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HomeBusinessN30bn debt owed us by FG crippling our business - A-Z Oil

N30bn debt owed us by FG crippling our business – A-Z Oil

By Aaron Ossai

Oil marketing conglomerate A-Z Oil Nigeria Ltd has called on the House of Representatives to intervene and prevail on the Federal Ministry of Finance to pay the N30 billion debts owed by the Federal Government.

This happened as the House Ad-hoc Committee on the Volume of Fuel Consumed Daily in the Country has asked the oil marketing companies involved in sale of petroleum products to provide records of all crude oil lifted and Premium Motor Spirit PMS supplied to Nigerians and foreigners daily.

Chairman of the Committee, Hon Sa’ad Abdulahi at an investigative hearing on the matter said that the Secretariat of the Committee should write to the Nigeria National Petroleum Corporation NNPC demanding explanation from the agency on the circumstances in which Vitol, an oil marketing company, was engaged in oil lifting.

He further said that the 43 invited oil companies should provide record of crude oil lifting, clean record of PMS supply on daily basis, letter of authority to lift crude oil and other necessary supporting documents on the subject of the investigative hearing.

While appearing at the probe panel, the Business Development Manager of A-Z Oil Nigeria Limiter Mr Haford Udochukwu said that the N30 billion debts owed the company by the Federal Ministry of Finance being the differential and interest in oil sales is crippling the company’s business.

He implored the House panel to prevail on the Ministry to offset the debt to enable the company continue to do business adding that it had stopped fuel importation since December 2017 owing to it.

Earlier in a presentation before the Committee a representative of one the invited companies Ash Energy, Mr. Yusuf Alhassan said the that company is a group with subsidiaries.

He explained that there are three different companies under the group dealing with the issue of PMS sale and supply adding that they do reconciliation of documents on PMS used in Nigeria.

He added that fifteen persons from the companies went to London to sign the reconciliation document of PMS used in Nigeria.

But the lawmakers notably Hon. Julius Ihonvbere and Hon. Uzoma Abonta said that from the presentation the company is involved in shady oil deals.

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