Recover N9bn From Capital Oil, Reps Order NNPC

The House of Representatives Committee on Petroleum Resources (Downstream) has directed the full recovery of N9billion into the treasury of the Federal Government from Capital Oil and Gas Limited.
The money is the outstanding balance of the N11billion worth of petroleum products, which allegedly “disappeared” from Capital Oil and Gas’ storage tanks in 2017.
The products were stored by the Nigerian National Petroleum Corporation (NNPC) in the private firm’s custody under its various ‘through-put’ arrangements with tank farm owners in the country.
The committee, which is chaired by a member from Ondo State, Hon. Akinlaja Joseph, had investigated the alleged disappearance after it became public knowledge that the NNPC was unable to recover all the products when it demanded to have them.
It also came to light that a reconciliation of figures between the NNPC and Capital Oil and Gas left a balance of N9billion outstanding against the latter.
However, Capital Oil and Gas, in a testimony by its Managing Director and Chief Executive Officer, Mr. Ifeanyi Ubah, before the committee, denied any fraudulent intentions.
Rather, Capital Oil and Gas stated that NNPC actually owed it over N16billion debts from other transactions.
However, in its report to the House, which leaked to newsmen in Abuja, yesterday, the committee recommended the recovery of the outstanding N9billion from Capital Oil and Gas to the public treasury.
It noted that its investigation confirmed that the amount was outstanding and should be fully recovered.
On the Ubah’s firm’s claim of being owed N16billion from other transactions, the committee asked the Economic and Financial Crimes Commission (EFCC) to investigate it.
The report stated, “Ensure the full recovery of Federal Government’s money i.e. N9billion balance from Capital Oil and Gas Limited.