Ifeanyi Ubah Insists NNPC Owes Capital Oil N16bn

Ifeanyi Ubah Insists NNPC Owes Capital Oil N16bn

The Chairman of Capital Oil, Ifeanyi Ubah has denied reports that his company is owing Nigerian National Petroleum Corporation (NNPC) N11 billion.

Ubah made this known  at the ongoing public hearing organised by the House of Representatives Committee on Petroleum Downstream.

The committee is investigating the alleged disappearance of 82 million metric litres of petrol belonging to NNPC that was stored at Capital Oil tank farm in Lagos.

However, Ubah alleged that the national oil company was owing him N16 billion.

According to him, NNPC blew the entire incident out of proportion.

He added that claims and counterclaims by both parties were subject of litigation and investigation by anti-graft agencies.

NNPC claimed that we owe N11 billion but failed to reveal that they owe us N16 billion with a key portion of the debt spanning over two years.

He added that his company had not denied that it had in stock products belonging to NNPC but accused the company of failing to reconcile with Capital Oil before rushing into making allegations.

Earlier, the acting Managing Director, NNPC Retail, Danjuma Dansule, said that the total shortfall of petroleum products allegedly diverted by Capital Oil was 82 million metric litres.

Dansule said that this amounted to N11.144 billion out of which two billion naira part payment had been made as at April.

He, however, said that negotiations were ongoing as to the actual value of the alleged diverted product and the interest to be paid by Capital Oil.

He also said that Capital Oil was owing NNPC another N359 million under the Kerosene Direct Scheme. 

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