The AMG Petroenergy Limited has shed more light on its recent legal dispute with GT Bank Plc, alleging that the money it owes the bank was as a result of the failure of oil giants, Total Nigeria Plc, to abide by an agreement it entered into for importation and supply of 15,000 MT (Fifteen Thousand Metric Tonnes) of Premium Motor Spirit (PMS) under the PSF Scheme.
According to a statement signed by Alhaji Ibrahim Baloni, Chief Operations Officer of the company, “AMG financed the importation. through Guaranty Trust Bank Plc and delivered the cargo to Total pursuant to the said scheme at N53.50 per litre between 29th December, 2011 and 31st December, 2011.
“Because the Federal Government scrapped the PSF scheme (subsidy policy) from 1st- 16th January, 2012. Total was able to sell the PMS purchased from AMG under the PSF scheme at N53.50 per litre, for up to N141.00 per litre during that period. Furthermore, because the scheme was partially re-introduced on 17th January, 2012, Total sold the rest of the cargo at N81.51 per litre being the new control price”.
Speaking further, Baloni noted that “In consequence, the Federal Government will not pay subsidy to AMG for the period 1st – 16th January, 2012 and would only pay to a limited extent, for the period 17th – 26th January, 2012.
He further explained that: “This is because government holds the view that subsidy payments cannot be properly made where Total has benefited at the expense of Nigerians who were meant to be the beneficiaries of the subsidy scheme.
“The payment received from government by AMG has been credited directly to Guaranty Trust Bank Plc in accordance with their agreement.”
In the same vein, Baloni pointed out that “As a result, AMG is out of pocket to the tune of over N964.550 million in respect of which Total has benefited at its expense, and has been unable to meet its obligations to Guaranty Trust Bank Plc in respect of its loan facility.
“Total bluntly refuses to make payment to AMG, in consequence, of which AMG has sued Total for the recovery of the stated sum at the High Court of Lagos State. This case remains pending”.
The camp of Risqua Murtala Mohammed further alleged that the story is being deliberately skewed against him either out of mischief or ignorance, in order to cast Risqua in bad light just few days after his declaration for the governorship of Kano State.
“Facts will however continue to remain sacrosanct: AMG supplied the product in good time. The failure of Total Nigeria Plc to abide by an agreement it entered into on this importation and supply is solely responsible.
“Public commentators will be doing a service in truth and integrity to state this matter as it is,” a source said.