NNPC set to recover missing 130m litres of fuel from Capital Oil

The Nigerian National Petroleum Corporation (NNPC) on Friday said it would recover over 130 million litres of premium motor spirit (PMS) worth N11 billion from Capital Oil & Gas Limited.

NNPC chief operating officer, Henry Ikem-Obih disclosed this while speaking with journalists in Abuja.

He said the infraction was discovered earlier in the year when the corporation had need to access the over 100 million litres of petrol stored at the Capital Oil & Gas depot for NNPC Retail and just over 30 million litres in MRS Limited depot all in Apapa area of Lagos.

“We instructed the Nigerian Products Marketing Company (NPMC) a subsidiary of NNPC, to send additional trucks to those locations to move products for distribution aimed at meeting a supply shortfall we discovered in the market, but after days of not being able to access the terminals we had to take a decision as NNPC management to invite auditors and inspectors to go and do a physical check on the inventories,” he said.

Ikem-Obih said the visit revealed that there was no product for the NNPC to evacuate.

“Armed with this information we promptly called them in to explain to us what happened to our product in their custody,” he said.

“After the meeting with them, we issued them with letters and told them in clear terms to do either of two things: return to us the full volume of what has been stored in their depots  litre- for- litre or pay the full value of the products they took without our approval.”

He disclosed that the corporation alerted the Department of State Services (DSS) and the Economic and Financial Crime Commission (EFCC).

He said the MRS has fully complied by returning the 30 million litres of premium motor spirit (petrol).

He added that Capital Oil & Gas was yet to return 82 million litres of petrol, valued at N11 billion, out of over 100 million litres which it took.

Ikem-Obih disclosed that NNPC had set up two committees to evaluate the roles played by some of its staff in the illegal product evacuation.

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