Fresh Corruption Charges Rock Wale Tinubu’s Oando In N1.3Trillion Subsidy Probe

Fresh corruption charges is rocking major beneficiary of the controversial fuel subsidy probe- Ocean and Oil led by Mr Wale Tinubu.

Sources confirmed the company is currently facing barrage of allegations over moves that transformed it earner of a major chunk of the removed scheme.

Informants divulged that Oando is currently being coloured with talks of bribery and under hand engagements in it conducts.

According to a source the events that resulted in the present situation engulfing the company was kick started by an action credited to Mr Wale Tinubu.

He allegedly claimed that ‘PPRA top were responsible for the government expenditure amounting to 1.3trillion’

Sources claimed the leadership of the Petroleum products Pricing Regulatory Agency was pained about this assertion.

And in other to counter this statement, another source divulged ‘some top officials of PPRA are set to take him to the cleaners by revealing his fraudulent acts in the scheme of things’

The move against Wale Tinubu and Oando is being worked out with the parameters of allegations of manipulating policy through bribe and maintaining chummy relationship with officials in the agency.

Informants claim citing the case of an officer in the reconciliation team bribed by an Oando officer- and sanctioned when the deed was exposed is meant to give credibility to the allegation.

There are also talks of furnishing the public with the numerous petitions written against competitors by the company in the bid to corner a large share of the market.

The idea is to establish an underhand tactics that turned Oando’s allocation in quarter 3 2011 N110b- which is about their allocations for 5 years.

This development reportedly made Oando highest beneficiary of the fuel subsidy with N228billion to it name.

Sources claimed the can of worms opened by Wale Tinubu’s statement is on-and petitions being compiled and forwarded to the relevant authorities for proper investigation.

Sources claimed allegations of misconduct in Kerosene deals and Petroleum equalization fund (PEF) set up to remove logistic jam encountered in cost of transporting fuel to other parts of the country so that the price of fuel could still be uniform are also part of the bargain.

Oando’s long term relationship with a known General Manager in the PPRA is tagged key to the allegations against the company.

The moves being made by the company to sustain Wale Tinubu’s claim against the PPRA- and counter the attendant allegation against it is not clear at press time.