A list of those who have continued to profit from Nigerians’ collective misery thru the “Oil Subsidy” lie – Tola Adenle

I think I can finally claim to  an understanding of the meaning of “oil subsidy” with the list released by the Nigerian Senate.

On the October 15 news report titled “Private Sector backs FG on removal of fuel subsidies on petroleum products” by 234NEXT, I submitted the following comments:

Posted by TOLA ADENLE on Oct 17 2011

I’m yet to read of anything beneficial to the majority of Nigerians emanating from this so-called ORGANIZED PRIVATE SECTOR. Wale Tinubu, Dangote, Obaigbena, [yesterday’s Obama for Africa’s] Onyiuke Okereke et al. are those who have been benefitting from Obasanjo-era thru Jonathan’s. Who should Wale Tinubu and oil industry people as well as hangers-on to those in power support, anyway? But either Dr. Jonathan speaks out himself or not, Nigerians know he’s implementing policies laid out by the World Bank in the interest of the Western world with resident rep, Dr. Ngozi Iweala. That’s the way the majority of Nigerians see these subterranean moves to impoverish those who are already scraping the bottom of the barrel to feed. emotanafricana.com.

Here is the list which I culled from Sahara Reporters: http://saharareporters.com/news-page/fuel-subsidy-scam-senate-releases-names-cabal#comment-314959It is widely reported in Nigerian newspapers of today.

Oando Oil is owned by Wale Tinubu; Mike Adenuga owns CONOIL, Femi Otedola owns AP, while MRS Oil is run by Aliko Dangote’s brother, Sayyu Dantata.  Other key players named today include Pinaccle Construction Ltd, as well as Integrated Oil and Gas, which is owned by a former Minister of the Interior, Capt. Emmanuel Iheanacho.

The full list, and their individual haul, as read out by Senator Abe, is as follows:
1.    Oando Nigerian Plc. – N228.506 billion
2.    MRS –N224.818 billion
3.    Pinnacle Construction-N300 billion
4.    Enak Oil & Gas –N19.684 billion
5.    CONOIl – N37.960 billion
6.    Bovas & Co. Nig. Ltd. – N5.685 billion,
7.    Obat N85 billion and AP; N104.5billion.
8.    Folawiyo Oil – N113.3 billion
9.    8.IPMAN Investment Limited- N10.9billion
10.    ACON – N24.1billion
11.    Atio Oil-N64.4billion
12.    AMP- N11.4billion
13.    Honeywell-N12.2billion
14.    Emac Oil- N19.2billion
15.    D.Jones Oil-N14.8billion;
16.    Capital Oil – N22.4 billion
17.    AZ Oil- N18.613billion
18.    Eterna oil- N5.57 billion
19.    Dozil oil- N3.375 billion
20.    Fort oil-N8.582 billion.
21.    Integrated Oil and Gas- N30.777 billion

To a great extent, President Jonathan has shown that his are merely Esau’s hands on the matter of the Nigerian economy, especially the “oil subsidy removal” lie.

For example, I found it painfully embarrassing to read a statement credited to the U.S.  Ambassador to Nigeria last week in The Nation: US SUPPORTS OIL SUBSIDY REMOVAL, in which Ambassador Terence McCulley was credited with saying that the United States “is in support of the removal” during a conveniently-arranged visit to – hear this – the Minister of Labour and Productivity to “sensitise the U.S. embassy on the challenges  facing the Federal Government with regards [as regards; with regard to] to job creation and to  seek ways to collaborate in solving them.”

Naturally, the cap-in-hand and dragging of Nigeria in mud was very welcome by McCulley who promised on behalf of Uncle Sam to see how ‘’We will look for ways to partner with you to bring in the U.S business people to invest in this area and create jobs as Nigeria is central to President Barack Obama’s National Export Initiative …”

Incidentally on the same day I read Nigeria’s Labor Minister’s cry for help where none can come, I also read exasperation in President Jonathan’s “warning” that Nigeria must create jobs for its youth or risk revolution; yes, the ‘r’ word was reported as his:

“There are a number of things that must be done to make our economy multiply. “Critical among these programmes is the rapid creation of jobs for the teeming youths. The youths will embark on revolution against government at all levels if we fail to do that. The Nation.

Pretty strong but inappropriate language for a country’s ruler because he is the only one who can lead in the charting of a course that would create jobs.

For starters, collect the tons of money from those on the Infamous List of Subsidy Receivers and invest it in infrastructural development.

The amount these men have been presented – just like those who are given oil blocks by successive governments and [interest-free] “assistance” of millions of US dollars in the 80s in an empower-a-few-may-be-some-will-trickle-down-to-the-hapless-masses – are mind-boggling.  These are the men whom Reuben Abati referred to in his pre-Corridor of Power Ascendancy essay, http://emotanafricana.com/2011/11/21/if-anyone-is-looking-for-those-who-have-damaged-nigeria-the-place-to-begin-the-search-is-the-national-honours-list-reuben-abati-on-president-jonathan/.  How apt!

Poor Ondo State!  Our own Subsidy Receiver, Obat Petroleum owned by Obateru Akinruntan was a bit player in the downstream sector but I think the owner later represented Ondo on OMPADEC (the group of oil-producing states), became Oba in a small ruralWaterside town – he’s a Royal Majesty all the same – , he’s pushing or already has a son in politics, etcetera.  He supposedly received N85 billion, a figure I had to check beyond Sahara Reporters to be sure it was not N8.5 billion.

