IKEJA – The Petroleum Products Pricing Regulatory Agency (PPPRA) yesterday confirmed that N1.1 billion was paid to an oil company, Majope Investment Ltd., accused of fuel subsidy fraud.
A Senior Research Officer in the PPPRA, Mr Mohammed Ghidi, made the disclosure while testifying at the trial of three oil marketers before Justice Lateefa Okunnu of an Ikeja High Court.
The marketers, Opeyemi Ajuyah, Abdullahi Alao and Olarenwaju Olalusi, are being prosecuted by the Economic and Financial Crimes Commission.EFCC
The defendants are facing an eight-count charge bordering on conspiracy, obtaining money under false pretence, forgery, uttering and use of false documents.
Ghidi, under cross-examination by the Defence Counsel, Messrs Olarenwaju Ajanaku and Aderemi Oguntoye, however, said the computation made in 2011 was based on the documents submitted by the marketers.
“There was no problem with the transaction in 2011 when the PPPRA recommended that the money should be paid to Majope Investment Ltd. Read More →

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