REVEALED! NNPC Is Owing Ifeanyi Ubah 16 Billion Naira
Accusations and counter-accusations continue to fly about the cold relationship between the Nigerian National Petroleum Corporation, NNPC and Capital Oil.
The Chairman of Capital Oil, Ifeanyi Ubah, has come out to say that corporation is owing him 16 billion Naira.
NNPC has been tackling Ubah over 11 billion Naira which it claimed was the worth of the product which Capital Oil allegedly diverted.
According to Ubah, the NNPC blew the entire incident out of proportion.
He added that claims and counter claims by both parties are subjects of litigation and investigation by anti-graft agencies.
“The contract which is what we operate with NNPC puts us in a position of a stock manager which is somewhat the vessel like an oil bank.
“This allows for coming in and loading out of products so long as we ensure that all parties having products in our storage ultimately receive their total stock.
“The NNPC in the past has also borrowed products from us to keep their supply and distribution chain running.
“NNPC claimed that we owe N11 billion but failed to reveal that they owe us N16 billion with a key portion of the debt spanning over two years,” Ubah said.
He added that his company has not denied that it had stock products belonging to NNPC but accused the national oil company of failing to conduct a reconciliation with Capital Oil before rushing to conclusions.