• Latest
  • Trending
  • All
  • News
  • Business
  • Politics

DSS, EFCC Set To Sweep On Oil Boss, Gabriel Ogbechie

June 15, 2017
COVID-19: 1,386 new cases confirm as toll hits 114,691

COVID-19: 1,386 new cases confirm as toll hits 114,691

January 21, 2021
Vice-Principal, husband of three wives’ rape 12-year-old school pupil.

Vice-Principal, husband of three wives’ rape 12-year-old school pupil.

January 21, 2021
FEC 19th virtual meeting ongoing at Presidential villa Abuja

FEC approves extension of teacher’s retirement age 65

January 21, 2021
BVN-GENERATED NIN IS INVALID UNTIL IT’S BEEN VALIDATED AT THE CENTRES

FG shift deadline of NIN link-up with SIM cards to Feb. 9

January 21, 2021
Former Fidelity Bank Chairman’s mother Ezinne Maria Ebi to be laid to rest January 29, 2021

Former Fidelity Bank Chairman’s mother Ezinne Maria Ebi to be laid to rest January 29, 2021

January 19, 2021
Jehovah’s Witnesses Release Bibles in 33 Languages in 2020

Jehovah’s Witnesses Release Bibles in 33 Languages in 2020

January 19, 2021
COVID-19 SECOND WAVE: FG imposes new restrictions

PTF: Second lock-down looming, if Nigerians fails to respect protocols

January 19, 2021
Nasir EL-Rufai: Let power goes to the south in 2023

Schools in Kaduna remain closed against FG Jan 18 directives

January 18, 2021
Jubril Martins-Kuye’s death, a colossal loss for the country

Jubril Martins-Kuye’s death, a colossal loss for the country

January 18, 2021
Dangote among the highest loser on the stock Exchange market over coronavirus

Nigeria’s longest concrete construction by Dangote completed

January 18, 2021
Shameful Act: Police Officer caught during robbery operation

Shameful Act: Police Officer caught during robbery operation

January 18, 2021
Ministerial Appointment: List contain names of individuals who failed as former ministers- PDP

PDP Tackles FG over attitude towards second wave of COVID-19

January 14, 2021
  • Home
  • News
    • Politics
    • Business
  • Entertainment
    • Sports
Saturday, January 23, 2021
  • Login
1001News Nigeria
  • Home
  • News
    COVID-19: 1,386 new cases confirm as toll hits 114,691

    COVID-19: 1,386 new cases confirm as toll hits 114,691

    Vice-Principal, husband of three wives’ rape 12-year-old school pupil.

    Vice-Principal, husband of three wives’ rape 12-year-old school pupil.

    FEC 19th virtual meeting ongoing at Presidential villa Abuja

    FEC approves extension of teacher’s retirement age 65

    BVN-GENERATED NIN IS INVALID UNTIL IT’S BEEN VALIDATED AT THE CENTRES

    FG shift deadline of NIN link-up with SIM cards to Feb. 9

    Former Fidelity Bank Chairman’s mother Ezinne Maria Ebi to be laid to rest January 29, 2021

    Former Fidelity Bank Chairman’s mother Ezinne Maria Ebi to be laid to rest January 29, 2021

    Jehovah’s Witnesses Release Bibles in 33 Languages in 2020

    Jehovah’s Witnesses Release Bibles in 33 Languages in 2020

    COVID-19 SECOND WAVE: FG imposes new restrictions

    PTF: Second lock-down looming, if Nigerians fails to respect protocols

    Nasir EL-Rufai: Let power goes to the south in 2023

    Schools in Kaduna remain closed against FG Jan 18 directives

    Jubril Martins-Kuye’s death, a colossal loss for the country

    Jubril Martins-Kuye’s death, a colossal loss for the country

    Dangote among the highest loser on the stock Exchange market over coronavirus

    Nigeria’s longest concrete construction by Dangote completed

    Trending Tags

    • Donald Trump
    • Future of News
    • Climate Change
    • Market Stories
    • Election Results
    • Flat Earth
    • Foreign
    • Special Report
  • Politics
  • Business
  • Education
  • Entertainment
    Lewandowski finally beats Ronaldo, Messi to win FIFA Best Player award

