The Economic and Financial Crimes Commission (EFCC) may have found a headway in the ongoing investigation into the missing of $18.5 billion earned by theNigerian National Petroleum Corporation(NNPC) during former President Goodluck Jonathan's administration.
While battling to solve the puzzle, the Commission reportedly traced eight suspected Dubai assets to a former Managing Director of the Pipelines and Product Marketing Company (PPMC), Mr.Haruna Momoh.
PPMC is an arm of the NNPC.
According to The Nation, the assets may be put under Interim Forfeiture once the verification is completed by a team inDubai.
Momoh, who is said to be a loyalist of ex-Minister of Petroleum Resources, Diezani Alison-Madueke, would be interrogated by EFCC detectives, it was learnt.
He is expected to shed light on how the nation incurred $205 million kerosene subsidy under his watch.
The anti-graft agency is said to be tracking Momoh's movement and assets, especially in the United Arab Emirates and Swiss Cottage, London, St. John’s Wood, London, New York and Lagos.
On the list of the houses in the United Arab Emirates (UAE) are; First Group Marina Hotels, Al-Seba Street, Plot 394-426, Dubai, AE-AJ United Arab Emirates; Unit 503, one-bedroom Heritage, 5th Floor located at First Central Dubai Media City TECOM, off Sheikh Zayed, TECOM Al- Barsha 3 Dubai; Unit 1910 ES Heritage, 19th Floor located at First Central Dubai Media City TECOM, off Sheikh Zayed, TECOM Al- Barsha 3 Dubai; a Unit 2507 Dubai Sports City; Unit 314 Dubai Sports City; and Unit 1002, TECOM BARS 125616.
Others are Unit 1402, PS 14th Floor located at Metro Central, TECOM, near Internet City Metro Station, Dubai ( UAE); Unit 712, ES 7th Floor located at First Central, off Sheikh Zayeed, TECOM, Al-Barsha 3 Dubai( UAE); Unit 512, 5th floor located at First Group Marina Hotels, Al-Seba Street, Plot 394-426, Dubai AE-AJ UAE.
An EFCC source was quoted as saying:"Preliminary findings by our team showed that the ex-PPMC has a case to answer bordering on allegations of serving as a front for a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, the alleged $205 million kerosene subsidy scam while in charge of the subsidiary of NNPC; and the controversial $18.5b earnings by NNPC which have not been effectively accounted for.
"We have a report of the forensic audit of NNPC and its subsidiaries by Price Waterhouse Coopers which confirmed Premium Motor Spirit (PMS) and kerosine subsidy fraud. We need Momoh to to clarify some issues."
According to the source, about $18.5 billion unaccounted earnings of NNPC are being examined.
"Again, the ex-Minister, Momoh and heads of subsidiaries are under probe. The PwC specifically identified $36.05m ‘over-statement’ in PPPRA’s PMS subsidy payment advice to the NNPC. The report recommended that the NNPC and its subsidiary, the Nigerian Petroleum Development Company, should refund to the Federation Account ‘a minimum of $1.48b’. All these references referred to an audit report initiated by the administration of ex-President Jonathan," the insider source said.
He added that the agency is collaborating with "relevant agency in Dubai in order to attach the houses under Interim Forfeiture. We are hopeful that the Mutual Legal Assistance Treaty (MLAT) will hasten the forfeiture."
Sections 7 of 28 and 34 of the EFCC (Establishment Act) 2004 and Section 13(1) of the Federal High Court Act, 2004 mandate the agency to seize suspicious assets.
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