Aig-Imoukhede, Chair Of Presidential Panel On Subsidy Verification, Is Oil Cabal Member Too

President Goodluck Jonathan and oil cabal member, Aig-Imoukhuede
By Bassey Udo & Emmanuel Ogala

After pocketing a princely N345.3 million and failing to supply petroleum products, Aig-Imoukhede is rewarded with appointments to probe himself and his accomplices.

Chairman of the special committee appointed by President Goodluck Jonathan to verify and reconcile the records of payments on fuel subsidy, Aigboje Aig-Imoukhuede, owns a company that received millions of Naira in subsidy payments for products it allegedly failed to deliver.

Detailed company searches by an Abuja-based non-governmental organisation (NGO), Youth Alliance Against Fuel Subsidy Removal, revealed that Mr. Aig-Imoukhuede, who is the Group Managing Director, Access Bank Plc, also owns Ice Energy Petroleum Trading Limited, which allegedly received $2,131,166.32 in hard currency (about N345.3 million) in 2011.

It is not clear whether the company delivered the product for which it was paid but the House committee believe it did not.

The defunct Farouk Lawan-led House of Representative Committee had, in its report, queried the company for receiving payment when no petroleum products were imported and supplied.

Ice Energy was one of the 45 companies invited to appear before the probe committee, but which failed to either honour the invitation or submit documents concerning their involvement in the monumental fraud that attended the subsidy scheme.

Findings by Youth Alliance at the Corporate Affairs Commission (CAC), and made available to PREMIUM TIMES, show that Mr. Aig-Imoukhuede heads the three-man board of Ice Energy, which has Iroche Chuks, as managing director, and Aikhionbare Sam, as member.

Asking Aig-Imoukhuede to probe self and accomplices

Following the shocking revelation in the report of the House of Representatives Committee that fuel subsidy payment, for which about N245billion was appropriated in the 2011 budget, had suddenly spiralled to over N2.6 trillion (over 2,200 per cent) as at December last year, the Minister of Finance and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, constituted a Technical Committee on review of Fuel Subsidy Payments, and appointed Mr. Aig-Imuokhuede as its head.

It is not clear if the ministry was aware of Mr. Aig-Imuokhuede’s involvement with Ice Energy before appointing him to the committee, which was mandated to verify, ascertain and reconcile discrepancies related to all subsidy arrears payments to petroleum products marketers.

Following the completion of the assignment, President Jonathan, apparently glossing over the indictment and complicity of Mr. Aig-Imuokhuede’s company in the fuel subsidy scandal, last Thursday re-appointed him to head another 15-man committee to further verify and reconcile all claims made in the report of the Technical Committee he led.

The president requested the new committee “to properly identify all cases of overpayments and/or irregular payments; to accurately identify all likely fraudulent cases for criminal investigations, and to review any other pertinent issues that may arise from its work and make appropriate recommendations.”

Mr. Jonathan’s decision to appoint the Access Bank’s MD to lead such an important committee, observers say, underlines the administration’s reluctance to act appropriately on the report of the House committee, which uncovered monumental fraud in the fuel subsidy regime.

When PREMIUM TIMES sought to know from the president’s spokesperson, Reuben Abati, whether the president was aware that Mr. Aig-Imokhuoede also benefited from the fuel subsidy payments he was asked to verify, his response was a question: "Are you sure?"

When our reporter answered in the affirmative, he continued, "If that is the case, the question to ask is: Is his company guilty of any wrongdoing?"

When he was asked whether that did not amount to asking the Access Bank’s managing director to probe himself over the scam, "Mr Abati said "No" pointing out that “it would only amount to asking an insider to do an inside investigation."

Mr. Abati, who promised to get more information, and revert to our reporter, never did by the time this report was published Monday morning.

Putting faces to ‘subsidy marketers’

Youth Alliance Against Fuel Subsidy Removal said it conducted the search on the indicted companies to “put a face to the indicted companies, to let Nigerians know exactly who took their money and then formed a cabal stronger than the government.”

Before announcing the removal of subsidy on petroleum products in January this year, one of the reasons President Jonathan gave was that a few Nigerians, who had since constituted themselves into a “cabal”, were enjoying the fuel subsidy largesse.

Up till last April, when the House of Representatives Committee released its probe report, the companies and individuals that benefited from the subsidy regime were largely unknown.

