Capital Oil pays N2bn to NNPC over diverted products

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The NNPC on Wednesday revealed that the Chairman of Capital Oil, Chief Ifeanyi Ubah under investigation for diversion of N11billion worth of petroleum products belonging to the NNPC has paid back N2 billion out of the N11billion to the NNPC, Leadership reports.

The chief operating officer, downstream-NNPC, Mr. Henry Nkem Obi disclosed in his presentation at a two-day investigative hearing organized by the House Committee on Petroleum (Downstream) on the disappearance of petroleum products and the spate of kerosene explosions in the country.

Nkem Obi told the committee that prior to the diversion of the petroleum products by Chief Ubah, NNPC had an agreement with Capital Oil that no party is to tamper with any petroleum products consignment in its custody without the knowledge of the other party.

He said that upon discovering that Capital Oil had diverted the petroleum products in its custody, the corporation reached out to relevant and sister agencies to help in the recovery of the diverted products.