Labor and Productivity Minister, Chief Emeka Wogu has said the allegation linking him to subsidy scam with Pinnacle Contractors Limited are malicious attempt aimed at attacking his hard earned reputation.
A former member of the House of Representatives, Dino Melaye, accused the Minister of Labor and Productivity of ownership of Pinnacle Contractors Limited, an organization fingered to have fraudulently received N2.7 billion in the fuel subsidy scam.
But Wogu declared that he had long resigned and sold Pinnacle Contractors to Masters Energy Oil and Gas Limited five months before it went into the subsidy business.
According to the Minister, “The Pinnacle Contractors Ltd was sold to Masters Energy Oil and Gas Ltd in March 2010 for an agreed sum of which payments have been effected in accordance to the sales agreement.”
He said his resignation from the board and the sale of Pinnacle Contractors was duly registered by the CAC on the 7th day of April 2010 after his formal resignation on the 9th day of March 2010.
Wogu explained that, “after the said sales and business takeover of Pinnacle Contractors Ltd by Masters Energy Oil and Gas Ltd the new owners took over the affairs of the said company completely and ran the enterprise without any recourse whatsoever to the Honorable Minister.”
According to him, “all documents relating to the sale and transfer of Pinnacle Contractors Ltd to Masters Energy Oil and Gas Ltd are public documents and are available to all Nigerians to see with the CAC.”
Also, the new owners of Pinnacle Contractors dispelled insinuations that the company is faceless and had been indicted in the Petroleum subsidy scam.
They also absolved the Labor Minister of ownership and involvement in the activities of Pinnacle Contractors.
“The Honorable Minister of Labor and Productivity, Chief Emeka Wogu has no stake in Pinnacle Contractors. For the avoidance of doubt, let us restate here that he has no hand in the company and he is NOT a signatory to Pinnacle Contractors account. “
A statement signed by the Management of Masters Oil and Gas and made available to journalists stated that Pinnacle Contractors is a legitimate company which pays its taxes; it pays VAT and also has its own bank account. You cannot have all these in place if your company is not registered. You cannot have a tax number if you are not a registered company; you cannot have a VAT number if you are not a registered company.”
The Company says, “the petroleum products for which the subsidy claim was made was actually imported into the country and sold in the country as evident in the bill of lading, certificate of clearance and reports of the various regulatory agencies.”
According to the company, “The presidential committee on the verification of subsidy payment deems this clarification necessary in view of the public interest generated by the false reports and the purported indictment of the company.”