Secrets Reporters
The Executive Director of Midstream and Downstream Gas Infrastructure Fund (MDGIF), Mr Oluwoke Adama has been accused of diversion of funds by the Federal Government, according to official documents in possession of SecretsReporters.
Mr Oluwole chairs the multi billion Naira agency domiciled within the NMDPRA with Ekperikpe Ekpo who’s the Minister of State for Petroleum Resources (Gas) as Governing Council Chairman.
The document indicting Oluwole revealed that 0.5% statutory revenue accruable to the Fund from petroleum/gas sold was ₦102,240,025,003.61 for 2024, but only ₦89,299,713,930.80 was remitted and accounted for, which is an under-remittance of ₦12,940,311,072.81.
This unaccounted funds by Oluwole contravenes PIA 2021 ss.52(7) and (8) and has led to loss of government revenue according to the Federal Government. This act by the laws of Nigeria should lead to sanctions under paragraph 3112(i) of the FR (2009).
Source: Secretsreporter