Earlyface

There is disquiet in the Presidency over a ‘close’ relationship between a serving minister and a firm which was indicted for N2.7billion oil subsidy claims as tension in presidency as EFCC probes unregistered firm.

The firm, Pinnacle Contractors Limited, is unknown to law as it was not registered with the Corporate Affairs Commission (CAC) before engaging in phony fuel importation and smiling to the banks with N2.7billion.

There were strong indications that the company was used for slush funds by some powers that be for “a certain purpose.”

The ‘strange’ company is one of the 25 firms recommended for criminal investigation by the Federal Ministry of Finance.

The company received subsidy payments in 2011 without importing any fuel.

It was gathered that anti-corruption agencies are currently probing the status of the company and those behind it.

But it was learnt that preliminary findings have shown that the affected agencies are also looking into a “close link” between a minister and the ‘strange’ company which was 22 on the list of firms due for criminal investigation.

A reliable source in one of the anti-graft agencies, who spoke in confidence, said: “Pinnacle Contractors Limited is one of the firms we are probing as part of the fuel subsidy scam. There are issues concerning its ownership, registration by CAC and its legal existence.

“We are also trying to unravel the directors of the said company in order to establish those who will face trial for the N2.7billion subsidy scam. We are still on the case.

“What we are doing is to investigate these companies in batches because many issues were involved in tracking the subsidy fraud.”

Responding to a question, the source added: “There have been insinuations that a member of the Federal Executive Council has links with the company but we are still probing this angle.

“The challenge at hand is that in terms of ownership, there seems to be a link with a member of the Federal Executive Council. But on the surface, it is a flat situation. We are to dig beneath the surface and that is what we are doing.

“At the end of our investigation, we will be able to clarify whether the said firm is owned by a serving government official or not and how it came about the N2.7billion fuel subsidy claim.”

Another source added: “A search in CAC has so far confirmed that only Pinnacle Company Nigeria Limited is registered.

“It was actually registered on September 18, 1981 with registration number RC. 8740. Its registered office is given as 12, Iwehen Street, Benin City, Edo State. The directors are Samuel Okhorutomwen Uwadie and Samuel Omorodion Uwadie.

“Certainly, it is not an oil firm but it is in business for general goods. Therefore, it has no relationship with this Pinnacle Contractors Limited that we are investigating.

“Whatever is the case, we are determined to unravel those behind Pinnacle Contractors Limited which claimed N2.7billion as subsidy in 2011.”

But findings revealed that investigation might have suffered a setback because the suspected minister was one of those mandated by President Goodluck Jonathan to draft white papers on the three reports meant to clean the oil sector.

One of the sources said: “There is that suspicion against the minister but since we have not reached a conclusive bend, you cannot say he or she should not perform his or her statutory duties as a member of the Federal Executive Council.

“All I know is that we are looking into issues bordering on those behind the ‘oil’ company.”

The President had raised white paper committees on the reports of the Petroleum Revenue Special Task Force, the National Refineries Special Task Force and the Governance and Controls Special Task Force.

The Anti-Corruption Network, a non-governmental organisation headed by a former member of the House of Representatives, Dino Melaye, had protested to the Federal Ministry of Finance in Abuja to ask for the legal status of the company.