    Lewandowski finally beats Ronaldo, Messi to win FIFA Best Player award

    Historic Owambe: Thousands gathered to witness Suleiman age 23 and 46 years old America mother wedding in Kano

    Historic Owambe: Thousands gathered to witness Suleiman age 23 and 46 years old America mother wedding in Kano

    BBnaija: 5 Housemate for possible eviction Laycon, Kiddwaya, Nengi, Lucy and Trikytee

    BBnaija: 5 Housemate for possible eviction Laycon, Kiddwaya, Nengi, Lucy and Trikytee

    Kiddwaya mum appreciate fans with tears on her face

    Kiddwaya mum appreciate fans with tears on her face

    Photo: See Nigeria tallest girl

    Photo: See Nigeria tallest girl

    Simi welcome first child with her lover Adekunle Gold

    Simi welcome first child with her lover Adekunle Gold

    Davido Promise to donate proceeds of his new Video “D&G” to coronavirus research

    Davido Promise to donate proceeds of his new Video “D&G” to coronavirus research

    Party scatter! …. as first wife pour red oil on husband’s new bride during Ceremony

    Party scatter! …. as first wife pour red oil on husband’s new bride during Ceremony

    Naira Marley, Gbadamosi soon to be arraign in court over lockdown violation

    Naira Marley, Gbadamosi soon to be arraign in court over lockdown violation

    2019/2020 Premier League remaining matches suspended 2019/20 indefinitely

    2019/2020 Premier League remaining matches suspended 2019/20 indefinitely

  • Sports
No Result
View All Result
1001 News Nigeria
No Result
View All Result
Home Business

DSS, EFCC Set To Sweep On Oil Boss, Gabriel Ogbechie

in Business, News, slideshow
423
0
998
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

The Department of State Security (DSS) and the Economic and Financial Crimes Commission (EFCC) will any moment from now swoop on another oil mogul, Mr Gabriel Ogbechie.

Security sources revealed to us that Mr Ogbechie who is the Managing Director/CEO of Rain Oil Limited is among the big players in the corruption ridden oil and gas sector of the country which President Muhammadu Buhari has sworn to clean up.

As a former Minister of Petroleum during the military regime, Gen. Muhammadu Buhari was in tune with the goings on and the malfeasants in the country’s oil and gas sector. Now a democratically elected ruler, one of the main objectives of President Buhari is to cleanse the petroleum industry of corrupt practices and block all leakages

A source in the presidency informed us that President Buhari, early 2016 set up an investigative panel to discreetly probe the oil and gas sector. The reports are to be channeled through the Chief of Staff, Alh. Abba Kyari and delivered on his table.

We learnt that one of the mandates given by the president to the investigative panel was to exhume all reports of all probes, investigations and petitions that been swept under the carpet by previous administrations. The source revealed that few weeks after the panel swung into action, Mr Gabriel Ogbechie’s name and his company, Rain Oil Limited were found in many mind boggling dirty deals with officials of the Nigeria National Petroleum Corporation (NNPC).

We were further informed that an interim report of the secret investigative panel had been submitted to the President Buhari’s table and it was the recommendation therein that led to the arrest and detention of flamboyant businessman, Mr Ifeanyi Ubah who is currently being detained by the DSS.

The DSS few days ago told an Abuja High Court that Capital Oil boss unilaterally diverted about 80 million litres of Premium Motor Spirit (PMS) kept in his Tank Farm by the NNPC, sold the products and pocketed the money. The DSS argued that the offence amounted to economic sabotage and punishable by death under the law.

Meanwhile, investigations have shown that in year 2012, the Report of the Adhoc Committee of the House of Representatives to verify and determine the actual subsidy requirements and monitor the implementation of the subsidy regime, revealed by the committee under the heading; Sales of NNPC Petroleum Products By Capital Oil Limited.

An extract from the report goes thus; “The Committee observed that NNPC entered into a Storage Agreement of products with a tTank Farm Owner, Capital Oil Limited and consequently stored a volume of 94,330,030 litres in the Tank Farm of the company. However, due to alleged nonpayment of the storage fees for a period of Nine (9) months, the company sold the entire products belonging to NNPC ostensibly to recover the debt owed it by NNPC.”

