Capital Oil, NNPC Face Off Over Missing PMS

As the controversy over the alleged missing N11 billion worth of petroleum products of the Nigeria National Petroleum Corporation (NNPC) continues, the House of Representatives has vowed to ensure that those found culpable are sanctioned.

The Managing Director of Capital Oil and Gas, Ifeanyi Uba maintains that his company did not breach its contract with NNPC, a position contrary to that of the former Managing Director of the NNPC Retail Limited, Esther Nnamdi-Ogbue.

Both parties stated their positions as the lawmakers commenced investigations into the matter.

NUPENG Calls For Dialogue To Resolve Capital Oil Impasse

Courtesy: NUPENG

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has called on the Federal Government to embrace the use of dialogue to resolve the lingering impasse between the management of Capital Oil and Department of State Services (DSS), over the illegal sale of petroleum products stored in their tank farm by the NNPC.

The union stated that workers have the right to protest the non-payment of their salaries and allowances and that the Federal Government should secure the jobs of those working in the sector.

NUPENG, in a statement signed by its President, Igwe Achese, stressed that although it does not support the illegal diversion and sale of petroleum products, it was of the opinion that the Federal Government cannot sit still and watch workers lose their jobs.

The Union also made reference to the case of Seawolf Oil Services that was taken over by the Assets Management Corporation of Nigeria (AMCON) in which it says workers are yet to be paid their backlog of salaries and entitlements for over five years.

“NUPENG believes that the job creation mantra of the government should be allowed to play, rather than paving way for job losses as it is the case of the current closure of Capital Oil.”

It therefore called on the government to allow the 2,000 workers to resume work at the depot and load products so that their salaries can be paid, “instead of throwing them into the unemployment market for no fault of theirs”.

Court Orders AMCON To Pay Capital Oil And Gas 26bn Naira

Shiites, Abuja, Court-Amcon-Capital OIlA Federal High Court in Abuja has ordered the Asset Management Corporation Of Nigeria (AMCON) to pay Capital Oil and Gas Limited the sum of 26 billion Naira as contained in the consent judgment delivered in 2013.

Justice Abdul Kafarati in his judgement held that the court has powers to enforce its judgment or the verdict of any lower court in the country.

The trial judge also restrained AMCON from exercising any power over Capital Oil and Gas Limited and its assets and from processing any assignment and transfer among others.

Justice Kafarati, who resolved all four issues canvassed by Capital Oil, advised the agency to live up to its statutory responsibility of reviving the nation’s economy through positive support for businesses to thrive.

A Federal High Court in Lagos had on May 6 struck out a suit commenced by AMCON against Capital Oil and Gas Industries on the grounds that the suit was premature.

AMCOM sought to circumvent existing suits in different courts on issues relating to the alleged indebtedness of Capital Oil and Gas which was currently under dispute.

Anambra Polls: Produce State Accounts’ Audited Report, Ubah Challenges Obi

The Labour Party candidate in the November 16 elections, Dr Patrick Ifeanyi Ubah, has asked Governor Peter Obi to produce the audited report of the state accounts  for the year 2012.

Dr Ubah told Anambra citizens in Lagos that the incumbent has nothing tangible to show in the last 7 years, especially in the area of infrastructure, job creation and accountability.

He goes on to say that if voted into power, his government will aggressively industrialize the state and ensure that his government gives support to business ventures.


Capital Oil To Charge Access Bank For Contempt Of Court

Capital Oil and Gas and its CEO, Mr Ifeanyi Ubah have indicated a readiness to proceed with contempt proceedings against the Directors and management of Access Bank Plc. for disobeying court orders granted in their favour in relation to the settlement of a disputed loan facility.

Two cases of public interest surfaced at the Federal High Court sitting in Lagos.

In the first proceeding before Justice Okon Abang, Capital Oil & Gas Ltd and its CEO, Mr ifeanyi Ubah had at the last sitting of the court obtained a series of orders in its favour against Access Bank and Coscharis Motors.

In those orders made on the 28th of January, Justice Abang had among other orders directed Access Bank to file a notice of discontinuance of all the suits it filed against the oil company before a London court and report compliance of same within 48hours.

The bank is however yet to comply with this order, instead it is seeking to stop the proceedings before Justice Abang even as indications emerged on Monday that the London Court and Justice Abang were sitting on the matter at the same time.

Capital Oil has urged the court to summon the directors and principal officers of the bank to appear and give reasons why they should not be punished for disobedience of court orders.

Access Bank will however get a right of reply before the Lagos court rules on its next move.

AMCON Vacates Capital Oil Premises

The Asset Management Corporation of Nigeria (AMCON) has withdrawn from the premises of Capital Oil and Gas Limited.

In a statement sent to Channels Television on Wednesday, the managing director of AMCON, Mr Mustafa Chike-Obi, stated that the corporation decided to vacate the premises of the oil firm owing to overriding public interest.

Mr Chike-Obi added that AMCON will allow Capital Oil resume operations to allow for more fuel supply ahead of the Christmas and New Year holidays.

Capital Oil and AMCON have been embroiled in a legal battle over unpaid debt to AMCON which the corporation says is worth N65 billion.

