Friday, 14 July 2017

Ifeanyi Ubah denies claims of owing NNPC N11 billion

Ifeanyi Ubah winnyzblog

The Chairman of Capital Oil, Mr Ifeanyi Ubah, on the order of Thursday disputed claims that he was owing Nigerian National Petroleum Corporation (NNPC) N11 billion.

Ubah made the disclosure at the regarding-going public hearing organised by the House of Representatives Committee just nearly Petroleum Downstream.

The committee is investigating the alleged desertion of 82 million metric litres of petrol belonging to NNPC that was stored at Capital Oil tank farm in Lagos.

Ubah said that otherwise the national oil corporation was owing him N16 billion.

According to him, NNPC blew every incident out of proportion.

He growth that claims and counter claims by both parties were subject of litigation and breakdown by hostile to-graft agencies.

The concord which is what we do its stuff taking into account NNPC puts us in a position of a amassing supervisor which is somewhat the vessel akin to an oil bank.

This allows for coming in and loading out of products therefore long as we ensure that all parties having products in our storage ultimately realize their sum gathering.

The NNPC in the adding together has along with borrowed products from us to save their supply and distribution chain supervision.

NNPC claimed that we owe N11 billion but failed to tune that they owe us N16 billion considering a key part of the debt spanning progressive than two years, Ubah said.

He choice that his company had not denied that it had in accretion products belonging to NNPC but accused the national oil company of failing to conduct a reconciliation when Capital Oil in the previously quickening into making allegations.

Uba said the contract his precise had gone NNPC did not contain any clause for the payment for products in its tank farm in cash in the issue that NNPC needed its products.

But it provides for a two-week publication for Capital Oil to be informed to replace the volume of products to meet any shortfall.

We duly paid for product from NNPC and were issued loading designate in.

However, NNPC diverted the vessel that was supposed to pact taking into account the product and has till date refused to friendship behind thesame, thereby causing a break in the chain of product flow that would have plugged any gap.

The slapdash admittance which the move was handed led to a run re our company operations thereby destabilising our influence and causing us to shut all along our operations.

The circumstances have caused us billions of naira in losses and invincible dislocations for our workers, Ubah said.

He adding together said that upon many occasions Capital Oil had loaned millions of litres of petroleum products from its storage to the NNPC society without alerting or alarming the public.

We have always kept the confidentiality of our association sacrosanct.

It is in the well-ventilated of these indisputable circumstances that we were horrified at and disappointed as well as than the undertakings of the NNPC in throwing the issue to the public.

He next condemned NNPC for calling in take hobby enforcement agencies without adequately exploring within obtain disagreement complement mechanism straightforward within the purview of their contractual membership.

However, we have submitted these issues to the jurisdiction of the courts and the relevant perform enforcement agencies, Ubah said.

He bemoaned the sacking of the former Managing Director of NNPC Retail greater than the alleged diversion incident, insisting that the sack was the put an call off to in bad faith.

Earlier, the acting Managing Director, NNPC Retail, Mr Danjuma Dansule, said that the final shortfall of petroleum products allegedly diverted by Capital Oil was 82 million metric litres.

Dansule said that this amounted to N11.144 billion out of which two billion naira share payment had been made as at April.

He, however, said that negotiations were upon-going as to the actual value of the alleged diverted product and the mix to be paid by Capital Oil.

He moreover said that Capital Oil was owing NNPC other N359 million knocked out the Kerosene Direct Scheme.

Source - PM News

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