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Illegal Petrol Sale: DSS, NNPC Move to Recover N11bn from Capital Oil
Following its conclusion of investigation into the sale without appropriate authorisation of 82 million litres of petrol valued at N11 billion by Capital Oil and Gas, the Nigerian National Petroleum Corporation (NNPC) and Department of State Security (DSS) may have to force out a firm repayment plan from the management of Capital Oil, THISDAY has learnt.
Reliable sources within the corporation told THISDAY saturday in Abuja that this was the latest decision reached by the DSS and NNPC in an attempt to recover the petrol stock or it financial equivalent, which the NNPC kept under a throughput agreement with Capita Oil.
The firm was accused by NNPC of expropriating 82 million litres of petrol kept in its tank farm in Apapa area of Lagos. It subsequently denied that, but after a thorough investigation by the NNPC and subsequent sack of three of its officials found culpable in the act, THISDAY was reliably told that the Chairman of Capital Oil, Mr. Ifeanyi Ubah, had been in the custody of the DSS where he was expected to tender a firm repayment plan to the corporation and DSS.
Sharing with THISDAY the current state of the recovery efforts after the corporation sacked three of its staff members found culpable in the act, one of the sources said: “Once anybody is relieved of his appointment, it means that such person has been disengaged.
“But the issue now is with Capital Oil and for three weeks, its chairman has been with the DSS, and they are trying to extract a sort of repayment model from him.”
Thisday, April 16, 2017
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