Femi Otedola
Boniface Emenalo, the secretary of the then House of Representatives ad hoc committee on Fuel Subsidy said Zenon Oil and Gas owned by billionaire businessman, Femi Otedola obtained the sum of $232, 975, 385.13 for importation of petrol, but diverted the funds to its sister company, AP now known as Fortis Oil.
Emenalo who was the first prosecution witness in the trial under cross examination by Chief Mike Ozekhome, the lead defence counsel read a section of the report of the Committee which was already admitted in evidence in which Zenon was indicted over diversion of $232, 975, 385.13 million in the report of the Committee in 2012.
He added that AP subsequently utilised the forex to import petroleum products.
The witness told the court that one of the objectives of his Committee was to find out companies which collected foreign exchange for importation of petroleum products, but never did so.
In response to a series of questions by Ozekhome, Boniface said the Committee also discovered that some of the companies that collected foreign exchange for importation of petrol diverted the foreign exchange to other companies and that the companies involved were referred to the anti corruption agencies.
Ozekhome asked Emenalo to read from one of the statements he made which has been admitted as exhibits in court where it was indicated that the Ad hoc Committee on Fuel Subsidy had initially freed Zenon from the investigations based on presentation by the company that it is not involved in the subsidy scheme.
“You now made discovery that the consultant discovered that a particular form m given to Zenon was used by AP in importing PMS and AP was accordingly paid,” Ozekhome asked Emenalo to which he replied “Yes.”
Though Emenalo said the discovery was made by one of the …Read More
Source:: PM Newspaper
