- The chairman of Capital Oil Ifeanyi Ubah has accused the Nigerian National Petroleum Corporation (NNPC) of being economical with the truth
- Ubah said the corporation is owing his company N16 billion
- He also said NNPC has failed to conduct a reconciliation with his company before making allegations against it.
The chairman of Capital Oil Ifeanyi Ubah has accused the Nigerian National Petroleum Corporation (NNPC) of owing his company N16 billion.
Ubah while explaining the role of his company in an alleged disappearance of 82 million metric litres of Petrol belonging to NNPC at the Lower House said the corporation owed Capital Oil N16 billion.
The public hearing which was organized by the committee on petroleum downstream of the House of Representatives was held in Abuja.
Ubah also accused the NNPC of blowing the issue surrounding the disappearance of the petroleum products out of proportion.
He said: "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.
“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.”
The Capital Oil boss also said his company has some products which belongs to the corporation but that the NNPC has failed to conduct a reconciliation with his company before making allegations against it.
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NAIJ.com earlier reported that the NNPC during a hearing with lawmakers on Wednesday, July 12, said that Ubah returned N2 billion out of N11 billion owed to it.
The corporation also said the money was part of the fund owed by Capital Oil for products diverted by the company.
Ubah was earlier arrested by the Department of State Services (DSS) had arrested Ubah over his alleged engagement in the diversion of petroleum products.
The DSS had accused the Capital Oil boss of engaging in acts inimical to Nigeria's security.
Ubah with his company was alleged involved in the diversion and illegal sale of petroleum products stored in his tank farm
You can watch this NAIJ.com video of the former group managing director of NNPC Andrew Yakubu in court: