FACE OF THE CABAL.

HOW WALE TINUBU DEFRAUDED NIGERIANS

With the heat generated by the sudden removal of the subsidy on fuel yet to cool down,  a fierce war has begun between Wale Tinubu led Oando and the Petroleum products Pricing Regulatory Agency over the kingpin that influenced the ridiculous amount paid as subsidy in the petroleum industry. The crisis commenced few day back when Oando,one of the leading oil companies in the country and a major leader of the alleged Cabal fire a salvo against PPRA that it was responsible for the increase of the funds paid as subsidy. Wale Tinubu alleged PPRA top officials were responsible for the government expenditure amounting to 1.3trillion.
However, insiders revealed that some top officials are set to take him to the cleaners by revealing his fraudulent acts in the scheme of things.
Inside source claimed wale tinubu led Oando manipulated policy makers to its sole advantage. Through bribe and maintenance of chummy relationship with top official in the agency,they have become notorious in manipulating policies in their favor. An officer in the reconciliation team was offered a bribe by Oando official. The staff was sanctioned when exposed. Also, in 2011 they have been writing several petitions against other marketers secretly so as to monopolized the industry. They also resorted to threat of top officials who consequently gave them ridiculous allocation in the quarter 3 of 2011. Thus the subsidy they got in 2011 alone is N110billion which is about their allocations for 5 years. Consequently,they rank top as the highest beneficiary of the fuel subsidy amounting to N228billion.It was an open secret within the petroleum industry that the oil company succeeded in achieving this by maintaining chummy relationship with the pioneer General Manager Operations in the PPRA. It was also found out that the company tried unsuccessfully to install him as the executive secretary of the Agency just in order to perpetuate its selfish interest. It also used the model of 30days moving average with an inclusion of standard   deviation to defraud the Nation. The implication of 30 days model in a highly volatile market is that there is heavy disparity between the 30 days moving average on the pricing template and the actual platts quotation on daily basis. Through this policy,the company defrauded the nation of billions of Naira on each cargo transaction. We scooped that the agency is set to reveal more of its shady business in kerosene and other sectors. After all, he that comes with equity must come with clean hands.
Also,it has been exposed that they also manipulated the Petroleum equalization fund (PEF) set up to remove logistic jam encountered in cost of transporting fuel to other parts of the country so that the price of fuel could still be uniform. Femi Falana mentioned to the house of representatives about the potential fraud going on at PEF. Interestingly, Oando was the key player in prpetrating this fraudulent transaction by manipulating PEF claims when they do not deserve such claims or subsidy. This is often perpetrated Via one of his sisters company in Oando group plc, Oando Supply and Trading Company.