But extensive searches by the youth group at the CAC appear to have exposed some of the individuals behind the crook companies as well as the make-up of the faceless ‘cabal’.

“Mr Aig-Imuokhuede is not the only government apologist who belong to this ‘cabal”, a spokesperson for the group said in a statement at the weekend.

Like Aig-Imuokhuede like General Abdulsalami Abubakar

Other beneficiaries of the subsidy scheme revealed by the searches include former Head of State, Abdulsalami Abubakar, who owns Maizube Petroleum, which was listed in the House of Representatives report as one of the 45 companies fingered by the Federal Inland Revenue Service (FIRS) for benefitting from the subsidy payment but failing to pay tax.

Maizube Petroleum, which was invited to appear before the probe committee, never showed up to answer questions, though it sent documents.

The report also said Maizube Petroleum should be compelled to refund the about N5.51billion it collected as subsidy for millions of litres of petroleum products it claimed to have imported but which could not be verified.

The House probe report also indicted the company for discrepancies in volume claims and dates of discharge it claimed it made between 2010 and 2011.

The former head of state, widely celebrated as one who facilitated the birth of the current democracy after he voluntarily handed over power to former President Olusegun Obasanjo in 1999, sits on the Board of Maizube Petroleum with Abubakar Isa A, and Abubakar Aminu A.

Fola Adeola too

Another member of the cabal is the running mate to Nuhu Ribadu in the 2011 presidential election under the Action Congress of Nigeria platform, Fola Adeola, who is also the co-founder of Guaranty Trust Bank Plc

Mr. Adeola, according to CAC records, sits on the board of Eterna Oil Plc, listed in the subsidy report as one of the companies indicted for tax evasion.

After details emerged that Farouk Lawan, chairman of the House Subsidy Committee, received $620,000 bribe from oil marketer Femi Otedola to clear his company, Zenon Oil, Mr. Adeola campaigned vigorously that government should set the report aside.

“If the allegation is proven, the report is contaminated. Period! We need to get to grips with this” Mr Adeola tweeted on June 12 via his Twitter handle @tfolaadeola.

More details

Out of the 74 companies indicted in the report, only 48 were properly registered with the CAC.


44 comment(s)
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this is bloody lie

the story is a bloody lie. Aig has has transparnt n contrinutd to the growth of the economy and can't be dragged to this cheap blackmail. pls sahara n premiem times verify your story

Gullible Nigerians | Foolish Journalism

So unfortunate that nigerians are bullied into a mindset masked with the evil agenda of covering up what seems to be the most credible report so far... Our thirst for justice has been used as a weapon against us. The real Cabal are using media outfits like premium times and sahara to stop justice... When will the scales fall off our eyes NIGERIANS!!!

U too goof!!!!


This is the cabal at work o. The same cabal that didnt want the subsidy report to see the light of the light of the day.
So obvious you are working for the cabal who are so scared of to face the consequence of their actions and the state of our country. it is time we moved this country forward by bringing the positive change it desires. This tactics is way cheap an approach by these people. Enemies of progress shame unto you. your end is near

Death of Critical Thinking...

So Aig does not own ICE ENERGY, but his brother does. Therefore, we should not riase eye brows that Aig has ben called in (again) to probe a suspected fraudulent matter which his sibling just happens to be involved in...

For those of you dim witted and shameless people saying SR should leave Aig alone, I can only pray that lizards and frogs will not lick ur eyeballs upon your death.

For sure, I am not saying He (Aig) stole or didnt. But we all seem to agree that he is investigating a matter involving his blood relative. For me, that alone shows a lack of good judgment by the PhD holder in fish counting.

Keep deceiving us, our day will come...

Nigeria and oil subsidy

I am only sorry to myself for being born not only a Nigerian but at this point in time. The only good news is that I'm already 50+ and it is only few years I disappear from this ever-growing embarrassment called Nigeria.

@ Deri : Once a Slave, Always a Slave...You're cursed Fools!

