Capital Oil and Gas boss, Ifeanyi Ubah is in hot soup as the House of Representatives Committee on Petroleum Resources (Downstream) has directed the full recovery of N9billion into the treasury of the Federal Government from Capital Oil and Gas Limited.

The money is the outstanding balance of the N11bn worth of petroleum products, which allegedly “disappeared” from Capital Oil and Gas storage tanks in 2017.

The products were stored by the Nigerian National Petroleum Corporation in the private firm’s custody under its various ‘through-put’ arrangements with tank farm owners in the country.

The committee chaired by Hon. Akinlaja Joseph had investigated the alleged disappearance after it became public knowledge that the NNPC was unable to recover all the products when it demanded to have them.

Capital Oil and Gas, in a testimony by its Managing Director and Chief Executive Officer, Mr. Ifeanyi Ubah, before the committee disclosed that NNPC actually owed Capital Oil and Gas over N16billion debts from other transactions.

In its report to the House, the committee recommended the recovery of the outstanding N9billion from Capital Oil and Gas to the public treasury. On the Ubah firm’s claim of being owed N16bn from other transactions, the committee asked the Economic and Financial Crimes Commission to investigate it.

 “Ensure the full recovery of Federal Government’s money i.e. N9bn balance from Capital Oil and Gas Limited.

“The claims of N16bn the NNPC allegedly owes Capital Oil and Gas should be investigated by the EFCC. If found to be true, they (Capital Oil) should be paid or it should be net-off against the N9bn owed the federal government by Capital Oil and Gas.”