Marketers Want Committee to Extend Subsidy Probe to Banks

Reactions have continued to trail the reports of the Presidential Committee on Fuel Subsidy Payment headed by the Managing Director of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, as some indicted marketers has last week urged the committee to extend its investigation to Nigeria banks.
The marketers’ argued that there was no bank in the country that did not fund oil and gas transaction, noting that as central players in the oil and gas business, banks have all the relevant documents and information that could give a true picture of the subsidy issue.

Reactions have continued to trail the reports of the Presidential Committee on Fuel Subsidy Payment headed by the Managing Director of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, as some indicted marketers has last week urged the committee to extend its investigation to Nigeria banks.
The marketers’ argued that there was no bank in the country that did not fund oil and gas transaction, noting that as central players in the oil and gas business, banks have all the relevant documents and information that could give a true picture of the subsidy issue.
They wondered why the banks were left out of the probe, insisting that, "the committee cannot get the true picture of the issue by investigating only the marketing companies, without also investigating the banks".
Explaining the dynamics of fuel import business and pivotal role of banks, one of the marketers said: "Everything about oil and gas transaction revolves around the banks. They fund these transactions and have good knowledge of business. They release the funds, receive the funds and deduct their principal as well as interests before whatever that is left goes to the marketing companies."
The aggrieved marketers accused the federal government of using the committee to rubbish genuine marketers, who had very huge investments in the sector that have kept the economy running and provided jobs to many Nigerians.
"We made presentations before the committee and the documents containing details of our transactions were provided. Why should we then be held responsible for a mother vessel that was not on the Llyods List", queried one of the marketers.
The marketers, who alleged that real culprits in the subsidy scandal were not invited by the committee, said they were not averse to investigations and are also not in support of unwholesome practices in the sector, but that objectivity and transparency should be the keywords in the investigations.
Also, a marketer whose company was recommended for further investigation in the report insisted that his company was not culpable. According to him: "My company was not involved in any fraud. There are records of the arrival of the product, the storage and trucking. All the relevant government regulatory agencies witnessed and certified the transaction. The money made from the said transaction was paid to the appropriate quarters. All the records are there. There is nothing whatsoever that is shady about the transaction."