International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Thursday, August 21, 2014

Economic Financial Crimes Commission Recovers N5 Billion Oil Subsidy Fund

Economic-and-Financial-Crimes-Commission-EFCCThe Daily Times Nigeria reports, amazingly that an Oil Fraud is being prosecuted.  "While underlining the importance the Commission places on transparency and corruption issues in the oil sector, Uwujaren noted that the Commission presently has a full fledged section charged with investigation of oil subsidy matters and other extractive industries issues.

It would be recalled that chairman of the commission, Ibrahim Lamorde disclosed recently that about N4.3 billion had been recovered from suspects involved in the petroleum subsidy scam as at April this year. He had used the opportunity to call for a sustained partnership between the EFCC and the PPPRA in order to sanitize the petroleum industry as the commission will regularly need information and documents from the PPPRA. Also, the EFCC will need staff of the petroleum pricing agency to testify in court or provide evidence for the prosecution of those involved in subsidy scam from time to time."

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