Former Minister of Interior, Emmanuel Ihenacho
By Festus Akanbi
A new twist was Thursday introduced into the trial of four members of the Presidential Committee on Fuel Subsidy Verification, who allegedly received a N1.5 million gratification from a company owned by the former Minister of Interior, Emmanuel Ihenacho - Integrated Oil and Gas Limited, with the company raising a fresh allegation of witch-hunting and deliberate plan of the committee to strangulate it financially.
However, the committee chairman, who doubles as the Managing Director/Chief Executive, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, has dismissed the allegation as a ridiculous allegation.
The four-member committee were Wednesday arraigned at a Tinubu Magistrates’ Court in Lagos, along with three executives of the oil company, who allegedly offered them the gratification.
However, Company Secretary, Integrated Oil and Gas, Mr. Uche Ogwumike, who denied the bribery allegation, told THISDAY that facts at the disposal of the company have shown that the allegation was being stage-managed by some vested interests in the Presidential committee who are bent on frustrating the company financially.
Ogwumike, who insisted that the N1.5 million purportedly offered the committee members was not a bribe, but a gift, said what happened was like a trap for the company allegedly masterminded by the Presidential Committee on Fuel Subsidy Verification, which has continued to withhold the payment of outstanding refunds under the Petroleum Support Fund scheme to Integrated Oil and Gas despite series of clarifications made on queries earlier raised by the committee.
He explained the company had no reason to bribe the officials whatsoever, considering the fact that the verification had already been completed and reports made.
He said as at today, the Petroleum Products Pricing and Regulatory Agency, (PPRA) is owing the company N8.679 billion as outstanding claims for its participation in the PSF scheme.
According to him, “Aigboje Aig-Imoukhuede’s Access Bank Plc, the company’s banker was bound to benefit from the inability of the company to repay its financial obligations to the bank in view of the staggering amount of interest payable on the facility obtained from the bank on a monthly basis.”
He alleged further, “Aig-Imoukhuede has a vested interest in our company. His insistence that we should not be paid is running down our organisation. It is obvious they are coveting the assets we have built over the years and trying to foist a situation of financial helplessness on Integrated Oil and Gas in order to force us to close down,” adding that the company has not been able to make the repayment because as a result of the failure of PPPRA to pay for the company’s services.
His allegation was in tandem with a similar one raised by the solicitor to the company, Tayo Oyetibo, in a letter addressed to the Executive Secretary, PPPRA on September 11.
The company’s legal adviser had stated that “The long delay of the PPPRA in settling our client’s subsidy has completely hampered our client’s ability to honour the contractual obligations it owes to its financiers notably, Access Bank Plc. The monthly interest accruals on the loan facility our client owes to Access Bank in respect of the fuel importations in issue runs into about N65-N70 million and our client is unable to settle these interest accruals because it has been starved of the funds to do so as a result of the continued delay by the PPPRA in paying the subsidy claims owed our client.
“What is more, Mr. Imoukhuede ought not to have any problems with the importations by our client because his bank is the major financier of our client’s imports and the bank satisfied itself that our client was actually importing the products before agreeing to finance its business.
“Moreover, the bank checked every stage of the importation process to satisfy itself that the importation was actually carried out. In effect, the investigation Mr. Aig-Imoukhuede is currently carrying out on our client’s imports is an indirect investigation of his bank.”
But when contacted last night, Aig-Imoukhuede said it was unfortunate that the company was coming up with the statement he described as ridiculous.
“It is very unfortunate that the company made such a ridiculuos accusation. If you borrow money and you cannot pay, certainly the Central Bank of Nigeria (CBN) will expect me to make provision, definitely, money will be requested to do that so why will the bank frustrate a customer from paying its loans?” the bank chief said.
On the allegation that finance ministry instructed the DMO to withhold payment to the company on the basis of the committee’s report, the Access Bank chief asked if the DMO takes instructions from the committee.
“The question you should ask is why is it that the company is the only one complaining out of other customers of Access Bank affected by the report?”
He said Nigeria should take note that the allegation was not that the committee favoured anyone rather the noise is because we refused to compromise even when the bank’s customer was affected.
But when contacted Thursday night, Aig-Imoukhuede said it is unfortunate that the company was coming up with the statement he described as stupid.
“It is very unfortunate that the company made such a stupid statement. If you borrow money and you cannot pay, certainly the Central Bank of Nigeria (CBN) will expect me to make provision, definitely, money will be requested to do that so why will the bank frustrate a customer from paying its loans?” the bank chief said.
On the allegation that finance ministry instructed the DMO to withhold payment to the company on the basis of the committee’s report, the Access Bank chief asked if the DMO takes instructions from the committee.
“The question you should ask is why is it that the company is the only one complaining out of other customers of Access Bank affected by the report?”
He said Nigeria should take note that the allegation was not that the committee favoured anyone rather the noise is because we refused to compromise even when the bank’s customer was affected.