Published On: Fri, Jul 14th, 2017

Ifeanyi Uba Clears Air On $8.493m, N11bn Owed By NNPC

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…laments plight of over 2,000 workers rendered redundant by shut down

The Managing Director of Capital Oil, Ifeanyi Uba on Thursday formally cleared air on the alleged N11 billion owed by Nigerian National Petroleum Corporation (NNPC) as well as N16 billion spanning over two years.

Uba who appeared before the House Committee on Petroleum Resources (Downstream) during the probe of N11 billion allegedly owed NNPC, denied media reports on oversea travel and social functions, disclosed that he has not granted any interview since his release from the Department of State Security (DSS) custody two weeks ago.

Breakdown of the money owed by Capital Oil showed that: non-payment of N3.146 billion for 20,000MT (2.820 million) of PMS since 14th February, 2017; N1.170,452,408 outstanding Throughput bills since March 2016 and $2,952,555 and N6 million outstanding payment for Coastal vessels intervention bill since 2015.

Also, N59,320,045.57 short-payment from previous throughput bills; N5,709,981,426 statutory payment of jetty throughput charge of N.80k/litre and N.040k/litre as well as N341,106,999.95 for throughput services bill owed by NNPC.

Ifeanyi Uba, added that berthing fees of $20,000 per vessel, their shipping agents have paid on their behalf of a total of $2,999,919 leaving an outstanding of $5.540 million. Total naira component stands at N10,983,210,116.52 without accrued interest. Total US dollar component is $8,492,555.

Ubah who expressed displeasure that he heard of the invitation from the Committee on social media, stressed that NNPC owed his company about N16 billion.

He wondered why NNPC was only concerned about its claims that it was owed N11 billion by Capital Oil and Gas, but was silent about what the amount it owed.

“While we called for reconciliation of these issues, NNPC decided to present the issue to the public and other government agencies and in the process deliberately left important information.

“NNPC for example claimed that we owe N11 billion but failed to reveal that they owe us N16 billion with a key portion of the debt spanning over two years”, Ubah said.

Earlier in his presentation Executive-Director, NNPC Retail, Danjuma Dansure reiterated that following the intervention of the DSS, Capital Oil and Gas made a partial payment of N2b in April from N11.144 billion owed the agency for 84,891,730 liters priced at N131.28 per liter.

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