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Ifeanyi Ubah Pays N2bn Out of N11bn to NNPC Over Product Diversion

Published

7 years ago

July 13, 2017

The Petroleum Pricing and Marketing Company (PPMC) has disclosed that the chairman of Capital Oil, Chief Ifeanyi Ubah who is under House of Representatives probe for alleged diversion of N11 billion worth of petroleum products belonging to the Nigerian National Petroleum Corporation (NNPC) has paid back N2 billion out of the N11billion to the NNPC.

Mr. Henry Nkem Obi, Chief Operating Officer of the PPMC, made this known yesterday in Abuja, while making his submission at the two-day investigative hearing organized by the House Committee on Petroleum (Downstream) on the disappearance of the petroleum products and the spate of kerosene explosions in the country.

Vanguard reports that Nkem Obi informed the committee that before the diversion of the petroleum products by Chief Ubah, the NNPC had an agreement with Capital Oil that no party tampers with any petroleum products consignment in its custody without the knowledge of the other party.

He stated further that upon the NNPC discovering that Capital Oil had diverted the petroleum products in its custody, the national oil company reached out to relevant and sister public agencies.

“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,” the NNPC executive said.

This clarification is coming on the heels of the ultimatum given by the House committee to Chief Ubah and Capital Oil to appear before the committee unfailingly today to give testimony in relation to the disappearance of N11 billion worth of petroleum products belonging to the NNPC.

Chairman of the committee, Rep. Akinlaja Joseph, who issued the ultimatum, accused Ubah and Capital Oil of evading service of the invitation from the committee summoning him to appear.

Also expected to appear before the House committee today is the Managing Director of the NNPC retail.