The Petroleum Products Pricing Regulatory Agency, on Monday, unveiled the identity of the beneficiaries of the controversial N127.8bn fuel subsidy allegedly paid to “unknown entities” in tranches of N999m (made 128 times) within 24 hours. It also revealed that the payments were made on January 8, 2009.
The identities of the 15 oil companies and importers that benefited from the payments were shrouded in secrecy when the report of the House of Representatives Ad Hoc Committee that investigated the oil subsidy payment between 2009 and 2011 was made public.
The PPPRA, on Monday, however, noted that there was no case of fraud in the transaction as the payments were made with CBN cheques and the counterfoils were still available. The Executive Secretary of PPPRA, Mr. Reginald Stanley, in an interview with our correspondent, named the recipients of the fuel subsidy fund and gave a breakdown of the payments done within 24 hours.