Reps investigate alleged missing N11 Billion

Reps investigate alleged missing N11 Billion

Managing Director of Capital Oil, Ifeanyi Uba, has on Thursday formally cleared air on the alleged N11 billion owed by Nigerian National Petroleum Corporation (NNPC) as well as N16 billion spanning over two years.


 Uba, who appeared before the House Committee on Petroleum Resources (Downstream) during the probe of N11 billion allegedly owed NNPC, denied media reports on oversea travel and social functions, disclosed that he has not granted any interview since his release from the Department of State Security (DSS) custody two weeks ago.

It would be recalled that Ubah is under investigation for alleged diversion of 11billion naira worth of petroleum products belonging to the NNPC.

On his own submission Ibrahim Dansure who represented the Managing Director of NNPC, informed the committee that before the diversion of the petroleum products by Ubah, the NNPC had an agreement with Capital Oil that no party should tamper with any petroleum products consignment in its custody without the knowledge of the other party.

Earlier, the Chairman of the committee, Akinlaja Joseph accused Capital Oil of refusing to appear before the committee to give testimony in relation to the disappearance of 11billion Naira worth of petroleum products.

 While declaring the investigative hearing open, Speaker Yakubu Dogara said the disappearance of the 11 billion naira worth of petroleum products belonging to the NNPC from the Capital Oil tank farm in Lagos, was capable of jeopardizing the national economy by reducing government's revenue and hampering efforts to exit from economic recession.

Breakdown of the money owed by Capital Oil showed: non-payment of N3.146 billion for 20,000MT (2.820 million) of PMS since 14th February, 2017; N1.170,452,408 outstanding Throughput bills since March 2016 and $2,952,555 and N6 million outstanding payment for Coastal vessels intervention bill since 2015.

Also, N59,320,045.57 short-payment from previous throughput bills; N5,709,981,426 statutory payment of jetty throughput charge of N.80k/litre and N.040k/litre as well as N341,106,999.95 for throughput services bill owed by NNPC.

Ifeanyi Uba, added that berthing fees of $20,000 per vessel, their shipping agents have paid on their behalf of a total of $2,999,919 leaving an outstanding of $5.540 million.

 Total naira component stands at N10, 983,210,116.52 without accrued interest. Total US dollar component is $8,492,555.

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