A major scandal may be brewing in the oil and gas sector involving head of Hyson Nigeria Limited, Mr. Inuwa Waya; Pipelines and Product Marketing Company (PPMC) now known as the National Petroleum Marketing Company (NPMC), Mr. Faruk Ahmed, both subsidiaries of the Nigerian National Petroleum Corporation, NNPC and Philia Energy SA, a Swiss-registered oil marketing company owned by a Nigerian, over an alleged backdoor deals of Nigeria’s AGO, DPK and LPFO.
Our investigations revealed that Mr. Waya with the help of Ahmed has severally by-passed Vitol, a joint venture partner with Hyson to illegally sell PMS, AGO, DPK and LPFP to Philia Energy, SA, below international market prices.
Our correspondent gathered that the two heads of the NNPC trading subsidiaries are alleged to have allegedly connived recently to sell four cargoes of the petroleum products to Philia Energy, SA, owned by a Nigerian, one Mr. Ikenna Okoli and the proceeds allegedly shared by the trio.
Vitol, our correspondent gathered, has protested the backdoor deal to the NNPC management and threatened to break the JV deal with Hyson Nigeria Limited if the backdoor deals continued.
A source in the industry confided in our correspondent that in the last few months, both Waya and Ahmed were alleged to have devised ways of illegally diverting petroleum and other by-product allocations due to Hyson and PPMC to Philia Energy.
Our investigation revealed that trouble started when Mr. Waya who allegedly allocated the four cargoes of AGO, DPK, LPFO and other associated products to Philia Energy, SA, alleged that the Swiss energy company connived with the PPMC boss to shortchange him from the proceeds accruing from the deal.
The source said when Vitol got wind of the deal, it protested and the Hyson boss panicked and feared that he may be accused of fraud and prosecuted for breaching the JV agreement with Vitol and quickly raised some weighty allegations in a “nasty memo” to the Group Managing Director (GMD), NNPC, indicting the PPMC boss in the said deal.
Sources say the management of the NNPC has launched an investigation into the matter though Waya has reassured Vitol of the commitment of Hyson in keeping the JV and had therefore agreed to move into a new rented office on the third floor of Tsukunda House, in Central Area, Abuja, to accommodate both Hyson and Duke Energy.
In our fact-finding mission, our reporter contacted Mr. Waya and Ahmed through a letter dated 3rd January 2017, and received 5th January for their angle to the allegations but there was no response. A reminder was again sent to the duo on 13th January, 2017 but it yielded no positive result as at press time.
HYSON is a joint venture between NNPC and Vitol SA, a Swiss international crude oil and products trading company. HYSON is in business to market Nigeria’s excess petroleum products in the West and Central African sub regions and elsewhere, and to also import various petroleum products (in collaboration with its sister company Calson Bermuda Ltd) in order to augment shortfalls from domestic refineries production e.g. PMS, DPK, AGO, LPFO, etc.
Source: Icon.ng
