Proshare Logo
   Market Date: 30-09-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Zenon Never Benefited from Subsidy Regime

Category: Oil Sector


  Read (1805)
Zenon Never Benefited from Subsidy Regime

January 18, 2012 / Thisday
 

Managing Director of Zenon Petroleum and Gas, Mr. Kanmi Kareem Otaru, has denied that the company had anything to do with the subsidy regime.
 

He made the denial to the House Ad hoc Committee investigating the subsidy regime chaired by Hon. Lawan Farouk. 

He stated that he decided to honour the Committee’s invitation out of deep respect for the House leadership and to also use the opportunity to clear the air about the rumours and outright misinformation going on through the social media platforms that Zenon and indeed Mr Otedola belong to a “cabal” exploiting the subsidy scheme, revealing that it was all a figment of people’s imagination.
 

He said “for the avoidance of doubt Zenon never participated or benefited from the subsidy scheme or Petroleum Support Fund, PSF.”
 

According to him going by the Act which established the PSF scheme, “Zenon couldn’t participate in it because we don’t have a network of PMS retail outlets which was one of the key criteria beneficiaries must meet and as such we are not qualified to participate in drawing from subsidy payments on PMS. So we never collected as records will show” he declared.
 

Stating further that the need to set the record straight had become urgent as a result of wild rumours and innuendos being circulated by mischief makers who are out to impugn the integrity of the company and its managers.
 

He told the committee after he was asked if Zenon imported PMS in 2011, that Zenon did not import any (AGO and/or PMS) in 2011. He further mentioned the losses sustained by the company in 2007/08, of over a N100 billion, due to the fall in international crude and products prices and the devaluation of the naira.
 

Earlier, Farouk had said neither Zenon or Otedola was on trial but that Zenon was invited by the committee because of its role as a key player in the downstream sector and that such input into the committee’s work was needed from Zenon.



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Oil Sector

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint