At the beginning of 2012, the Nigerian government in its bid to deregulate the downstream sector of the petroleum industry removed the subsidy on premium motor spirit (PMS) and this resulted in civil unrest across the country and a plethora of emotive reports in the media, especially the internet, about oil companies operating in the country.
Later that year, the Federal Government of Nigeria set up a House of Representatives Committee, a Senate Committee as well as a Presidential Committee to review commercial transactions between the Nigerian National Petroleum Corporation (NNPC) and petroleum marketers. All petroleum marketing companies operating in the country were invited to appear before the various committees. Sahara Energy appeared before the committees and presented documents that authenticated and validated transactions between her and NNPC.
At the end of the review exercise, the reports from the various committees were submitted to the Presidency. These reports contained the names of petroleum marketing companies that had been engaged in fraudulent and deceptive practices and specified the amounts of money that they were required to refund to the NNPC. Sahara Energy was not listed in any of the reports as engaging in fraudulent practices.
The Presidential Committee in its report of November 2012, verified that all transactions carried out by Sahara Energy were legitimate. These reports and their contents are available as public records for verification.
To further ensure that the company’s name and reputation was not tarnished, legal action is being taken against a media house that published unfounded and malicious stories about Sahara Energy. This organisation has offered to issue public apologies and also make appropriate restitution to Sahara Energy.
The Sahara Group has continued to expand operations globally and will continue to represent the highest levels of business ethics and corporate governance.
Download copies of reports:
|Report of the House of Representative’s Ad-hoc Committee on the subsidy regime in Nigeria. (See pages 194-195)||Full Report|
|The Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments. (See pages 6 and 13)||Part 1