NNPC has owed Capital Oil N16bn for two years – Ifeanyi Ubah

The Chairman of Capital Oil, Ifeanyi Ubah, on Thursday said claims that he was owing Nigerian National Petroleum Corporation N11 billion was false.

Ubah made the disclosure at the on-going public hearing organised by the House of Representatives Committee on Petroleum Downstream.

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

[Read Also: CAPITAL OIL BOSS, IFEANYI UBAH, RELEASED BY DSS]

Ubah said instead the national oil corporation was owing him N16 billion.

“The contract which is what we operate with NNPC puts us in a position of a stock manager which is somewhat the vessel akin to an oil bank.

“This allows for coming in and loading out of products so long as we ensure that all parties having products in our storage ultimately receive their total stock.

“The NNPC in the past has also borrowed products from us to keep their supply and distribution chain running.

[Read Also: NNPC SET TO RECOVER MISSING 130M LITRES OF FUEL FROM CAPITAL OIL]

“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,” Ubah said.

One comment

  1. The two sides cannot be trusted and each side is trying to be exonerated from the fraud. Only God will save poor Nigerians from fraud being
    committed by those in high positions of authority. The God of poor Nigerians will take revenge on their behalf.

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