Pinnacle Oil and Gas Company, owned by the Enugu State Governor, has been accused of misappropriating various funds released by the Central Bank of Nigeria (CBN) under the Nigeria Gas Expansion Program (NGEP Intervention Fund). listed among the companies.
In a letter addressed to the affected companies by the Senate Gas Committee, Pinnacle Oil said it has withdrawn a total of N10 billion from the NGEP intervention fund released to companies during the tenure of former CBN Governor Godwin Emefiele. He has been charged with misappropriation.
The letter, signed by Senator Jarigbe Agom Jarigbe, Chairman of the Senate Gas Committee, states that other listed companies invited to what the Senate calls “investigative hearings” include NIPCO Gas Ltd, NIPCO Plc , Hyde Energy Ltd and Lee Engineering and Construction.The Company, Transit Gas Ltd., and Amalgamated Oil Company Nig. Ltd.
Others include First Modular Gas Systems Ltd, Novagas Ltd, Greenville Liquefied Natural Gas Company, AP LPG Limited, Dangote Oil Refinery, Delta State Government, and MOB Integrated Service Limited.
The invitation to the investigative hearing seen by our correspondent reads in part:
“The following companies, which are beneficiaries of disbursements from the Niegria Gas Expansion Program (NGEP) Intervention Fund by the Central Bank of Nigeria (CBN), are invited to appear before the Senate Committee on Gas for an investigative hearing.
“Invited companies must submit a progress report stating the project location and the current status of the project.”
The affected companies were scheduled to meet with the Senate committee on Thursday, November 30, 2025, but details of the meeting, which is said to have been held behind closed doors, have not yet been released by the committee.
Although Pinnacle Oil is registered as an oil and gas company, there is no evidence on the ground that it has invested in the gas sector. Pinnacle Oil, primarily known for selling Premium Motor Spirit (PMS) and diesel, does not mention investing in gas as one of its business areas.
Pinnacle Oil listed its business lines on its website, www.pinnacleoilandgas.com, including logistics and transportation services, offshore intake/extraction facilities, petroleum product marketing, and storage terminal facilities. In the “Petroleum Products Marketing” menu on its website, the company made no hint that it was a player in the gas sector.
The website has a clear business statement. “As a leading player in the oil and gas sector in Nigeria, Pinnacle Oil and Gas Limited is actively engaged in the import, storage and sale of refined petroleum products through strategic and well-structured distribution channels. Our sales reach spans six geopolitical zones in Nigeria’s growing oil and gas market.”
The window on the right side of the menu lists liquefied petroleum gas (LPG) as one of the products it sells, but it is not known that Pinnacle Oil is a gas distributor, and what is the NOK 10 billion? There are doubts as to whether the company has invested. Expanding.
On October 23, 2023, the company commissioned the construction of a vast storage facility in the Lekki Free Zone in Lagos, but mysteriously, the facility is said to have cost a huge amount of money. Does not include gas storage facilities.
According to information on the company's website, the products stored at its tank farms in Warri and Lagos include PMS (petrol), JET A1 (aviation fuel), AGO (diesel), DPK (kerosene) and base oils. included.
