Home Business NNPC’s allegations of product diversion a witch hunt – Ubah
NNPC’s allegations of product diversion a witch hunt – Ubah

NNPC’s allegations of product diversion a witch hunt – Ubah


IfeanyiUbah-TVCThe managing Director Of Capital Oil and Gas, Ifeanyi Ubah has described as a witch hunt, allegations that he stole fuel worth 11 billion naira, belonging to the Nigeria National Petroleum Corporation (NNPC).

While testifying before the House Committee on Petroleum downstream, he stated that he was made to suffer detention and also a reversal in the fortunes of his business.

But the NNPC has revealed that the chairman of capital Oil, Ifeanyi Ubah has paid back 2 billion naira to the corporation.

Executive Director, who stood in for the NNPC-Retail outfit justified the decision to invite the DSS to wade into the issue after the outfit started noticing a shortfall in product records, with the first drop of 21 million litres was discovered in the last week of December 2016.

The Committee, also accused capital Oil of evading it’s invitation, to enable it complete the two-day investigative hearing.

Expressing his displeasure with the NNPC, for not exploring available dispute resolution mechanisms within the purview of the law, Ifeanyi Ubah reiterated his innocence before the lawmakers.

The NNPC is accused of being indebted to capital Oil to the tune of 16 billion naira, in spite of its claim that Ifeanyi Ubah is indebted to it to the tune of 11 billion naira.

Capital Oil acknowledges the fact that it diverted NNPC product without it’s knowledge.

The accumulated sum interest now stands at 1.3billion naira.

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