FG Urged To Probe Fraud In Oil Sector

A FORMER Chairman of Lagos Mainland Local Government and Lagos State Property Development Corporation (LSDPC), Prince Kayode Olowu has urged the Federal Government to be thorough in its investigation of those involved in fraud in the downstream sector of the oil industry.In an interview with The Guardian, the former council boss said that the government should get to the root of the subsidy crisis.'We should know the real landing cost of the petroleum being imported into the country. I don't believe that they are doing genuine subsidy. If you subsidise for those smuggling out, it is not subsidy,' he said.He added that the government must prove that it is not collaborating with importers to defraud the country. 'They should publish how much oil we are producing and exporting out. It boils down to the government doing a thorough investigation and doing something about the unscrupulous marketers.'They should find out how much oil we are consuming and how much they are smuggling out vis-avis how much we need daily. What are we subsidizing' We should do it in a plain manner,' he said
Click here to read full news..