@ Deri :

Your SS backwardness is bcos of your bitter hatred for each other coupled with laziness (their men only) and sapele water, but your undoing was your support for the pogromists. Three million innocent lives lost bcos of you primitive fools. The Ibo curse is unbreakable, the jinx will hunt you slimy creatures forever. Like I've repeated told you, "we own you" fools. The Tripod decide your future not Dumbo. Dr. NOI appoints, the Danmaji approves and the Ota baboon monitors. Dumbo represents the SS, what else do you want, to build the train and the rail tracks? Lazy-but-greedy cowards. What's stopping your fool from declaring ND free? Bcos if you try that Ibos will anihilate you and occupy your enclaves, we've waited too long for our pint of blood. That monkey Jasper Adaka Boro and the hanged thug Ken S-Wiwa sold your oil wells to aboki, go stomp on their graves and leave Ibos out of it. Corruption is everyone's problem, idiot!

subsidy palavar

He should vacate immediately!


Its amazing how the cabal is now trying to discredit the only man that has come to take them on. Mr Aigboje Aig Imokhuede is not a Director i the company .

And please can anyone explain how its possible to pay $2million without the bank they collected it from screaming blue murder.

Did the company benefit from subsidy ???? NO so why the distraction thats how farouk got his hands soiled under the same category "" Companies that collected FX without importing products "" how is that possible ?? to collect a banks FX and not bring products ???

please can we face the real issues and allow the man bring the culprits to the forefront .

Pls sahara reporters not destroy the good image they have by taking sides with the cabal ... all the real subsidy beneficiaries must be brought to book . Please how much subsidy has Ice Energy collected ??? sahara reporters lets know >>>

Aig the next CBN governor....the stealing is yet to start

You guys should shut the hell up. Aig is the CBN governor in waiting.....Nigeria and Nigerians never see anything yet. Fresh air looming

A lie

This is a gutter journalism from Premium Times.
Aigboje Aig-Imoukhuede is not the owner of Ice Energy neither is he a director in the company. His brother is a director in the company not him. This is another attempt by the oil marketers that are involved in the subsidy scam to muddle up the water.

Aig-Imoukhuede insulted jonathan in australia

Aig-Imoukhuede did in fact insult the president during his visit to australia for not meeting with him and some business groups right here SR. Now the beautiful (bribe) for Farouk and co. Nothing good can come out of such an evil and ungrateful soul! Added to the fact that he has a blood relations in the oil sector. So why appiont him? Ngozi should not mislead us with her new boy-friend

aharareporters Please go and

Please go and check your facts .the person in question is Aigs younger brother .the company ice petroleum is run By Chooks Iroche .they never collected Any money .so is it that you post anything that you hear ?so how many of your stories are true ?shame on you .

Bakare is gradually proven correct

Not too long ago, Pastor Bakare stated that GEJ is destined to bankrupt Nigeria. Several people hurled abuses and curses at him on S/R for saying what the truth. You all know yourselves and your consciences should be pricked as you read this latest story about GEJ pranks to cover the massive looting that aided his being voted into office in 2011.

This is just a tip of the iceberg as more will soon be revealed about the oil subsidy scam. Let Deri continue to delude himself with his devilish theories to explain away an open crime. I guess the rest of crumbs catchers are still trying to concote the usual senseless potion of falsehood.

It is sad to reflect that a lot of us on S/R supported GEJ on principle against the cabal that didn't want him to act as the president. My joy is that I was not a GEJ's supporter at the presidential election as it was so glaring when he acted that he was a stooge of another cabal headed by OBJ and hw would only play lip service to fight corruption.

Not true!

Aig-Imoukhede is not the owner of the company. This is just another attempt to muddle up the report and cast doubt on it. The committee's report is much more in-depth than the higly compromised report of Farouk Lawan!

Re: Fire the refurbished Farouk-Aig-Imoukhuede an agent of sanus


All your rantings support our thesis: Jonathan is a moron !
By the time Jona finishes with Nigerians including your self, your 4th generation would be in abject poverty. Corruption and poverty does not recognise tribe; keep wallowing in your stupidity !



A bunch of thieves. On the

A bunch of thieves. On the day of reckoning, we shall see who will laugh last. You greedy bastards have plunged this oil rich nation into an unthinkable catastrophic state. Citizens are languishing in poverty everyday, while you are developing pot bellies at the expense of the nation's wealth.


Our suffering has just the time jonathan is thru with us..............a lot of pple will be picking from the dust bin............afterall we did vote for jonathan and not PDP..............


