Dr. Ifeanyi Patrick Ubah is in hot soup as the Nigerian National Petroleum Corporation (NNPC) has reported his company, Capital Oil and Gas Limited and MRS Limited to Department of State Service (DSS) and the Economic and Financial Crimes Commission (EFCC) over illegal sale of about 130 million litres of Premium Motor Spirit, PMS, valued at N17.439 billion, belonging to it.

Mr. Henry Ikem-Obih, Chief Operating Officer, NNPC Downstream disclosed that: “We instructed the Nigerian Products Marketing Company (NPMC) a subsidiary of NNPC, to send additional trucks to those locations to move products for distribution aimed at meeting a supply shortfall we discovered in the market, but after days of not being able to access the terminals we had to take a decision as NNPC Management to invite auditors and inspectors to go and do a physical check on the inventories. The visit revealed that there was no molecule of product for the NNPC to evacuate.”

“The infraction by the two downstream companies was a clear violation of existing throughput contract which prohibits the owners of the facilities from tempering with the volumes in their custody without express permission of the Corporation Armed with this information we promptly called them in to explain to us what happened to our product in their custody. After the meeting with them, we issued them with letters and told them in clear terms to do either of two things: return to us the full volume of what has been stored in their depots litre- for- litre or pay the full value of the products they took without our approval.”