Reports

Ifeanyi Ubah Laments Attempt By NNPC To Choke Capital Oil/Gas

Published

8 years ago

March 18, 2017

Business mogul and Chairman/CEO of Capital Oil and Gas, Chief Patrick Ifeanyi Ubah has lamented what he termed “Deliberate and calculated attempt to stifle and strangulate Capital Oil and Gas”.

Chief Ubah said this in a statement issued on Saturday and made available to Elombah.com.

The business mogul regretted the allegation by the Nigerian National Petroleum Corporation (NNPC) that they are unable to access over 100 million litres of petrol stored in Capital Oil And Gas depot.

Disparaging the report, Chief Ubah, expressing shock that “the Corporation has resorted to this needless campaign of calumny”, said:

“Our attention has been drawn to a press release by the Public Affairs Department of the Nigerian National Petroleum Corporation (NNPC) as well as some online publications alleging their inability to access over 100 million litres of petrol stored in our depot.

“While we confirm that NNPC has a subsisting contract with our company which is on throughput basis, we wish to state here that the corporation has consistently been in breach and default of our contractual agreement by owing us money for services rendered.

“Payments from NNPC for services rendered by our company have consistently been delayed for periods spanning over one year.

“Currently, NNPC owes us for coastal vessel services rendered to the Corporation at a very critical period to salvage national crisis since 2015 (more than two years now) amounting to millions of Dollars as well as throughput services which has remained unpaid since March 2016 (exactly one year now).

“Additionally, the corporation has failed to deliver products to us which were duly paid for through the PFI system.

“We have severally urged them through writing to effect these payments to us as well as deliver our products after which both organisations can reconcile accounts to know who owes what.

“Rather than carry out this exercise, we are shocked that the Corporation has resorted to this needless campaign of calumny.

“We respect the fact that NNPC is our biggest partner in the downstream sector and we have always stood by the corporation especially in times of national emergencies (product scarcity).

“It is on record that few months ago when same NNPC had a serious break in its supply chain and in a bid to avert an imminent national scarcity, Capital Oil & Gas Industries Limited lent the Corporation millions of product to close the gap.

“It is our sincere hope that the Corporation will respect our contract with them by paying all outstanding bills as well as deliver cargoes which have duly paid for by us in order to end this situation which we view as a deliberate attempt to stifle & strangulate our business.

“[We bear] in mind that despite their unfair and unfavourable treatment, we still manage to retain thousands of employees in this critical period of the nation’s economy where even banks and multinationals are retrenching.

“This act of strangulation has previously been reported by our company to the Economic and Financial Crimes Commission (EFCC) as well as the Department of State Services (DSS).”

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