From GEJ, the so called world bank expert NOI, and at least 90% of the federal cabinet are crooks pretending to be running the country whilst they are really just pilfering and plundering the nation's resources then appointing their co criminals to cover their tracks as chairmen of committee that will simply write a whitewashing report. Everyone involved in the fuel subsidy scam should be publicly executed no matter who they are. Whilst some of them might be innocent, it is obvious that most of them are guilty. Trying to find out who is guilty or not will simply waste more time and resources,then end up obscuring the real issue. Any of the innocent ones executed will be deemed a necessary sacrifice to cleanse the nation of this monster called corruption.

Jonathan is the CHIEF CORRUPTION OFFICER - take it from me!

Fellow Nigerians, JONATHAN (from good source) IS THE BIGGEST FRAUD. Very corrupt himself. He is taking and giving bribes. Do you just wake-up to see that Nigeria is in a mess? NIGERIA IS IN DEEP MESS. Everyone you can point too in position are corrupt. BIG TIME.

who is fooling who? All these

who is fooling who?
All these big fishes know themselve but God dey ooooooo

The cabals who did not want

The cabals who did not want to handover power to this guy when Yaradua was sick might be having nice party watching this pathetic corrupt president from the creeks. This is the worst president in the history of Nigeria. Corruption now walks tall everywhere. Shame, shame, shame!!!

If you love Nigeria please

If you love Nigeria please find time to read and share; "THE FAROUK IN US by clicking on this link The change we desire must start from us if we want to salvage this country."

IF Nigerians want to hear the

IF Nigerians want to hear the truth and produce a clean report, let the President make me the Chairman of the committee. I do not belong to any party and have no friend and also do not need their bribed money.

We need serious sanctification.

Where is the Rawlings of Nigeria....?

Enough is enough...Too much corruption and too much blood letting. Where is the Captain Rawlings of Nigeria? We are all waiting for you.

The Americans would say 'you

The Americans would say 'you ain't seen nothing yet'. By the time Jona and his gang of thieves are done with Nigeria, there will be nothing left to steal. What a country? The absurdity is mind-buggling. What does this man smoke? I know he does not pity 'ekpeteshi', but he should, in his luccid moments remember poor Nigerians who foolishly trooped out in 2011 to vote for him thinking he would care.

All these revelations,as

All these revelations,as sickening as they are,do not represent the end of the story.We are truly in deep trouble. God will save our country some day.For those of you,hoping for a military coup,including myself in the past,please wake up and stop day dreaming,IT WILL NOT HAPPEN!!!!! Divine intervention will rescue us from ourselves.Although our leaders are as bad as they could be,but majority of us too form the bulk of a compromised and hypocritical followership.


I want to bring to the knowledge of the NDLEA that their men stationed at owode/semi junction are all criminals especially one they call OPJ OR OBJ by guy name. OPJ/OBJ in my present on the 7th of july 2012 at about 6:30 pm collected bribe 1000 usd from a drug peddler and release them at that spot, these NDLEA men do seize travelers laptop computer and cell phones force the owner to open for them to check that travelers are 419 men.
Please is that what they where stationed at that post to be doing?

Please NDLEA chairman have to come to travelers help at that owode/semi junction.

Aig is an original Ole!!!

If you have been following Aig's antecedents, you will not be surprised at all. Can't you see how he and his cohorts(Sanusi Lamido & Lai Alabi) took over multi billion naira Intercontinental Bank Plc? Just on the flimsy excuse that Erastus Akingbola gave out illegal loans which he (Akingbola) could have easily recalled from debtors by now, they arranged to rob the man of his legacy and his life investments & achievements. They still went ahead to cancel the so called illegal loans for companies floated by Bukola Saraki their mentor in the senate. Nigeria!!! Wonders shall never end. Abati is saying nonsense and rubbish. I just hope Jonathan truly did not know of Aig's involvement in the whole saga. His removal should not be delayed.

Mr President knew what he was

Mr President knew what he was doing, keep calling him mumu, by the end of the day we know who real mumu is. Aig-Imoukhede was used because his report had been programmed not to see the light of the day, after this discovery gullible Nigerians would rubbish is report like Farouk's and Mr president will set up another committee and then another one until you guys forget the Oil probe. You can see Mr President is not actually the MUMU.

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