Subsidy Fraud: Shippers’ Council, CBN Saved $2.7bn

As the Federal Government finally ended the fuel subsidy regime, the Nigerian Shippers Council (NSC) has given graphic details of how it collaborated with the Central Bank of Nigeria to save the nation a whopping $2.7 billion fraud plotted by influential oil cabals in the country in the last five years.

According to the Executive Secretary/Chief Executive of the NSC, Hassan Bello, the scam was detected from discrepancies in the documentation of oil importers, especially when it juxtaposed the foreign exchange sought with the volume of cargo expected.

He said the findings of its investigations, prompted it to collaborate with the CBN (that gives forex to importers) to block such leakages whenever they were detected.

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Bello, who spoke in Lagos at an interactive session with the House of Representative Committee on Ports, Harbours and Waterways in Lagos, said the Council had enjoyed the support of the CBN in this regard. Speaking further on the $2.7 billion, the Director, Commercial Shipping Services of the NSC, Mrs Dabney Shall Holma, explained the amount saved was strictly from wet cargo importation.