Following the establishment of an Ad Hoc Committee by the House of Representatives to verify and determine the actual subsidy requirement and monitor the implementation of the subsidy regime in Nigeria, the Agency was invited, and made presentations to the Committee on the implementation of the scheme from 2006 to 2011.
While the Agency is still awaiting the Resolution of the House on the Report of the AdHoc Committee, we consider it appropriate to correct some information in the media, which have been attributed to the report. Please find below the allegations and the clarifications by the Agency.
Although there were 38 Marketers under the scheme at that time, the 128 cheques representing multiple payments made to the 15 participating Marketers whose identities are indicated. It should be noted that the above payments were in respect of the 2 batches for which payments had fallen due and which were paid together in Jan 2009.
In line with government financial regulation at the period, government agencies were not permitted to issue cheque of One Billion naira and above. At the period of the payment approval, the Marketers listed above were owed several billions cumulatively and as such, payments were broken down to N999 million per cheque in line with financial regulation. The allegations of fraudulent duplication of payments to unknown beneficiaries cannot therefore be substantiated. This information is easily verifiable as the cheques issued were CBN cheques; the counterfoils of which are still available.
The similarities of the figures derived from the adherence to financial regulation and not a likelihood of fraud as indicated in the report.
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