Confusion Over Missing $300 Million Between Sahara Energy & NNPC

By Tolulope Oke

On Wednesday, Sahara Group’s managing director, Alex Cole, claimed that Sahara Energy had not fulfilled its obligation under its contract with NNPC Limited to pay $300 million for the repair of refineries.

The managing director had been probed by the ad-hoc committee of the House of Representatives, which was headed by Ibrahim Aliyu (APC, Sokoto), over the alleged repair refineries sum discovered during the probe.

Mark Gbillah, a committee member, emphasized that the company had paid $300 million for refinery restoration in accordance with the terms of its contract with the NNPC.

However, the managing director insisted that: “I am not aware of any payment for the refinery as the Honourable member mentioned.”

Gbillah further said: “You are not aware of that payment but it is in your contract. You are not aware of your contract? It is in your contract I have here that you are supposed to pay $300 million.I am really surprised.

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“Do you really have all the information the company requires? I thought you said you were the CEO. Are you not familiar with the contract you entered into with the NNPC?

Also, when investigating fuel subsidies from 2017 to 2021, Alex Cole said the company has not received N35 billion subsidy payment from the Nigeria National Petroleum Company Limited (NNPC).

“At no point in time have we received any subsidy payment. I was even going to ask if the amount you ask was in naira, because there is no naira subsidy that NNPC makes. We have not received from NNPC whatsoever for any subsidy whatsoever,” he said.