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Fuel shortage imminent as Capital Oil shuts down operations

Ifeanyi Uba

by Isi Esene

Nigeria’s fuel supply problem is set to worsen with the management of Capital Oil and Gas taking heed to a court order directing it to shut down its operations.

In a press statement released by the company, it warned that the development could further cripple the supply of petrol in the country.

The managing director of the company, Ifeanyi Ubah, has continued to accuse certain influential individuals of trying to take over his company through the backdoor.

The firm, reportedly owned by Ubah, according to industry sources, accounts for an estimated 35 per cent of daily petroleum products distribution in the country.

Ubah and his company are presently dogged in battle over alleged indebtedness of the company to another firm. The company is also allegedly exposed to some Nigerian banks, a development that led to the court order obtained by the Assets Management Company of Nigeria (AMCON) freezing the company’s operations.

Ubah has, however, vowed to expose all the elements involved in the alleged attempt to take over Capital Oil and Gas fingering businessman, Cosmas Maduka, Access Bank Plc, and its MD/CEO, Aigboje Aig-Imokhuede.

The battle of the business bigwigs continue to rage on with no end in sight.


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