EFCC reopens probe on 2011 subsidy scam

The Economic and Financial Crimes Commission (EFCC) has reopened investigations into alleged N10.9 billion subsidy scams that rocked the petroleum sector in 2011. The antigraft agency has investigated some key officials of the IPMAN Investment Company Limited, a company incorporated by some independent marketers to participate in the importation of refined products into the country in 2011.


Vice Chairman of the Independent Petroleum Marketers Association of Nigeria IPMAN, Chinedu Okoronkwo, who confirmed the recent development to DailyTrust, said the association has received letters from the Police Special Fraud Unit, Department of Criminal Investigations, inviting some of its members for investigation.

“We at the IPMAN secretariat are happy that the authorities are re-opening this case, because as a vice chairman of this company, we are kept in the dark. We don’t know when and how the IPMAN Investment Company Ltd imported any product, but all we saw was the release of N10.9 billion as subsidy reimbursement, that is why we started asking questions. Let’s keep IPMAN politics aside, this is national issue, let them provide the information and details of how much product was imported, who lifted it, which bank account the marketers paid the money to lift such product, and which bank opened the LC for them to import such product for which they deserved N10.9 billion reimbursement. These are the questions we asked Aminu and co but they rather tried to shift attention to another issue,” Okoronkwo said

He also confirmed that the antigraft agency on August 9th and 11th invited other members of IPMAN Investment and Company like Mike Osatuyi, Baba Kano Jada, Habu Jajere and Mustapha Y. Bawa for questioning.