The Managing Director and Chief Executive Officer of Capital Oil and Gas Limited, Dr. Patrick Ifeanyi Ubah, has refuted reports that he has been in the custody of the Department of State Services (DSS) in Abuja.
In a chat with Sunday Punch, Dr. Ifeanyi Ubah said he only reports daily to the headquarters of the DSS who are mediating in a financial dispute between him and the Nigeria National Petroleum Corporation, NNPC.
The billionaire club owner said he would make a public statement to thank the security outfit on Monday, adding that he was headed for fresh round of negotiations on Sunday morning.
“I go there every day. I’m on my way there now. We have reconciliation meeting with them today. I will make a statement tomorrow to thank the DSS for being able to resolve the issue,” he said.
While it remains unclear why the entrepreneur is tangled with the DSS, there are reports that he’s being interrogated over the claim by the NNPC that he breached a deal with them and sold about N11bn worth of Premium Motor Spirit stored in his facilities.
The NNPC had reportedly written both the DSS and the Economic and Financial Crime Commission, EFCC, claiming that Dr. Ubah sold the product without remitting the amounts realised the sale.
It will be recalled that in a statement by the NNPC, days ago, the alleged infraction was discovered by accident earlier in the year.
“We instructed the Nigerian Products Marketing Company a subsidiary of NNPC, to send additional trucks to those locations to move products for distribution aimed at meeting a supply shortfall we discovered in the market, but after days of not being able to access the terminals, we had to take a decision as NNPC management to invite auditors and inspectors to go and do a physical check on the inventories,” the Group General Manager, Public Affairs Division, Mr. Ndu Ughamadu, said.
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