Capital Oil Pays NNPC N2bn For Diverted Products

                            

The Nigeria National Petroleum Corporation (NNPC) on Wednesday uncovered that the Chairman of Capital Oil, Chief Ifeanyi Ubah under scrutiny for redirection of N11billion worth of oil based commodities having a place with the Nigerian National Petroleum Corporation (NNPC) has paid back N2 billion out of the N11billion to the NNPC.


The head working officer, downstream-NNPC, Mr. Henry Nkem Obi uncovered in his introduction at a two-day investigative hearing composed by the House Committee on Petroleum (Downstream) on the vanishing of oil based commodities and the spate of lamp fuel blasts in the nation.

Nkem Obi advised the board of trustees that before the preoccupation of the oil based commodities by Chief Ubah, NNPC had a concurrence with Capital Oil that no gathering is to mess with any oil based goods relegation in its authority without the learning of the other party.

He said that after finding that Capital Oil had redirected the oil based goods in its guardianship, the partnership connected with significant and sister offices to help in the recuperation of the occupied items.

"We've since occupied with the procedure of arrangements for defaulting gathering to return items to capacity or pay the money proportionate. Capital Oil has paid N2 billion and transactions to get the full installment are on-going," the COO said.

This disclosure is going ahead the heels of the final proposal given to Chief Ubah and Capital Oil by the House to show up before the advisory group unfailingly today to talk on the vanishing of oil based goods worth N11 billion having a place with the NNPC.

Director of the advisory group, Hon. Akinlaja Joseph, while issuing the final proposal, blamed Ubah and Capital Oil for avoiding the welcome from the advisory group summoning him to show up and affirm. Likewise anticipated that would show up before the House panel today is the overseeing executive of the NNPC retail.

Prior, Speaker of the House, Yakubu Dogara, said that the vanishing of the N11billion worth of oil based commodities having a place with the NNPC from the Capital Oil tank cultivate in Lagos, was fit for risking the country's economy by diminishing government's income and hampering endeavors to exit from monetary subsidence.