Ifeanyi Ubah returns N2bn to NNPC

By Joshua egbodo Abuja

Nigeria National Petroleum Corporation (NNPC) has revealed that the Chairman of Capital Oil, Chief Ifeanyi Ubah under investigation for diversion of N11billion worth of petroleum products belonging to the Nigerian National Petroleum Corporation (NNPC) has paid back N2 billion out of the N11 billion to the corporation. Th e chief operating offi cer, downstream-NNPC, Mr. Henry Nkem Obi, disclosed in his presentation at a two-day investigative hearing organised by the House Committee on Petroleum (Downstream) on the disappearance of petroleum products and the spate of kerosene explosions in the country.

Obi told the committee that prior to the diversion of the petroleum products by Chief Ubah, NNPC had an agreement with Capital Oil that no party is to tamper with any petroleum products consignment in its custody without the knowledge of the other party. He said upon discovering that Capital Oil had diverted the petroleum products in its custody, the corporation reached out to relevant and sister agencies to help in the recovery of the diverted products. “We’ve since engaged in the process of negotiations for defaulting party to return products to storage or pay the cash equivalent. Capital Oil has paid N2 billion and negotiations to get the full payment are on-going,” he said.

Th is revelation is coming on the heels of the ultimatum given to Chief Ubah and Capital Oil by the House to appear before the committee unfailingly today to speak on the disappearance of petroleum products worth N11 billion belonging to the NNPC. Chairman of the committee, Hon. Akinlaja Joseph, had accused Ubah and Capital Oil of evading the invitation from the committee summoning him to appear and testify. Earlier, Speaker of the House, Yakubu Dogara, said the disappearance of the N11 billion worth of petroleum products belonging to the NNPC from the Capital Oil tank farm in Lagos, was capable of jeopardising the nation’s economy by reducing government’s revenue and hampering eff orts to exit from economic recession.