Nigeria Subsidy Scam: The indicted firms in brief

The under-listed are part of the companies indicted by the House of Representatives committee probing the misappropriation of the Petroleum Subsidy Fund and have been required by the House to refund  N8,664,352,554.00.


Ibafon Oil Limited is a private Limited Liability company incorporated in Nigeria on 10th of March 1998, and commenced business in 1999. Area of core competence over the years has been construction & leasing of tanks.

IBAFON OIL LIMITED presently runs 31 million litre capacity Tank Farm at Ibru Jetty Complex, Apapa, Lagos, Nigeria for the storage and marketing of select petroleum products. It operates service stations in Ibadan, Oyo State and in Kaduna.


Aquitane Oil and Gas Limited was incorporated in April 2005 as a direct response to the emerging trends in the dynamic Oil and Gas industry of the West African sub region. Though a relatively new operating entity, the company is itself an amalgamation of individuals with industry competencies that cut across the various segments of the energy sector.

The company has been able to enter into major products trading transactions with market leaders like Addax, WABECO, Global Fleet, Sahara Energy and Zenon, quickly surpassing all industry benchmarks over a 12 month period.


Rainoil Limited was incorporated in November 1994 and commenced business as an Oil Marketing Company in the downstream sector of the Oil and Gas Industry in May 1997. From very humble beginnings with one Service Station in 1999 with which we entered into a Bulk Purchase Agreement with NNPC as an Independent Petroleum Products Marketing company, it has grown to a group of subsidiary companies with substantial investments in the following areas of the Downstream Operations: Tank Farm Operations, Jetty Services, Haulage/Distribution and Retail Outlets Operation.

It currently operates twenty services stations strategically located in all geo-political zones in the country and aim to be present in all major towns and cities. GABRIEL OGBECHIE – MANAGING DIRECTOR/CHIEF EXECUTIVE OFFICER; GODREY OGBECHIE – EXECUTIVE DIRECTOR; KENNETH NDABAI. – GENERAL MANAGER, RAINOIL BULK STORAGE LIMITED.


Techno Oil, a leading Indigenous Integrated energy group opened shop in 1997 as a downstream Petroleum Marketing Company marketing “ESSO” blended lubricants . Over the years, the company has grown and deployed capital investments and technological innovation in its various business concerns.  Dr. John C. Nnadi is the Chairman of the Board of Directors of the company.  Mrs. Nkechi Obi is the Executive Vice-Chairman; Engr Tony Onyeama, Managing Director and Mr. Godfrey I. Okigbo, Executive Director Finance and Admin.


Mobil Oil Nigeria Plc is a subsidiary of the American Oil Giant, Exxon Mobil. The Company operates in the integrated oil and gas industry. Mobil Oil Nigeria is engaged in the production and marketing of petrochemicals (gasoline, motor oils, lubricants, marine and jet fuels, etc.), packaging films and other chemical products. Through its wholly owned subsidiaries, Mobil operates worldwide oil and gas exploration and producing business, a global marketing and refining complex, a network of pipelines and tankers linking.


Conoil, formerly National is one of Nigeria’s major oil marketers of choice, providing fuel for transportation, energy for heat and light, and retail services for everyday needs.

Owned by famous industrialist Mike Adenuga, Conoil is one of the most formidable names in Nigeria’s downstream petroleum industry. It is engaged in the marketing of refined petroleum products and also in the  manufacturing and marketing of high-quality lubricants and chemicals for domestic and industrial use.


It is a subsidiary of Stonebridge holdings Limited and was incorporated in 2006.  Its head office is located at 19, Wema Terrace, Udi Street, Osborne Estate Ikoyi, Lagos with operations office at the Ibru Organization Administrative block, Ibru Port Complex, Ibafon, Apapa.



Oilbath is a wholly owned Nigerian company, incorporated in 1996. It was set up to provide effective marketing solutions and proper distribution of petroleum products to the end users nationwide. As a matter of fact it is engaged in importation of petroleum and petrochemical products, which it stores at a facility in Apapa Lagos.

Mr. Kola Gbadamosi is Managing Director; Mr. Olasukanmiis the General Manager of the Company and Mr. Adebayo is the chief Accountant of the Company.

Fargo Petroleum & Gas Limited

This is an indigenous company that specializes in the marketing and distribution of petroleum products and commodities trading. Fargo Petroleum & Gas Limited was incorporated as a private limited liability company in July, 2001 and has experienced unprecedented growth in the Nigerian oil industry. The company is an independent oil trading company.

Nepal Oil & Gas Services Limited

 Incorporated on 13thof October 2004 to carry on the business of supply, trading and productivity support in the down, mid and up-stream sub sector of the petroleum industry. The company is renowned for its importation of massive volumes of petroleum products into Nigeria, and with a sizeable fleet of motorized tanker trucks.

Barrister Ekeoma is the Managing Director and Chief Executive Officer of the company, while Boniface Chukwunaru actsas Chief Operating Officer of the company.  Isaac  Shola Adegbenro the Group Financial Controller of the Company.

Lottoj Oil & Gas Limited

An international marine fuel logistics and petroleum products trading company that markets and physically supplies refined marine fuel and petroleum products in the port and at sea.

Chief C.O.Oyibo , Admiral Taiwo Odedina (Rtd) is the Chairman, . Richard Alabi the Director / CEO,  ,  Admiral Adetoye Sode (Rtd) CON is a Executive Director.

Tempo Energy Nigeria Limited

An energy and exploration company that produces hydrocarbons

It is an independent exploration and production company, acquiring and managing new ventures, acquiring technical and management support in developing portfolios.

Rocky Energy Limited

A full-serviced oil trading company licensed to import petroleum products. Its activities run through – marketing, distribution, services, logistics and risk management to customers around the world.

Mr Emmanuel S. Morah  is the Chairman, Mr George Ogbonna is the Executive Director, Mr. Dike Justin Ugochukwu Obih is the Director.

Delmar Petroleum

Company business-line involves large scale storage, distribution and marketing of refined and unrefined petroleum products.


Incorporated in 30th October 2001 as an independent Oil Trading Company in Nigeria and in the United Kingdom.


Leave a comment

Filed under News

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s