The fall out on the legal battle between AMG Petroenergy and GTBank over the freezing of AMG accounts. Risqua Mohammed’s AMG Petroenergy Limited has put the whole blame on Total Nigeria Plc. According to AMG’s chief Operations officer, Alhaji Ibrahim Baloni, “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. Alhaji Baloni continued, “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.
Alhaji Baloni also noted,”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.”
As a result, AMG is out of pocket to the tune of over N964,550,474 (Nine Hundred and Sixty-Four Million, Five Hundred and Fifty Thousand, Four Hundred and Seventy-Four Naira) 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”.
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.