• Thursday, November 30, 2023
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Accounting firm gets clean bill over fuel subsidy probe


A foremost indigenous firm of chartered accountants and tax practitioners, Olusola Adekanola & Co, has been cleared from alleged fraudulent involvement in the petroleum subsidy regime.

The clean bill of health given to the company last week follows the House of Representatives revocation of its resolution when it had called on the Federal Government to blacklist and prosecute the company.

The decision by the House to quash the resolution, a fall-out of recommendation by its ad-hoc committee on fuel subsidy probe, was as a result of petition by Olusola Adekanola & Co., which, according to the House, showed that the accounting firm was never in any way involved in the subsidy regime before the investigation by the House and eventual cessation of service to its employer, Federal Ministry of Finance.

Olusola Adekanola & Co., had in various publications protested its indictment by the House of Representatives ad-hoc committee on petroleum subsidy regime, chaired by Hon. Farouk Lawan, declaring that it was innocent of the allegation of wrong doing against it. “We hold the House of Representatives committee on fuel subsidy in high esteem and we are sure that it did not have valid information within its reach to premise its recommendations on. We are therefore prepared to avail it information and evidence to assert our innocence on this subject,” Olusola Adekanola, executive chairman of Olusola Adekanola & Co had said in one of the publications.

A statement by the media and communication consultant to Olusola Adekanola & Co., Kazie Uko, stated that the management and staff of the accounting firm welcomed the reprieve for correcting the injustice against the firm.

According to the transcript of Votes and Proceedings of the House, No. 98, dated Wednesday, 5 June, 2013, the House in the Committee of the Whole chaired by the deputy speaker, Hon. Emeka Ihedioha, considered the report of its Committee on Public Petitions to reconsider the House resolution on the petroleum subsidy report, as it affected Olusola Adekanola & Co. The petition was presented to the House by Uzo Azubuike (Abia North/Abia South Federal Constituency).