Business Fradro Oil In $5.13 Million Petrol Importation Mess


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The House of Representatives ad-hoc committee on Review of Pump Price of Premium Motor Spirit (PMS) has vowed to investigate the sum of $5.13million allegedly collected by Fradro Oil and Services Ltd for the purpose of purchasing petrol but said to be missing.

The committee chaired by Mr. Raphael Igbokwe (PDP, Imo) said records submitted to it by the Central Bank of Nigeria (CBN) showed that the oil firm accessed the forex exchange.

The Committee noted that Frado oil collected the said amount on the 20th of June 2016 through one of the commercial banks in the country.

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But in a swift reaction the representative of the oil company, Mr. Kunle Robert denied accessing the funds.

According to him, they applied for the forex but they were not given.

The committee however said it was not satisfied with the explanation given as to the whereabout of the said $5.13million forex.
 
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