Bola Ahmed Tinubu (the revered APC chieftain) and Adewale Tinubu (the revered oil magnate of OANDO) are family relatives.
Adewale Tinubu is the nephew of chief Bola Tinubu, former governor of Lagos State and the National Leader of APC.
Adewale is Tinubu’s front in most oil deals in Nigeria. This is an open secret.
NNPC’s retail filling stations and more than 20 petroleum products marketing firms, are owing Federal Government at least N85 billion naira.
The debts arose from products PPMC gave these companies for distribution over the last 10 years.
NNPC retail filling stations and OANDO owes more than 50% of the entire debt.
NNPC debt stood at N22.56 billion while that of Oando stands at N25.05 billion. The remaining oil companies owe the rest.
The most indebted companies are owned by some of Nigeria’s and Africa’s richest billionaires.
Oando PLC, which owes the largest chunk of N25.05 billion, is owned by the Tinubu family.
The PPMC had allocated petroleum products to these companies for onward distribution nationwide.
They took the products, distributed them and refused to pay the Government for 10 years plus.
A law firm, B. I. Murtala & Co., petitioned EFCC, accusing top NNPC and PPMC officials of “abuse of office and economic sabotage.
“There exists a conspiracy between PPMC/NNPC and suspected oil marketers who deliberately withheld huge government revenues in respect of petroleum products received on credit without due payment or remittance into the Federation Account.”
One PPMC source said the relationship between NNPC/PPMC and marketers allowed marketers to owe for a period without payment.
“Products are supplied and an average of two weeks grace given for payment.
“Depending on the time of reconciliation, there could be credit and debit here and there.
“There is always overlapping period before reconciliation.
“But, no marketer would owe for a long period of 10 years without NNPC taking action to recover monies from them,” the source said.
Why the EFCC, NNPC and FG are yet to invite the Tinubu’s and other oil moguls for questioning beats our imagination.