According to Petroleum Pricing and Marketing Company (PPMC), the chairman of Capital Oil, Chief Ifeanyi Uba who is under arrest for allegedly diverting N11billion worth of petroleum products belonging to NNPC has paid back N2billion out of the supposed N11billion.[AdSense-A]
This was disclosed by Mr. Henry Nkem Obi, Chief Operating Officer of the PPMC, who revealed yesterday that before the diversion of the petroleum products by Chief Ubah, the NNPC had an agreement with Capital Oil that no party tampers with any petroleum products consignment in its custody without the knowledge of the other party.
He stated, “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.