{"id":57597,"date":"2017-05-09T04:22:06","date_gmt":"2017-05-09T03:22:06","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=57597"},"modified":"2017-05-09T04:22:06","modified_gmt":"2017-05-09T03:22:06","slug":"ascon-oil-folawiyo-energy-270million-forex-scam","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/ascon-oil-folawiyo-energy-270million-forex-scam\/","title":{"rendered":"Ascon Oil, Folawiyo Energy in $270million Forex Scam"},"content":{"rendered":"

The House of Representatives ad-hoc committee on Review of Pump Price of
\nPremium Motor Spirit (PMS) has uncovered a $270million forex exchange
\ndiversion scam involving Ascon Oil Ltd and Folawiyo Energy Ltd.<\/p>\n

The committee led by Mr. Nnana Igbokwe (PDP, Imo) made the disclosure on
\nThursday at its resumed investigative hearing.
\nThe committee discovered from documents from the Central Bank of Nigeria
\n(CBN) that the huge sums of foreign exchange which were collected by the
\noil traders for the purpose of purchasing petroleum products were diverted
\nfor other uses.
\nThe committee also queried\u00a0 the oil companies for diversion of petroleum
\nproducts that were eventually traced to them.<\/p>\n

Accordingly, the committee summoned the Managing Director (MD) of Ascon
\nOil Ltd to appear before it on the 15 of May<\/span><\/span> while Folawiyo Energy Ltd
\nrepresentative, Mr. Oladikpo Makujola was handed over to the anti-fraud
\nunit of the Nigeria Police Force to make further statements on allegations
\nof diversion of petroleum products and forex.<\/p>\n

According to Igbokwe, Ascon Oil Ltd collected Forex worth $80million and
\nFolawiyo Energy Ltd received $190million for the purchase of petroleum
\nproducts which they allegedly diverted.<\/p>\n

The committee however decided to place for further enquiry 25metric tons
\nof petroleum products under the custody of Folawiyo Energy Ltd which was
\ndischarged in June 2016 at MT High Efficiecy by Pipeline and Product
\nMarketing Company (PPMC) that could not be traced.<\/p>\n

In his reaction, Mr. Makujola denied owing PPMC stock, saying his company
\ncould not take responsibility for any missing product because \u201cwe only
\nfollow what they instructed us to do.<\/p>\n

\u201cFor the record, my company has never owed PPMC in finance or stock, it
\nwill be uncharitable for them to claim we owe them.<\/p>\n

\u201cThey are responsible for evacuation of their stock we only do the
\nphysical inspection.\u201d<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The House of Representatives ad-hoc committee on Review of Pump Price of Premium Motor Spirit (PMS) has uncovered a $270million forex exchange diversion scam involving Ascon Oil Ltd and Folawiyo…<\/p>\n","protected":false},"author":1,"featured_media":57598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-57597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nAscon Oil, Folawiyo Energy in $270million Forex Scam - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/ascon-oil-folawiyo-energy-270million-forex-scam\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ascon Oil, Folawiyo Energy in $270million Forex Scam - 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