The Petroleum Pricing and Marketing Company (PPMC) disclosed
that the chairman of Capital Oil, Chief Ifeanyi Uba, who is under House of
Representatives probe for alleged diversion of N11 billion worth of petroleum
products belonging to the 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. Nkem Obi revealed 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.
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