Product Diversion: Ifeanyi Ubah Pays N2bn To NNPC

Chairman of Capital Oil, Chief Ifeanyi Uba has paid back N2 billion to the Nigerian National Petroleum Corporation (NNPC), the Petroleum Pricing and Marketing Company (PPMC) has disclosed.

The sum according to the PPMC is part of the N11billion the oil mogul owes the NNPC for alleged diversion of petroleum products belonging to the Corporation

Mr. Henry Nkem Obi, Chief Operating Officer of the PPMC, revealed this on Wednesday during the two-day investigative hearing organized by the House Committee on Petroleum (Downstream) in Abuja.

Nkem Obi said “We’ve since engaged in the process of negotiations for the defaulting party to return the products to the NNPC.

Obi also confirmed that the committee that before the diversion of the petroleum products by Chief Ubah, 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

Confirming the receipt of the payment, NNPC executive said “Capital Oil has paid N2 billion and negotiations to get the full payment are on-going,”

Recall on 30th March, the Department of State Service (DSS), arrested and detained the Capital Oil boss, Ifeanyi Uba.