Since the arrest and detention of the Managing Director of Capital Oil and Gas Limited, Ifeanyi Ubah, by the security agencies on the orders of the Nigerian National Petroleum Corporation (NNPC), more facts have emerged on how the problem started and was carried out.
The NNPC had already opposed the suit filed by Ubah, seeking to be released from the custody of the Department of State Services (DSS) based on additional discoveries in the matter.
In a preliminary objection filed through its lawyer, K.T. Turak (SAN), and argued during the last seating on Thursday before Justice Mohammed Idris of the Federal High Court in Lagos, Ubah said the NNPC claimed that he and his company diverted 84,891,730 litres of Premium Motor Spirit (PMS) belonging to the NNPC. The PMS, the corporation claimed, was valued at N11,144,586,314.40.
According to the NNPC, the alleged fraud committed by Ubah and company was discovered when its books were being checked.
NNPC also noted that Ubah was aware that the NNPC had been under “serious scrutiny, investigation and financial audit of its various accounts and daily productions” since the beginning of the administration of President Muhammadu Buhari.
In its further argument, the Corporation said the entire investigations were aimed at “stopping leakages in revenue and non-remittance of proceeds from the sale of petroleum products.”
The NNPC said contrary to Ubah’s claim, it did not intimidate the businessman, alleging that rather, it was Ubah and his company who circumvented a commercial agreement they had with the NNPC in order to allegedly overreach the NNPC and the Asset Management of Nigeria (AMCON).
According to NNPC, “Consequent upon the above development, the 7th respondent (NNPC) carried out stock physicalisation of operators’ storage facilities including those of the applicants (Capital Oil and Ubah).”
“Despite writing Ubah and his company to return the product or pay the money, they had deliberately failed refused and/or neglected to do so”.
Business Hilights recalls that the DSS had been detaining Ubah since May 6, based on the order of Justice Y. Haliru of the High Court of the Federal Capital Territory, Abuja.
