Oando, Masters Energy, Others Receive N381bn Subsidy Payment


The Federal Government has paid Oando Plc, Masters Energy and other private independent oil marketers the sum of N381, 311,828,603.60 as subsidy claims between 2012 and 2013 so as to ensure the current availability of petroleum products across the country.

However, there was no mention on the amount of subsidy claims paid to the Nigerian National Petroleum Corporation (NNPC) within that period.

N59.3bn of the total sum was paid to some of the marketers in 2013 for fuel cargoes imported in 2012, while the remaining N322bn was paid to qualified marketers in 2012.

A statement from the Federal Ministry of Finance on Friday said that only deserving marketers which had gone through the necessary processes focusing on transparency and accountability were paid.

Of the 37 oil trading companies that were paid in 2012, Oando Nigeria Plc received the highest payment of N53.06bn, followed by Folawiyo Energy Limited, with N32.09bn.

Other marketers who were paid in excess of N10bn are NIPCO Plc (N25.4bn); MRS Oil and Gas Limited (N23.14bn); Alteo Energy Resources Limited (N15.2bn); Conoil Plc (N14.8bn); Masters Energy Oil and Gas (N14.3bn) and Total Nigeria Plc (N12.9bn).

However, majority of the companies received claims below N10bn. These companies include Shorelink Oil and Gas (N9.11bn); Sahara Energy Resources Limited (N9.01bn); Northwest Petroleum and Gas Limited (N7.9bn); Swift Oil Limited (N7.8bn); Mobil Oil Nigeria Plc (N7.8bn); Integrated Oil and Gas Limited (N7.6bn); Techno Oil Limited (N7.64bn) and Rainoil Limited (N7.36bn).

Others are First Deepwater Discovery Limited (N854.2m); Channel Oil and Petroleum Limited (N639.1m); Bodej Investments Limited (N546.4m); and Matrix Energy Limited (N489.6m). Zalex Energy Resources Limited received the least subsidy claims of N280.5million.

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