₦airaland Forum

olujastro:
If it happens that no one comes here to write... "They are arresting Igbos because....", then I know there's hope for a better Nigeria ahead.

he should be punished if found guilty. I don't care if his my cousin.

North Just dey pin other region. na wah oo, Well The Northeners aren't that corrupt as much.

So people are very stupid, so because he is been accused of oil theft automatically many fools here have declared him a thief because he is an Igbo man?. let's wait till he come up with his own version because I have had of this case before and Ifeanyi ubah claim that NNPC was owing him so they have to do counter balance.

Ladies and Gentlemen, this is witch hunt in its highest order.

DSS and NNPC should come out open

Please if you really want to know the truth about this guy's arrest please read this article from Premium time. you will be enlightened about the case.

Missing Petrol: After PREMIUM TIMES report, NNPC moves to recover N11 billion from Capital Oil
March 17, 2017Bassey Udo
Capital oil
Capital oil
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EXCLUSIVE: Capital Oil, NNPC officials in fresh 90 million litres petrol scandalMarch 15, 2017

The Nigerian National Petroleum Corporation, NNPC, said on Friday it was fully committed to implementing various measures it considered necessary to achieve full recovery of its missing petroleum products stored in the facilities of two indigenous downstream operators in Lagos.

PREMIUM TIMES had exclusively reported on Thursday on the missing 130 million litres of premium motor spirit, PMS, popularly called petrol, owned by the NNPC Retail, a downstream subsidiary of the NNPC, stored in the products depots belonging to Capital Oil & Gas and MRS Petroleum.

The products stored in the two private facilities under a throughput arrangement to build a robust strategic national reserve got missing in controversial circumstances.

Under the terms of the throughput arrangement, The NNPC Retail paid N2 for every litre of petrol stored in a private depot.

Consequently, N200 million was paid to Capital Oil and N60 million paid to MRS for 100 million and 30 million litres of petrol stored in the two facilities.

NNPC Chief Operating Officer, Downstream, Henry Ikem-Obi, said in Abuja that part of the measures considered to facilitate the recovery of the products included its decision to alert the State Security Service, SSS, and the Economic Financial Crimes Commission, EFCC.

Mr. Ikem-Obih said the corporation had also reported to the relevant committees of the National Assembly with oversight functions on the corporation’s downstream operations, to help recover the asset contrary to the insinuation that NNPC kept mute over the infraction until the Senate uncovered it.

He said so far, MRS petroleum had fully complied by returning the 30 million litres of petrol used illegal without NNPC’s permission.

The COO said the NNPC was not making much progress in relation with Capital Oil & Gas, which was yet to return about 82 million litres of petrol, valued at N11billion, out of over 100 million litres kept in its facility.

He further disclosed that NNPC had set up two committees to evaluate the roles played by some of its staff in the illegal product evacuation and review its entire throughput policy in order to align it with global best practices.

Mr. Ikem-Obi said the infraction was discovered earlier in January when the NNPC needed to access the over 100 million litres of petrol stored at the Capital Oil & Gas depot for NNPC Retail and just over 30 million litres in MRS Limited depot, all in Apapa area of Lagos.

“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,” he said.

The COO said the infraction by the two downstream companies was a clear violation of existing throughput contract, which prohibited owners of the facilities from tempering with the volumes in their custody without express permission of the NNPC

Armed with the findings, he said the NNPC invited the two companies to explain what happened to products in their custody.

Letters were later issued to the companies to either return the full volume of what was stored in their depots, or pay the full value of the products they took without NNPC’s approval.

CAPITAL OIL REACTS

In its reaction, the management of Capital Oil & Gas Limited said on Friday it had written to the NNPC to demand the full reconciliation of accounts for debts owed the company over the last two years.

The Chairman of Capital Oil, Ifeanyi Uba, told PREMIUM TIMES on Friday that his firm had been writing to NNPC on several occasions in the past to get its management to agree to sit and reconcile the accounts on various petroleum products supply transactions.

“NNPC has been owing us (Capital Oil) on petroleum products supplies over the last two years. We have written several letter to them calling for reconciliation without success. We have written to them calling for total reconciliation of accounts, and they have agreed,” Mr. Uba said in a telephone chat on Friday.

Although Mr. Uba did not say how much the NNPC was owing Capital Oil, he said that would be determined at the end of the reconciliation exercise.

To forestall a repeat of similar occurrence in the future, the COO NNPC Downstream said a disciplinary committee was constituted to investigate the level of involvement of its staff with a view to applying appropriate sanctions as a deterrence measure.

The second committee, he said, was reviewing the Corporation’s policy and guidelines for engaging in throughput arrangements with third parties to establish control measures to help avert a similar incident in the future.

On possible punitive measures to be meted out to culpable staff and erring firms, the COO said it would be better to allow the committees decide that in line with existing laws and regulations.

On the impact of the product diversion on the supply system, he said there was no fear of under-supply as the Group Managing Director of NNPC, Maikanti Baru, has approved an increase in importation of petrol to make up for the shortfall.

