Firms fault probe report on fuel subsidy

RENOWNED accounting firm, Akintola Williams Deloitte, has denied allegations made against it in the probe panel report on fuel subsidy, by the Ad-hoc Committee on monitory of the subsidy regime, saying the submission were far from the truth.The committee's report dated April 1st, 2012, had indicted the firm for 'professional incompetence' and prescribed that the organisation be 'blacklisted from being engaged by any federal ministry, department or agency, for a period of three years.The conclusions of the panel were based on the findings during its investigation on the integrity of various players in the nation's downstream oil sector and other organisations deemed to have played roles that led to doubtful payment of over N1.6 trillion to certain oil marketers.But Akintola Williams Deloitte, in a statement yesterday signed by its Chief Executive Officer, Adeniyi Obe, denied any direct or remote culpability in the subsidy saga, as stated in the probe panel's report.Specifically, Obe explained that his organisation performed creditably in the performance of its functions under the fuel subsidy management, stressing that insinuations against the firm were issues not related to the mandate given to the company.Meanwhile, one of the petroleum marketing companies that was asked to refund N13, 252, 055, 429. 00- Integrated Oil and Gas, has threatened to seek legal redress.Speaking in Abuja yesterday, at a media parley, the lawyer to the firm, Emeka Akabogu insisted that Integrated Oil and Gas has not drawn any benefits from the subsidy regime other than the payment refunds, which were legitimately due to it, adding that such payments were invariably made on account of monies, which it had spent upfront on account of gasoline imports procured under the Petroleum Product Pricing Regulatory Agency's Petroleum Support Fund programme.In rejecting the directive to refund the sum, the firm said that all gasoline imports by the company were subjected to foreign exchange approval and documentation by the Central Bank of Nigeria (CBN) and quantity validation by the sponsoring banks.'All gasoline imports by the company are subject to quantity validation by the PPPRA, DPR and several inspection agencies on arrival and delivery into tank; the PSF refund payable in respect of any gasoline cargo imported by the company is calculated and approved payable by the PPPRA; all refunds are approved by the Office of the Accountant General and the Minister of Finance,' he said.
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