SPG Oil Boss, Stella Odua Sells N13.5b Waiver To Vaswani Brothers!

…how she used President Jonathan to seal the deal

Twice deported investors in the Nigeria economy, the Vaswani’s brother- Sunil and Mahesh- are back.

And not just that, they are speedily becoming a dominant force in the scope of things with their Stallion group thanks to the business manipulations of influential business woman and her Sea Petroleum and Gas Group.

Information made available to www.societynowng.com revealed that Odua, a widely acknowledged friend of the President used her influnce to secure a waiver of duty for importation of rice valued at N13.5b last year.

She was said to have achieved this operating under the identity of an enterprise known as Network Supplies Limited.
Sources claim there is no record that the company ever inported or distributed rice in the past.

According to informants ‘their sunsequent action after securing the waiver proved one thing- the enterprise was set up just to secure that particluar goverment concession and nothing more’

The promoters of Network Supplies Limited were said to have sold the ‘paper’ to Stallion Group and effectively giving the owners Sunil and Mahesh Vaswani the perfect leeway and egde over competitors that have obeyed laid down rules and regulations and paid full tariff and duty on their imports.

It is instructive to note that the past regims of ex presidents Obasanjo and Yaradu’a investigated and deported the Vaswani brothers twice for conducts inimical to the development of the country and the economy.

It is however not clear whether the presidency have knowledge of or is involved in the latest plot to create room for the controversial businessmen to become actively involved in the nation’s economy again.

Insiders however insists based information available Stella Odua and her crew are playing the perfect stoge for the Vaswani’s presently and Odua is using her ocnnection with the president to achieve this.

Giving a background information on how the Waiver of Duty was secured sources claim that the Network Supplies Limited promoters applied for the wiaver in July 2010 on the ground that ‘it is in order to mitigate the adverse effect of climate change and to supply rice at affordable price to Nigerians’

The president reportedly approved and the Budget Office of the federation issued a circular to Nigeria Customs service and inspection agencies confirming the waiver.

The break down of the waiver is given as 500,000mt in two batches.
the tarrif structure is revealed thus:

Customs duty – 10percent of CNF value
Rice Levy – 20 percent of CNF value
Post surcharge – 7 percent of customs duty
CISS – 1 percent of FOB value
ETLS- 0.5 percent of CNF value
Federal goverment benchmark for valuation of imported rice is $560 per mt.
At $560 per mt the tarrif payable is approx $180 per mt
The value of tarrif waiver for 500,000mt is USD 90mil or N13.5billion

Investigations conducted revaled that this development has started gathering a quite storm amongst operators in the affected industry and other stake holders.

This growing furore is said to the fact that there is no definate commitment or obligation imposed on the beneficiary of this concession- and it is like putting N13.5B goverment money in the hands of some people without any clear or evident benefit.