If the DSS was being fair, they would ask both parties to go and reconcile rather than harrass Dr. Ubah

Ezechinwa:
he should be punished if found guilty. I don't care if his my cousin.

Punish for what please?

Uba you finished the day you joined APC gangsters. You were warned but you didn't listening.

I hope fuel prices won't hit above what we are getting because of this blackmailing of Uba?

SirdeKay:
But this man has repeatedly claimed that the NNPC was owing him and that it was with the knowledge of the top management that the fuel was sold

People will ignore this. The NNPC is owing Ifeanyi Ubah billions of naira and Ubah has severally invited them to come to a round table so they can settle the account to know who is to balance the other. The NNPC never denied owing him all this while.

This is business... Attacking one side of the two parties is not right. The DSS should be professional and serve justice evenly. IMO

Is NNPC planning a take over over what does not belong to them?

UNIQUEISRAEL:
I NOTICED THAT FOR LONG; THIS MAN NA WALKING BANK

UBAH: UNINTERRUPTED BANK OF ANAMBRA HOUSTON

Na the human equivalent of UBA Bank

UNIQUEISRAEL:
I NOTICED THAT FOR LONG; THIS MAN NA WALKING BANK

UBAH: UNINTERRUPTED BANK OF ANAMBRA HOUSTON

Na the human equivalent of UBA Bank...

nwabobo:
People will ignore this. The NNPC is owing Ifeanyi Ubah billions of naira and Ubah has severally invited them to come to a round table so they can settle the account to know who is to balance the other. The NNPC never denied owing him all this while.

How much exactly are they owing Ubah?

Check my signature, if you or someone you know is interested in TBC, pls call that phone number displayed in my signature.

sorry1:
Yes nah, why won't they arrest him? Anything to bring down an igbo man is welcomed... How many times have the likes of dangote, danjuma etc been arrested? oh, I forgot they are saints who should be emulated because they have never faulted and never will.

Hahahaha !
I hope that's sarcasm ?

What of amaechi and tunibu?

Agreement na agreement Uba did not steal any oil. Dss cannot do anything to him

bkool7:
Hahahaha ! I hope that's sarcasm ?

ofcourse it is

nkwuocha1:
Hmm.
Northern agenda. Na only him dey thief oyel? Yeye dey smell. Rubbish!

Watch as Ndi AFON-NJO will scamper here like tse tse fly to poo

Ba sense! Badeh, Oke, Dasuki, former custom boss Inde, Fmr Adam's gov. that was jailed, and Andrew Yakubu are all igbo's abi.

Jolar101:
Uba you finished the day you joined APC gangsters. You were warned but you didn't listening.

I hope fuel prices won't hit above what we are getting because of this blackmailing of Uba?

So this is blackmail ?!
You sold what was kept with you
Don't you know those fuel were kept in case the nation runs into scarcity ? he sold everything and doesn't want to refund them .

AbakalikiPress:
I have a feeling all my Igbo brothers on this thread will blame Yorubas for the arrest of this man- even though na proper Thief him be- And Yoruba have nothing to do with his arrest.

That typical "We must protect our own criminal" attitude that most Nigerians have.

Ehen... one below me has started.

VLC head afonja claiming Igbo.
Face your Suffersphicated brown roof coward brothers.

Is NNPC planning a take over?

In Davido's voice *11 billion for the tank o*

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They just want to tarnish this man,s image because of his political ambition.

Alfred how is it a witchhunt? Did your boss sell the crude or not? Of course he pays you salary from there.

AmbIzuchukwu:
Ladies and Gentlemen, this is witch hunt in its highest order.

DSS and NNPC should come out open

naturev14:
If the DSS was being fair, they would ask both parties to go and reconcile rather than harrass Dr. Ubah

Capital Oil refused to pay for the fuel kept in their possession and he vehemently refused to pay claiming NNPC is owing him .
Are they owing him the same amount ?
Is that the way to take back the money you're being owned ¿
After all MRS has paid back its own

Wetin concern me. I no kukuma ff share the money.
Order for your wigs
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Why do u say or write what u don't know.? NNPC owe Capital oil and Gas millions of dollar running over N15 billion. Then let me ask u now who is the thief here and who is oweing who?

AbakalikiPress:
I have a feeling all my Igbo brothers on this thread will blame Yorubas for the arrest of this man- even though na proper Thief him be- And Yoruba have nothing to do with his arrest.

That typical "We must protect our own criminal" attitude that most Nigerians have.

Ehen... one below me has started.

nwabobo:
People will ignore this. The NNPC is owing Ifeanyi Ubah billions of naira and Ubah has severally invited them to come to a round table so they can settle the account to know who is to balance the other. The NNPC never denied owing him all this while.

And you think that's a justification for him to have sold the fuel without informing the NNPC? I'm sure you read where they say they've paid him for the storage. Beside he knew they owes him why did he continue to do business with them. His excuses are no justification