Ifeanyin Uba, oil mogul and owner of Capital Oil, is yet to return in full the 100 million litres of petrol stored in his depot by the Nigerian National Petroleum Corporation, NNPC.
NNPC said it kept 100 million litres at Capital Oil Plc depot and another 30 million litres at MRS, both located in Lagos. It said the two companies depleted its products without its permission. While MRS has purportedly returned its own share of the stolen petrol, Uba’s Capital Oil has merely returned 18 million litres. The total cost of the 100 million litres of petrol for which Capital Oil is liable is put at N11 billion.
Ndu Ughamadu, NNPC Group General Manager, Group Public Affairs Division, said on Friday that it organisation had alerted the Directorate of State Service (DSS), the Economic and Financial Crimes Commission (EFCC) and relevant committees of National Assembly with oversight function on the corporation’s downstream operation to help recover the assets.
“So far, MRS has fully complied by returning the 30 million litres of Premium Motor Spirit (petrol) that it expropriated.
“But, we have not achieved much progress with Capital Oil & Gas which has yet to return 82 million litres of petrol valued at N11 billion, out of over 100 million litres which it took.’’
He said NNPC had set up two committees: one to review the corporation’s entire throughput policy in order to align it with global best practices and the second “is reviewing the corporation’s policy and guidelines for engaging in throughput arrangements with third parties to establish control measures that can help avert a similar incident in the future’’. The official added a disciplinary committee had equally been set up to determine the culpability of staff of the state-owned oil organisation.