PEF Saves Over $2b Through ‘Project Aquila’ – Former Executive Secretary

By Chibuzor Emejor,  Abuja


Petroleum Equalisation Fund[PEF] says the agency saved more than  $2billion through “Project Aquila’’, which is a high-tech electronic loading and delivery system introduced by PEF to check leakages in the system as well as enthrone transparency and due process.

The former Executive Secretary of PEF, Mrs. Adefunke Kasali, disclosed this on Thursday in Abuja while handing-over to the new Executive Secretary, Mrs. Asabe Ahmed.

Sharon Adefunke Kasali, Executive Secretary of the Petroleum Equalisation Fund Management Board (PEF).

Sharon Adefunke Kasali, Executive Secretary of the Petroleum Equalisation Fund Management Board (PEF).

Kasali explained that PEF has been able to check fraudulent activities among petroleum marketers and ensured transparency in the system through the project.

She said:, “the new initiative, also known as ‘e-loading’ ensures the delivery of petroleum products to the right destination. The process has checkmated the annual loss of N15 billion to the activities of some unscrupulous petroleum tanker drivers who engaged in some unethical activities such as diversion of some petroleum products.”

She noted that the agency had taken a bold step to eliminate corruption and ensure prompt payment of bridging cost through ‘Project Aquila’, adding that through the initiative PEF had detected and stopped payment of more than N847million in fictitious claims by petroleum marketers.

The former Executive Secretary said the project had also been able to remove encumbrances that normally caused distortions in the supply chain such as the issue of prompt payment of bridging claims.

“Just look at the way we designed the business we saved two billion dollars upfront because we wrote the codes in house and how about all the tens of billions we have saved by people that used to claim. There was a time when we stopped N847 million naira worth of fake ticket and all the ones we have been saving ever since and we thank God for that,” she said.

Source : Independent

Tags: No tags

Comments are closed.