- NNPC Recovers N2b Out of N11b from Capital Oil
The Nigerian National Petroleum Corporation (NNPC) said its has recovered N2billion from Capital Oil and Gas from the N11billion worth of petroleum products it warehoused in the tank farms of Capital Oil.
The House of Representatives has however asked the management of Capital Oil and Gas to appear before its Committee on Petroleum Resources (Downstream) today or face legislative sanctions.
The lawmakers said the summon became imperative due to the inability of the Committee to successfully serve its invitation on the company despite many attempt to do so.
Chairman of the Committee, Joseph Adelaja during the opening of a two-day public forum on the disappearance of the petroleum products warehoused in Capital Oil’s tanks, said the matter over which the company was being invited has huge implication on the funding of the national budget.
Akinlaja said since the Committee does not have the luxury of time at its disposal and would not allow the oil company to thwart its investigation.
In his presentation, NNPC’s Chief Operating Officer (COO), Downstream, Henry Nkem-Obih said external assistance for the recovery of the money was sought after all internal mechanism to resolve the issue with the oil firm failed.
He said: “The throughput agreement we had clearly state that no party involved in this transaction is authorised to touch eact other’s inventory without a written consent of the other party, but in this case no such thing happened.
“Since NNPC is a government agency, the matter was referred to the DSS (Department of State Security Services) and the Economic and Financial Crimes Commission (EFCC) to recover the loss of government asset valued at over N11billion.
