Capital Oil boss Ifeanyi Ubah returns N2 billion for diverted products - NNPC

Capital Oil boss Ifeanyi Ubah returns N2 billion for diverted products - NNPC

- Nigerian National Petroleum Cooperation (NNPC) on Wednesday, July 12, said the chairman of Capital Oil Ifeanyi Ubah has returned N2 billion out of N11 billion owed the cooperation

- NNPC said the money is part of the fund owed the cooperation on the petroleum products diverted by Ubah company Capital Oil

- The chief operating officer of PPMC Nkem Obi said NNPC reached out to the public and sister agencies after it discovered that Capital Oil had diverted some products

The Nigerian National Petroleum Cooperation (NNPC) on Wednesday, July 12, said the chairman of Capital Oil Ifeanyi Ubah has returned part of the money from the diverted petroleum products.

The chief operating officer of the Petroleum Pricing and Marketing Company (PPMC) Nkem Obi said Ubah returned N2 billion out of the N11 billion worth of products diverted.

Speaking at the two-day investigative hearing organised by the house committee on petroleum (downstream) on the disappearance of products belonging to the NNPC, Obi said the cooperation had agreed with Capital that no party tampers with products in its custody.

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He said NNPC reached out to the public and sister agencies after it discovered that Capital Oil had diverted some products.

Obi said: “We’ve since engaged in the process of negotiations for the defaulting party to return the products to the NNPC. Capital Oil has paid N2 billion and negotiations to get the full payment are on-going.”

Meanwhile, the committee had given Ubah and his company an ultimatum to appear before it on Wednesday to brief the House of their involvement in the diversion.

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Also, the chairman of House committee Akinlaja Joseph alleged that the oil company and its boss were evading invitation from the lawmakers.

NAIJ.com earlier reported that the House of Representatives committee on petroleum resources (downstream) on Tuesday, July 11, issued a fresh summon on the chairman of Capital Oil Ltd, Ifeanyi Ubah.

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The lower Chamber in its summon requested that Ubah and his company Capital Oil appear before it on Thursday, July 13.

The duo are expected to explain their roles in the missing N11 billion petroleum products belonging to the NNPC.

You can watch this NAIJ.com video of the former group managing director of NNPC Andrew Yakubu in court:

Source: Naij.com

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