“The Committee noted that the Agreement did not give the company the right of offset. Despite this lack of provision in the Agreement, NNPC bent the rules to accommodate the sale, in consideration of the company’s undertaking to allow the Corporation to recover the value of the sold products and accruing interest on incurred sums amortized over a period of time.”

Ifeanyi Ubah has been nabbed and the searchlight is now on the Rain Oil boss. Interestingly, Gabriel Ogbechei was also investigated in 2012 by the House of Reps Adhoc Committee and allegations were leveled against him of also diverting NNPC product kept at his Tank Farm in Oghara, Delta state, but he also found his way out of the mess after allegedly ‘settling’ some members of the committee.

Meanwhile, sources at the DSS and EFCC disclosed to us that the agencies are already rounding off their investigations on the Delta state born mogul and would be arrested soon.

Incidentally, Gabriel Ogbechei is currently facing another probe by the House of Reps Ad hoc Committee on review of pump price of petroleum where he was among others accused of not being able to account for over One billion dollars petroleum products. The Rain Oil boss was also accused of misappropriation of the FOREX collected as oil importer to ensure steady supply of Premium Motor Spirit.

A source in the oil and gas industry confessed that fraudulent practices have taken over the industry and that Gabriel Ogbechei is one of the kingpins. The source opined that until the likes of Ifeanyi Ubah and Gabriel Ogbechei are made to face the law, the anti-corruption war of President Buhari will still be regarded as tales by moonlight in the Oil and Gas sector of Nigeria’s economy.

Tags: slideshow
Previous Post

SENATE COMMENDS ZENITH BANK FOR FULL REMITTANCE OF CUSTOMS COLLECTIONS, DIRECTS OTHER BANKS TO MAKE REFUNDS

Next Post

GTBank Launches GTPatriot

Related Posts

COVID-19: 1,386 new cases confirm as toll hits 114,691

COVID-19: 1,386 new cases confirm as toll hits 114,691

by 1001News
January 21, 2021
0
825

The Nigeria Centre for Disease Control (NCDC) has recorded 1,386 new cases of COVID-19, bringing the total number of infections...

Vice-Principal, husband of three wives’ rape 12-year-old school pupil.

Vice-Principal, husband of three wives’ rape 12-year-old school pupil.

by 1001News
January 21, 2021
0
1.1k

The vice-principal of Community Day Secondary School, Katandani in Rimi council area of Katsina State, Ibrahim Tukur, 38, was yesterday...

FEC 19th virtual meeting ongoing at Presidential villa Abuja

FEC approves extension of teacher’s retirement age 65

by 1001News
January 21, 2021
0
826

The Federal Executive Council (FEC) has approved a bill extending the retirement age for teachers in the country from 60...

BVN-GENERATED NIN IS INVALID UNTIL IT’S BEEN VALIDATED AT THE CENTRES

FG shift deadline of NIN link-up with SIM cards to Feb. 9

by 1001News
January 21, 2021
0
1k

The Federal Government has extended the deadline for millions of Nigerians unable to link their National Identity numbers (NINs) with...

Next Post

GTBank Launches GTPatriot

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

5 × 5 =

No Result
View All Result

Recent Posts

  • COVID-19: 1,386 new cases confirm as toll hits 114,691
  • Vice-Principal, husband of three wives’ rape 12-year-old school pupil.
  • FEC approves extension of teacher’s retirement age 65
  • FG shift deadline of NIN link-up with SIM cards to Feb. 9
  • Former Fidelity Bank Chairman’s mother Ezinne Maria Ebi to be laid to rest January 29, 2021

Recent Comments

    Archives

    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • March 2020
    • February 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • March 2017
    • January 2017
    • December 2016
    • November 2016

    Categories

    • blog1
    • breakingnews
    • Business
    • Education
    • Entertainment
    • Foreign
    • News
    • Politics
    • slideshow
    • Special Report
    • Sports
    • Uncategorized
    1001 News Nigeria

    Copyright © 2019 1001NewsNg.

    Navigate Site

    • Foreign
    • Special Report
    • Advertise
    • Contact Us
    • Privacy & Policy

    Follow Us

    No Result
    View All Result
    • Home
    • News
      • Politics
      • Business
    • Entertainment
      • Sports

    Copyright © 2019 1001NewsNg.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms below to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In