You Diverts Foreign Exchange, Indulges In Economic Sabotage, House Of  Reps Tells AIETO

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The House of Representatives has accused an energy and gas firm AIETO of indulging in acts that have the implications of economic sabotage.

This accusation was made by the adhoc committee on review of pump price of petrol which during its deliberations stated that AIETO has been withholding petroleum products it received from Nigeria National Petroleum Cooperation (NNPC) under the regime of swapped crude oil for Premium Motor Spirit (PMS) since 2012.

The company was also accused of allegedly diverting foreign exchange it got from  federal government’s special intervention funds for the purchase of PMS for other purposes except that for which it was meant for.

Chairman of the committee, Mr. Nnana Igbokwe stressed that the action of AIETO Energy and Gas is unacceptable because it is a clear case of economic sabotage.

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The Managing Director of the company, Micheal Uchegbolam however denied the accusations maintaining that AIETO has never received FOREX from Federal Government before.

He was however ordered to reappear before the Committee on April 7 to reconcile issues with Petroleum Product Marketing Company (PPMC) which would also appear on the same date on the orders of the Committee.

In a similar development, the committee also adopted a motion putting Petrol-Cam under inquiry for diversion of 7800 liters of petrol.


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