Dangote Refinery Responds as Senate Threatens to Report 13 Oil Companies to EFCC Over N135bn Loan
- The Senate Committee on Gas Resources has threatened to expose oil companies for diverting the N135 billion intervention loan by CBN
- The Committee Chairman, Agom Jarigbe, said that some of the companies misappropriated the funds
- He threatened to report the companies to the Economic and Financial Crimes Commission (EFCC)
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
A Senate Committee threatened on Thursday, November 30, 2023, to report some oil firms to the Economic and Financial Crimes Commission (EFCC) if they are found to have misappropriated the N135 billion intervention loan by the Central Bank of Nigeria (CBN).
The Chairman of the Senate Committee on Gas Resources, Agom Jarigbe, issued the threat when the companies appeared before the panel to explain how the loans were used.
Source: UGC
List of companies indicted by Senate
The CBN disbursed the N135 billion loan to 15 oil and gas firms under the Nigeria Gas Expansion Programme.
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Jarigbe listed the beneficiary firms, including:
- NIPCO Gas Ltd: N25 billion loan,
- NIPCO Plc: N5 billion
- Hyde Energy Ltd: N2 billion
- Lee Engineering and Construction Company: N15 billion
- Pinnacle Oil And Gas Fze: N10 billion
- Transit Gas Limited: N8 billion
- Amalgamated Oil Company Nig Ltd: N5 billion
- Gas Nexus Ltd: N10 billion
- First Modular Gas Systems Limited: N4.3 billion
- Novagas Limited: N1 billion
- Greenville Liquified Natural Gas Company: N10 billion
- AP LPG Limited: N8 billion
- Dangote Oil Refinery: N5 billion
- Delta State Government: N20 billion:
- Mob Integrated Services Limited: N2.5 billion
Senate threatens to invite EFCC to probe the firms
The representative of Dangote Refinery, Tony Chiejina debunked the claim that the refinery misappropriated the funds.
He said:
Is it N5 billion that will be used to build a refinery? People should wait until the Senate concludes their investigation. The company did not divert any funds.
Premium Times reports that Jarigbe said committee members have seen that some of the firms have misappropriated the funds.
He said the upper legislative chamber would forcefully invite the EFCC to recover the funds from the defaulting companies.
CBN orders automatic fund withdrawal from debtors' accounts
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, revealed that over N10 trillion has been loaned to customers under various intervention schemes, Legit.ng reported previously.
CBN data showed that between September and October 2022, the apex bank disbursed about N41.02 billion to several agricultural projects under the Anchor Borrowers' Programme (ABP).
CBN disburses over N10 trillion customers in various sectors
The total disbursement under the ABP scheme amounts to N1.07 trillion to about 4.6 million smallholder farmers growing 21 commodities nationwide.
Dangote to list $20 billion refinery on Nigerian exchange, urges public to get ready
Legit.ng reported that Africa's wealthiest industrialist and Chairman of the Dangote Group, Aliko Dangote, has disclosed his intention to list his 560,000-capacity refinery on the Nigerian Exchange Limited publicly.
The billionaire revealed this during an interview with the Financial Times, saying that the company has resolved issues about crude oil supply and is prepared for the listing.
The development aligns with Dangote's more extensive business plans and could positively affect the company's valuation and investor engagement.
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Source: Legit.ng
