In Nigeria PEF saves $2 billion in oil revenue

According to Mrs Kasali, the funds were saved due to the use of a creative high-tech platform called “Project Aquila.”

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Dismissed Executive Secretary of the Petroleum Equalization Fund (PEF), Adefunke Sharon Kasali play

Dismissed Executive Secretary of the Petroleum Equalization Fund (PEF), Adefunke Sharon Kasali

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The Petroleum Equalization Management Fund (PEF) has saved Nigeria $2 billion in revenue, former Executive Secretary, Adefunke Kasali has revealed.

According to Mrs Kasali, the funds were saved due to the use of a creative high-tech platform called “Project Aquila.”

The former PEF executive said further that the money would have ended up in the pockets of dishonest petrol transporters as bridging claims if the technology hadn’t been used.

“Project Aquila 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 new initiative, also known as ‘e-loading’ ensures the delivery of petroleum products to the right destination,” Kasali said.

“Just look at the way we designed the business, we saved $2 billion upfront because we wrote the codes in house and how about all the tens of billions we have saved that people used to claim. There was a time when we stopped N847 million worth of fake ticket and all the ones we have been saving ever since and we thank God for that,” she added.

Kasali made the comments while handing over to her successor, Asabe Ahmed in Abuja after she was sacked by President Goodluck Jonathan on May 5, 2015.

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