Ifeanyi Ubah returned N2 billion out of N11 billion worth of petroleum products diverted by his company (Details, pics)

Nigerian National Petroleum Cooperation (NNPC) on Wednesday, July 12, said the chairman of Capital Oil Ifeanyi Ubah has returned N2 billion out of N11 billion he owes the cooperation

NNPC said the money is part of the fund owed the cooperation on the petroleum products diverted by Ubah company Capital Oil

The chief operating officer of PPMC Nkem Obi said NNPC reached out to the public and sister agencies after it discovered that Capital Oil had diverted some products

Speaking at the two-day investigative hearing organised by the house committee on petroleum (downstream) on the disappearance of products belonging to the NNPC, Obi said the cooperation had agreed with Capital that no party tampers with products in its custody.-  NNPC said the money is part of the fund owed the cooperation on the petroleum products diverted by Ubah company Capital Oil

He said NNPC reached out to the public and sister agencies after it discovered that Capital Oil had diverted some products. Obii said: “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.”

Meanwhile, the committee had given Ubah and his company an ultimatum to appear before it on Wednesday to brief the House of their involvement in the diversion. Also, the chairman of House committee Akinlaja Joseph alleged that the oil company and its boss were evading invitation from the lawmakers.

It was reported earlier that the House of Representatives committee on petroleum resources (downstream) on Tuesday, July 11, issued a fresh summon on the chairman of Capital Oil Ltd, Ifeanyi Ubah.

The lower Chamber in its summon requested that Ubah and his company Capital Oil appear before it on Thursday, July 13. The duo are expected to explain their roles in the missing N11 billion petroleum products belonging to the NNPC.