Marketers Agreed To Return Funds - Presidency Sources

Marketers Agreed To Return Funds - Presidency Sources

President Muhammadu Buhari, has mapped out strategies to recover some stolen loots in the Nigerian oil industry during the administration of former president Goodluck Jonathan. 

Buhari is reportedly using this tactics because his government is short of cash. The government has allegedly stumbled on some illegal deals that were perpetuated  by former Petroleum Minister, Diezani Alison-Madueke and some Nigerian oil companies as well as oil marketers.

READ ALSO: President Buhari Got Ticks On His ‘Wish List’ 

Alison-Madueke had reportedly been heavily involved in transferring certain oil wells reclaimed from multinational oil companies to some Nigerian operators she is close to.

Already, Buhari’s administration has started retrieving some of the missing monies that disappeared as a result of the deal.

A source in Buhari's government told Sahara Reporters that, one of the Nigerian operators had volunteered to return $500 million to the federal government's account. Although, the source said the marketer is in possession of $4.5 billion.

The government’s strategy is to target oil marketers and companies “caught red-handed in stealing huge sums of oil subsidies and oil revenues."  Some of them have been pressured to repay the stolen monies traced to them.

READ ALSO: Trouble Looms As China Dumps Nigerian Crude Oil

 “A number of them have agreed to import massive levels of fuel in lieu of the funds they received in shady transactions during the Jonathan administration,” another source claimed.

The government is also said to be putting pressure on Alison-Madueke, but she denied any wrong-doing instead she implicated some officials in the  NNPC, and accused them of fraud.

“The [Buhari] government got her to write a formal account of her allegations against some NNPC officials and oil companies. What she put down gave a picture of how some of the funds went missing. The document was then forwarded to the Economic and Financial Crimes Commission (EFCC) in the form of a petition,” the source said.

Those the former minister implicated in the NNPC include the current General Managing Director (GMD), Haruna Momoh, a former GMD, Austen Oniwon, Reginald Stanley and Sam Okeke, a former Group General Manager, New Business Division of the NNPC.

READ ALSO: I Did Not At Any Point In Time Steal $20bn Or $18.5bn – Alison-Madueke Declares

Two days ago, Kaduna State Governor,  Mallam Nasir El-Rufai, disclosed that some of the appointees of the ex-president,  Goodluck  Jonathan, has started returning some of the stolen funds they carted away while serving in the government.


Jerrywright Ukwu avatar

Jerrywright Ukwu Jerrywright Ukwu is an Abuja-based senior political/defence correspondent. He is a graduate of the Nigerian Institute of Journalism, Lagos and the International Institute of Journalism in Abuja. He is also a member of the Nigeria Union of Journalists. He spends his leisure-time reading history books. He can be reached via email at

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