Why NNPC Boss Ibe Kachikwu was sent packing – Investigation


Oluwarotimi Makinde
Fresh facts have emerged as to the underlying reasons the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, was removed as the Group Managing Director of the Nigeria National Petroleum Corporation(NNPC), after serving in that capacity for a period of 11 months.
According to a letter cited by THEWILLNIGERIA.COM dated September 15, 2015, it was discovered that Kachikwu was allegedly involved in a scandal of over a billion naira (N1, 003,000,000.00).
Although, Kachikwu sought to introduce transparency and accountability in the huge oil corporation in such a way that each subsidiary would be required to render profit and loss accounts at the end of each fiscal year, THEWILL gathered that he was one of the most corrupt helmsmen in the petroleum sector.
Our correspondent gathered that a Private Investment Account at First Bank was used by Kachikwu as a conduit to transfer money from third parties to Dumebi Kachikwu and Emmanuel Kachikwu, who are both members of his family.
The Economic and Financial Crimes Commission (EFCC), in a letter to Vice President Yemi Osinbajo, dated March 24, 2016 uncovered by THEWILLNIGERIA.COM, noted that upon receipt of additional intelligence relating to Dutchess Energy Ltd, Emmanuel Kachikwu and Dumebi Kachikwu, the EFCC conducted further analysis of the First Bank Private Investment account, conducted Corporate Affairs Commission (CAC) searches and contacted the bank for further information.
The preliminary investigation as gathered by THEWILLNIGERIA.COM showed that Olatimbo Ayinde is one of the Directors of Dutchess Energy Services and she is the signatory to the company’s account with First Bank.
Consequently, Ayinde is associated with Kachikwu Dumebi, intelligence also revealed that she is wanted by the Nigeria Police Force Special Fraud Unit (SFU) for her company’s involvement bordering on petroleum subsidy related fraud.
Dumebi is a director in both Plantinum Plus Tv Ltd and Accelerated Building Technologies Ltd and he is also a director in Netlink Technologies Ltd.

Mr Kachikwu with Vice President, Osinbajo

However, the analysis conducted so far indicates that the monies transferred from Dutchees Energy Limited were the same monies that were transferred to Dumebi Kachikwu and his companies.
The letter cited by THEWILLNIGERIA, signed by the Acting Executive Chairman, EFCC, Ibrahim Magu reads in part: ‘’That Dutchess Energy Ltd transferred a total of N1, 003,000,000.00, Over N1 billion to the first Bank private investment account between September 9, 2015 to October 5, 2015.”
‘’That on the September 9, 2015, a transfer of N203 million in three tranches of N53 million, N100 and N50 million were made by Dutchess Energy Ltd into the investment account.
‘’That on the September 10, 2015, a transfer of N203 million was made from the investment account to Accelerated Building Technologies, a company controlled by Dumebi Kachikwu.
‘’That there was no transfer for investment of N142.5 million each into the First Bank Private Investment account by Platinum Plus and Dumebi Kachikwu that would warrant a liquidation of the investment into their account from First Bank Investment account.’’
Also, in a separate letter signed by Vice President Yemi Osinbajo, he, however, sought for further probe and investigation of the matter involving the Minister of State for Petroleum Resources.
He stressed that the probe was in accordance with the current administration’s ‘’zero tolerance on corruption irrespective of who is involved.’’


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