N11billion worth of products diverted: Andy Uba returns N2billion

The Nigerian National Petroleum Cooperation (NNPC) on Wednesday, July 12, said the chairman of Capital Oil Ifeanyi Ubah has returned part of the money from the diverted petroleum products.

The chief operating officer of the Petroleum Pricing and Marketing Company (PPMC) Nkem Obi said Ubah returned N2 billion out of the N11 billion worth of products diverted.

Speaking at the two-day investigative hearing organised by the house committee on petroleum (downstream) on the disappearance of products belonging to the NNPC, Obi said the cooperation had agreed with Capital that no party tampers with products in its custody.

He said NNPC reached out to the public and sister agencies after it discovered that Capital Oil had diverted some products.

Obi said: “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.”