The same names in appointive positions and/or elected positions, etcetera are like recurring decimals in every facet of Nigeria’s life.  Dangote owns a lot of the manufacturing in distributive trades, reportedly owns the ports, cement, MRS through which he received his own share in Nigeria, Inc. http://emotanafricana.com/2011/09/13/nigeria-inc/ totaling, we are told, a mind-numbing N224 billion-Plus while his former friend, Femi Otedola received over N100 billion-Plus.

These are the returns on their investments in Nigeria, Inc. as clearly stated by one of PDP “chieftains” in 2003, and it’s too recent to recall how the Dangotes, the Otedolas, etcetera were falling over each other to donate to retired General Obasanjo’s re-election, Library …

Remember,  guys, whoever the Pinnacle guy is got about US2$ billion and if the Honeywell name hasn’t been replicated, then it belongs to Mr. Oba Otudeko who, like some on the list, has banking holdings.

The enslavement of Nigerians is complete.  Where else can this essay belong but “A crime syndicate masquerading as a nation?”  How I wish I could trace the blogger from whom I borrowed this phrase MINUS the question mark.  I wrote about it in my old newspaper columns but nobody came up.  Anyway, the question mark is begging to go!

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11 Comments on “A list of those who have continued to profit from Nigerians’ collective misery thru the “Oil Subsidy” lie – Tola Adenle”

  1. victor Daniel Says:

    God will lift us up to where we belong



    • emotan77 Says:

      Thank you Mr. Daniel. God will grant our prayers but we must realize each has a hand in working towards reaching “where we belong” and the “Amen” would resound even in the heavens once we experience that realization AND work towards our freedom from the predatory leadership that bedevils us. It is a first step towards this that the Nigerian masses have collectively started to take through the protests against subsidy removal, against corruption, looting, etcetera. Regards,TOLA.



  2. OGUNYEMI Says:

    Please, does it mean that’s how our money has been looted? 2. Are these people cabals? 3. Why are they supporting removal of oil subsidy? Thnx for ur quick response.



    • emotan77 Says:

      Mr. Ogunyemi, Thanks for this. 1. I think the answer to your first question is known to everybody in Nigeria and beyond but since you asked if our money has been looted, I will reply in the affirmative and will add that the same will continue unless Nigerians are willing to see the ongoing protest to its logical conclusion. 2. if the widely-held meaning of “cabal” or even the simple English dictionary meaning is applied, “these people” can be considered a cabal. 3. I do not know how the removal would benefit them because they were the ones who received the subsidy as Professor Sam Aluko has made clear in very simple language. Bottom line: Nigerians have been taken worse than to the cleaners, as a saying goes but as another expression goes, we’ve been taken to be quartered and served up for vultures to feed on. Regards, TOLA.



  3. Seun Says:

    Well written article. But I dnt belief the allegation that Dr. Iweala is advancing IMF policie in this administration. We need to be objecti



  4. Fatai Bakare Says:

    Tola, I always respect you and I doff my hat for you being blunt, truthful, fearless and factual. The last part of your essay indicates you always double check your facts before publication (checking 85 billion not to mean 8.5 billion). Thank you indeed. Tola, I will like to ask you a question. What will you do with one billion naira? Before you crack your brain let’s do a simple arithmetic or is it maths. One billion is one million thousand which is 1,000,000,000. Spending 10,000 naira daily, it will take another 10,000 days to finish it. 10,000 days is 27.39 years. A child at 20 years old will spend it till he reaches 47 years. The reason I went through this is simple. we are about 160 million in the country. Let us arrest all these people who are feeding fat at the expense of the poor masses, put them in jail and just give 1 billion naira each to the people minus those arrested and members of their families. Don’t you think everybody will be happy. But alas, I know the law of economics does not allow that but we shall be better of with those jailed. Can Jonathan be bold enough to hold the bull by its horns? I bet he can’t because of his own vested interests, he too has skeleton in his cupboard as a former deputy/governor of Bayesta State. Thanks to immunity. May God be your source of power and protection. Amen.



    • emotan77 Says:

      Thanks, Mr. B. Since a billion Naira is a little over US$6 million, and using the rate of spending you’ve specified, it’s more than I need for the rest of my allotted time on this side of the Great Divide. Talking more seriously, a World Bank top staff “on a personal basis”, once suggested that Nigeria’s annual take from oil be shared for every man, woman and child since, he said, nothing was going the way of the people of Nigeria but a few. I once referred to it in my weekly essays when the info was fresh years ago but cann’t remember now or I’d have traced it.

      Now, as for retribution for those who have looted and continue to loot the country dry, most Nigerians are a long-suffering lot and we would be more than glad – including me – to get a fraction of our money back while they can go and sin no more, so to say. There are civil servants, heads of parastatals, local government chairmen/women who are well under corruption radar watch who – I hate to bandy around billions as has become the custom in Nigeria – own assets that would quickly add up to a over $10 million. How did a department like Office of the Accountant-General of the Federation rake up under an “Accountant General Special Project N14.5 billion” as one of the non-performing loans that contributed to the banking collapse of a few years back? What did the department use that loan and what happened to the loan note eventually?

      How many people do we put in jail, and it’s not going to happen, anyway because fanfare will be made of arrests but trials are bungled or swept under and all will remain quiet till the next scandal breaks which won’t be long, anyway.

      Thanks for being ever so generous with words. Regards, TOLA.



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