn oil marketers debt
By Kemi Yesufu, Abuja
The House of Representatives  yesterday resolved to investigate an estimated N500 billion owed the Petroleum and Pipeline Marketing Company (PPMC).
The resolution was subsequent to the adoption of a motion sponsored by Jarigbe Agom Jarigbe (Cross-Rivers-PDP) entitled: “Urgent need to Investigate the Huge Debts owed to PPMC by Major and Independent Oil Marketers/ Sabotage by Some Oil Marketers.”
The ad hoc committee to investigate the causes of the debt which  is yet to be set up will be given two weeks to report back to the House.
Jarigbe in the motion noted that the country is in recession and needs all available funds that are accruable to the Consolidated Revenue Fund.
He said: “ PPMC, a subsidiary of NNPC, is owed over N500 billion by major oil maker terms and independent oil marketers.
“There is a connivance and compromise by functionaries of PPMC to leave government funds in the hands of these marketers, thereby putting the country in dire financial straits.
“The PPMC went into Through- Put Agreements with some of the marketers, which does not empower the marketers to sell out products stored in their respective Tank Farms, but the marketers surreptitiously and criminally sold out the products and have since, not remitted the funds to PPMC.”
The lawmaker expressed dissatisfaction that some of the marketers who were beneficiaries of the interventionist allocations from PPMC have still not remitted the proceeds to PPMC after several months.
He said:  “The following marketers are involved in this huge indebtedness to PPMC- Oando, Forte Oil, NIPCO, Total Oil, Conoil, Mobil Oil, Masters Energy Oil and Gas Limited, MRS Oil & Gas, Heyden Petroleum.”
Others, he said are: “Rahamaniya Petroleum , Amicable Petroleum, Aiteo Petroleum, Honeywell Oil, Capital Oil Felande Petroleum, Sharon Oil and Zamson Petroleum.”
Jarigbe alleged that the seeming complacency of the management of PPMC, could deprive the country from getting back funds that are arbitrarily in custody of some few individuals, “who intend to sabotage government and criminally convert funds that should rightly accrue to the Consolidated Revenue Fund.”
The lawmaker described the attitude of the PPMC as “ an act of criminality and should be vehemently resisted by this Honourable House.”
The motion was passed unanimously when put to a voice vote by the Speaker of the House, Yakubu Dogara.
PPMC: reps probe N500bn oil marketers debt/sd
PPMC: reps probe N500bn oil marketers debt
By Kemi Yesufu, Abuja
The House of Representatives  yesterday resolved to investigate an estimated N500 billion owed the Petroleum and Pipeline Marketing Company (PPMC).
The resolution was subsequent to the adoption of a motion sponsored by Jarigbe Agom Jarigbe (Cross-Rivers-PDP) entitled: “Urgent need to Investigate the Huge Debts owed to PPMC by Major and Independent Oil Marketers/ Sabotage by Some Oil Marketers.”
The ad hoc committee to investigate the causes of the debt which  is yet to be set up will be given two weeks to report back to the House.
Jarigbe in the motion noted that the country is in recession and needs all available funds that are accruable to the Consolidated Revenue Fund.
He said: “ PPMC, a subsidiary of NNPC, is owed over N500 billion by major oil maker terms and independent oil marketers.
“ There is a connivance and compromise by functionaries of PPMC to leave government funds in the hands of these marketers, thereby putting the country in dire financial straits.
“ The PPMC went into Through- Put Agreements with some of the marketers, which does not empower the marketers to sell out products stored in their respective Tank Farms, but the marketers surreptitiously and criminally sold out the products and have since, not remitted the funds to PPMC.”
The lawmaker expressed dissatisfaction that some of the marketers who were beneficiaries of the interventionist allocations from PPMC have still not remitted the proceeds to PPMC after several months.
He said:  “The following marketers are involved in this huge indebtedness to PPMC- Oando, Forte Oil, NIPCO, Total Oil, Conoil, Mobil Oil, Masters Energy Oil and Gas Limited, MRS Oil & Gas, Heyden Petroleum.”
Others, he said are: “Rahamaniya Petroleum , Amicable Petroleum, Aiteo Petroleum, Honeywell Oil, Capital Oil Felande Petroleum, Sharon Oil and Zamson Petroleum.”
Jarigbe alleged that the seeming complacency of the management of PPMC, could deprive the country from getting back funds that are arbitrarily in custody of some few individuals, “who intend to sabotage government and criminally convert funds that should rightly accrue to the Consolidated Revenue Fund.”
The lawmaker described the attitude of the PPMC as “ an act of criminality and should be vehemently resisted by this Honourable House.”
The motion was passed unanimously when put to a voice vote by the Speaker of the House, Yakubu Dogara.