Member Of Tinubu’s Economic Council Allegedly Behind Petrol Imports From Malta

A report has alleged that a member of the Presidential Economic Coordination Council (PECC), Abdulkabir Adisa Aliu is one of the biggest importers of petrol from Malta.

Recall that the chairman of Dangote Petroleum Refinery, Aliko Dangote had claimed that officials of the Nigerian National Petroleum Company Ltd (NNPCL), oil traders and terminals have established a blending plant in Malta.

An oil blending plant, unlike a refinery, blends re-refined oil with additives to produce finished lubricant products.

However, the group chief executive officer of the NNPC, Mele Kyari, immediately denied Dangote’s claim, saying he did not have any vested interest in any plant in Malta.

In 2023, Nigeria’s petroleum importation from Malta surged significantly to $2.8 billion, compared to zero between 2017 and 2022, and a mere $13.32 million in 2016.

However, a report from The Cable has disclosed that one of the biggest importers of petrol from Malta is Aliu.

Aliu, who is the owner of Matrix Energy, is a member of President Bola Tinubu’s Economic Council.

Speaking in an interview with the aforementioned publication, Aliu denied any wrongdoing in his business practices and promised a full response to the newspaper’s questions.

According to an insider who shared confidential documents with the publication, over 200,000 tonnes of petrol from Malta were discharged into the Matrix jetty in Warri, Delta state in July 2024 alone.

“This represents about 25 percent of Nigeria’s monthly PMS consumption going to a relatively small player with only 150 retail stations,” the insider said.

The insider said Aliu is also leveraging his close relations with the top management of the NNPCL to secure crude oil cargoes from the national oil company for his company.

“Crude cargoes are discretionarily allocated to Matrix Energy by the NNPC monthly,” the person familiar with the company’s operations said.

The crude allocations to Matrix are traded by Gulf Transport & Trading (GTT), a trading company registered in the United Arab Emirates (UAE), according to the insider.

“Two of the three crude cargoes of the recently launched Utapate grade were allocated to GTT,” the source said.

“The crude cargoes are typically sold at a $3 per barrel premium which translates to $3 million per cargo with no sweat. This implies a tax-free take of almost $150 million per year or ₦240 billion, at N1,600/$,” the source said.