A list of those who have continued to profit from Nigerians’ collective misery thru the “Oil Subsidy” lie

by Tola Adenle

I think I can finally claim to understand the meaning of “oil subsidy” with the list released by the Nigerian Senate.

On the October 15 news report titled “Private Sector backs FG on removal of fuel subsidies on petroleum products” by 234NEXT, I submitted the following comments:

Posted by TOLA ADENLE on Oct 17 2011

I’m yet to read of anything beneficial to the majority of Nigerians emanating from this so-called ORGANIZED PRIVATE SECTOR. Wale Tinubu, Dangote, Obaigbena, [yesterday's Obama for Africa's] Onyiuke Okereke et al. are those who have been benefitting from Obasanjo-era thru Jonathan’s. Who should Wale Tinubu and oil industry people as well as hangers on to those in power support, anyway? But either Dr. Jonathan speaks out himself or not, Nigerians know he’s implementing policies laid out by the World Bank in the interest of the Western world with resident rep, Dr. Ngozi Iweala. That’s the way the majority of Nigerians see these subterranean moves to impoverish those who are already scraping the bottom of the barrel to feed. emotanafricana.com.

Here is the list which I culled from Sahara Reporters: http://saharareporters.com/news-page/fuel-subsidy-scam-senate-releases-names-cabal#comment-314959.  It is widely reported in Nigerian newspapers of today.

Oando Oil is owned by Wale Tinubu’s Oando; Mike Adenuga owns CONOIL, Femi Otedola owns AP, while MRS Oil is run by Aliko Dangote’s brother, Sayyu Dantata.  Other key players named today include Pinaccle Construction Ltd, as well as Integrated Oil and Gas, which is owned by a former Minister of the Interior, Capt. Emmanuel Iheanacho.

The full list, and their individual haul, as read out by Senator Abe, is as follows:
1.    Oando Nigerian Plc. – N228.506 billion
2.    MRS –N224.818 billion
3.    Pinnacle Construction-N300 billion
4.    Enak Oil & Gas –N19.684 billion
5.    CONOIl – N37.960 billion
6.    Bovas & Co. Nig. Ltd. – N5.685 billion,
7.    Obat N85 billion and AP; N104.5billion.
8.    Folawiyo Oil – N113.3 billion
9.    8.IPMAN Investment Limited- N10.9billion
10.    ACON – N24.1billion
11.    Atio Oil-N64.4billion
12.    AMP- N11.4billion
13.    Honeywell-N12.2billion
14.    Emac Oil- N19.2billion
15.    D.Jones Oil-N14.8billion;
16.    Capital Oil – N22.4 billion
17.    AZ Oil- N18.613billion
18.    Eterna oil- N5.57 billion
19.    Dozil oil- N3.375 billion
20.    Fort oil-N8.582 billion.
21.    Integrated Oil and Gas- N30.777 billion

To a great extent, President Jonathan has shown that his are merely Esau’s hands on the matter of the Nigerian economy, especially the “oil subsidy removal” lie.

 For example, I found it painfully embarrassing to read a statement credited to the U.S.  Ambassador to Nigeria last week in The Nation: US SUPPORTS OIL SUBSIDY REMOVAL, in which Ambassador Terence McCulley was credited with saying that the United States “is in support of the removal” during a conveniently-arranged visit to – hear this – the Minister of Labour and Productivity to “sensitise the U.S. embassy on the challenges  facing the Federal Government with regards to job creation and to  seek ways to collaborate in solving them.”

Naturally, the cap-in-hand and dragging of Nigeria in mud was very welcome to McCulley who promised on behalf of Uncle Sam to see how ‘’We will look for ways to partner with you to bring in the U.S business people to invest in this area and create jobs as Nigeria is central to President Barack Obama’s National Export Initiative …”

Incidentally on the same day I read Nigeria’s Labor Minister’s cry for help where none can come, I also read exasperation in President Jonathan’s “warning” that Nigeria must create jobs for its youth or risk revolution; yes, the ‘r’ word was reported as his:   

“There are a number of things that must be done to make our economy multiply. “Critical among these programmes is the rapid creation of jobs for the teeming youths. The youths will embark on revolution against government at all levels if we fail to do that. The Nation.

Pretty strong but inappropriate language for a country’s ruler because he is the only one who can chart a course that would create jobs.

For starters, collect the tons of money from those on the Infamous List of Subsidy Receivers and invest it in infrastructural development.

The amount these men have been presented – just like those who are given oil blocks by successive governments and [interest-free] “assistance” of millions of US dollars in the 80s in an empower-a-few-may-be-some-will-trickle-down-to-the-hapless-masses – are mind-boggling.  These are the men whom Reuben Abati referred to in his pre-Corridor of Power Ascendancy essay, http://emotanafricana.com/2011/11/21/if-anyone-is-looking-for-those-who-have-damaged-nigeria-the-place-to-begin-the-search-is-the-national-honours-list-reuben-abati-on-president-jonathan/.  How apt!

Poor Ondo State!  Our own Subsidy Receiver, Obat Petroleum owned by Obateru Akinruntan was a bit player in the downstream sector but I think the owner later represented Ondo on OMPADEC (the group of oil-producing states), became Oba in a small Waterside town – he’s a Royal Majesty all the same – , he’s pushing or already has a son in politics, etcetera.  He supposedly received N85 billion, a figure I had to check beyond Sahara Reporters to be sure it was not N8.5 billion.

The same names in appointive positions and/or elected positions, etcetera are like recurring decimals in every facet of Nigeria’s life.  Dangote owns a lot of the manufacturing in distributive trades, reportedly owns the ports, cement, MRS through which he received his own share in Nigeria, Inc.http://emotanafricana.com/2011/09/13/nigeria-inc/ totaling, we are told, a mind-numbing N224 billion-Plus while his former friend, Femi Otedola received over N100 billion-Plus. 

These are the returns on their investments in Nigeria, Inc. as clearly stated by one of PDP ”chieftains” in 2003, and it’s too recent to recall how the Dangotes, the Otedolas, etcetera were falling over each other to donate to retired General Obasanjo’s re-election, Library …

Remember,  guys, whoever the Pinnacle guy is got about US2$ billion and if the Honeywell name hasn’t been replicated, then it belongs to Mr. Oba Otudeko who, like some on the list, has banking holdings. 

The enslavement of Nigerians is complete.  Where else can this essay belong but “A crime syndicate masquerading as a nation?”  How I wish I could trace the blogger from whom I borrowed this phrase MINUS the question mark.  I wrote about it in my old newspaper columns but nobody came up.  Anyway, the question mark is begging to go!



Nigerian newspapers and online news sources
  • 234 Next News site
  • Bella Naija Magazine
  • Business Day Newspaper
  • Daily Champion Newspaper
  • Daily Independent Newspaper
  • Daily Trust Newspaper
  • Elendu Reports News site
  • Emotan Blog
  • Huhu online News site
  • jhova blog Blog
  • Leadership News site
  • Linda Ikeji Blog
  • National Daily Newspaper
  • Nigeria Plus News site
  • Nigeria Village Square News site
  • Nigerian Observer News site
  • Osun Defender News site
  • PM News Newspaper
  • Punch Newspaper
  • Sahara Reporters News site
  • Sun Newspaper
  • The Guardian Newspaper
  • This Day Newspaper
  • Tribune Newspaper
  • Vanguard Newspaper

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