The Economic and Financial Crimes Commission (EFCC) has reacted to a report entitled, ‘EFCC Inaction Causes Sinking of Petroleum Vessels’, which was published on ThisDay newspapers of April 10, 2017.

“For the avoidance of doubt, the Commission wishes to state that the engagement of Pinnacle Trading and Investment Nigeria Limited, as auctioneer for the disposal of the product, which was conveyed vide a letter dated January 16, 2017 was irregular as the process leading to the company’s emergence didn’t satisfy the required due diligence and strict procurement process,” EFCC said in a statement issued on Monday in Abuja by its Head, Media & Publicity Wilson Uwujaren.

The statement further explained that “the engagement of a consultant like in the case of Pinnacle, was not solicited for, as it did not have the approval of the Acting Chairman of the Commission. It was also not advertised in any newspaper or the Federal Tenders journal. This is a clear violation of the Public Procurement Act, 2007.

“The review of the process led to a startling revelation that Pinnacle Trading and Investment Nigeria Limited was not registered with the Department of Petroleum Resources, DPR, a key requirement for the selection of such auctioneer, and consequently lacked the experience and capacity to handle the job.

“Fully conscious of the negative effect of a flawed selection exercise to the outcome of the process, the Commission called for a review, a measure that consequently led to the termination of the contract.

“Following the termination, Pinnacle and their supposed backers have been doing the media tour in the mistaken belief that the Commission would be forced to re-engage an already flawed process.

“The Commission wishes to re-emphasise that its actions are transparent and always anchored on the Nigerian national interest as opposed to selfish interests.

“In regard to the matter of ‘MT GOOD SUCCESS’ and ‘MV THAMES’, the Commission will, as in all instances, be guided by the need to be transparent and accountable to all Nigerians and will not succumb to cheap blackmail in any guise whatsoever.”

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