The Chief Operating Officer of the petroleum pricing and marketing company (PPMC), has disclosed that Capital Oil chairman Ifeanyi Ubah has returned N2 billion out of N11 billion worth of diverted petroleum products.
Obi made this known on Wednesday while speaking before the house committee on petroleum (downstream) on the disappearance of products which belonged to the Nigerian National Petroleum Corporation (NNPC).
He told the committee that before the diversion of the petroleum products, the NNPC had an agreement with Capital Oil that no party tampers with any petroleum products consignment in its custody without the knowledge of the other party.
He said after it was discovered that Capital Oil had diverted the petroleum products in its custody, NNPC reached out to relevant and sister public agencies.
“We’ve since engaged in the process of negotiations for the defaulting party to return the products to the NNPC. Capital Oil has paid N2 billion and negotiations to get the full payment are on-going.”
The committee has however, summoned the management of Capital Oil to explain the disappearance of N11bn worth of petroleum products.
The committee, which is chaired by Mr. Akinlaja Joseph, is investigating the circumstances surrounding the disappearance of the products from Capital Oil’s facility.
A public hearing on the incident began in Abuja on Wednesday and was declared open by the Speaker, Mr. Yakubu Dogara.
However, Joseph expressed the frustration of his committee in its attempts to deliver invitation letters to Capital Oil.
He said all efforts made to deliver the letters failed as the committee could not have access to the firm.
As a result, Joseph said the panel had seized the opportunity of the public hearing to summon Capital Oil.