Recently, a high court in Abuja ordered AMCON to vacate the premises of Capital Oil, but the order was immediately appealed by the AMCON and it maintained its presence at the oil firm’s premises.

Court Orders AMCON To Reopen Capital Oil

A Federal High Court in Abuja has set aside an order which allowed the Asset Management Company of Nigeria (AMCON) to shut down the facilities of Capital Oil on November 13, 2012.

In setting aside the order, Justice Abdul Kafarati ruled that the court has the powers to set aside its orders especially when justice demands it does so.

He added that Capital Oil was an on-going concern when it was shut down and the business of AMCON is not to stifle businesses.

Justice Kafarati ordered AMCON to reopen the facilities while it retains the title deeds of the facilities and also enter into negotiation with the company on how to pay the debt.

The Judge had on November 13, ordered AMCON to take immediate possession of properties and assets of Capital Oil and Gas Industries Limited, following allegation that the oil firm is indebted to AMCON to the tune of N48.014 billion.

Capital Oil re-approached the High Court on November 22, and asked it to vacate the interim order.

Meanwhile an attempt by AMCON to get the court’s order to sell off proceeds stored in the company’s facility and an order as to where the money will be retained hit a brick wall.

Counsel to AMCON, Mr Ricky Tarfa standing on Order 28 of the court rules, asked the court to order the sales of products held in the capital oil storage facilities, he further asked that proceeds of the sale be held in an account as ordered by the court pending the determination of the owners of the fund.

Rejecting the oral application, counsel to Capital Oil told the court that such an application must come formally and besides that, products in the Capital Oil facility belong to the Nigerian National Petroleum Corporation (NNPC).

Justice Kafarati ordered AMCON to bring a formal application as a result of the many interests on the products and adjourned the suit to the 15th of January 2013 for definite hearing.

Finance Minister is playing Anambra politics – Ifeanyi Uba

The Managing Director of Capital Oil and Gas, Ifeanyi Uba on Monday accused the Coordinating Minister of the Economy and Minister of Finance, Ngozi Okonjo-Iweala of using her position to engage in local politics.

Speaking as a guest on Channels Television’s programme, Sunrise Daily, Mr Uba said the Minister is also assuming the position of a god.

“She’s playing Anambra state politics with her job and reputation. She is assuming to be god; she’s not god,” he said.

Uba denies receiving help from Maduka; calls Cosharis group ‘pure water’ business

The Managing Director of Capital Oil and gas, Ifeanyi Uba on Monday denied claims by the Chief Executive Officer of Cosharis group, Cosmos Maduka that he offered him (Mr Uba) a lifeline when his business was in the brink of collapse.

“Is it by his pure water business that he’ll be able to come and help me,” Mr Uba, who was a guest on Channels Television’s breakfast programme, Sunrise Daily, asked.

Mr Uba said he believes politicians were influencing the Cosharis boss, whom he referred to as an uncle, to engage in the media war with him.

Mr Maduka had claimed that since Mr Uba and his company (Capital Oil and Gas) were labelled by most commercial banks in Nigeria as ‘unbankable’, he helped the oil merchant to obtain a loan of $180 million from Access Bank to finance the importation of Premium Motor Spirit (PMS).

The Cosharis boss also alleged that 10 letters of credit were opened and that of the 10 expected cargoes, only six were delivered.

Disputing Mr Maduka’s claims, Mr Ubah said “everything about that story is false.”

When asked if it was true that he is indebted to Access Bank to the tune of N21 billion, Mr Uba said ‘you can’t eat your cake and have it’.

He said the loan he obtained from the bank was what he used to import petrol of which his company is yet to receive subsidy payment. “The money is sitting in Access Bank,” he said.

“Access Bank is the consignee of all the vessels imported. Therefore, if they are accusing of fraud, then it is all of us together,” he added.

Fuel Subsidy Scam:Court remands Capital Oil boss, four others in police custody

A  Magistrate Court sitting in Lagos has granted a request by the Special Fraud Unit (SFU) of the Nigerian Police to keep the Managing Director of Capital Oil and Gas Limited, Patrick Ifeanyi Uba in its custody for the next fourteen days.

Magistrate Martins Owunmi granted the permission of the SFU  to remand Mr Uba and four members of his management team in custody pending the conclusion of investigation into an alleged N43.291 billion oil subsidy fraud.

The four others remanded alongside the Capital Oil Boss are Nsikan Usoro, Capital Oil’s Head of Trading; Godfrey Okorie, Capital Oil’s Deport Manager; Chibuzor Ogbuokiri, General Manager in charge of Operations in the company, and Orji Joseph Anayo, the company’s Executive Director, Operations.

The court made the order for the remand of all five after listening to arguments from both Uba’s lawyer, Joseph Nwobike (SAN), and the prosecuting counsel, Effiong Asuquo.

In a similar fashion, the SFU also secured an order of the same court to keep the Managing Director of Matrix Energy Limited, Abdulkabir Adisa Aliu and two other top staff of the company in custody pending the conclusion of investigation into an oil subsidy scam estimated at N13.376 billion.

The two staff members are Matrix Energy’s Operations Manager, Yusuf Adebowale Oyolola and the company’s Accountant, Adewale Akinde.