The Chairman of Capital Oil, Mr Ifeanyi Ubah, on Thursday disputed claims that he was owing the Nigerian National Petroleum Corporation (NNPC) the sum of N11billion.
Ubah speaking at the on-going public hearing organised by the House of Representatives Committee on Petroleum Downstream, claimed that instead the NNPC was owing him N16billion.
“The contract which is what we operate with NNPC puts us in a position of a stock manager which is somewhat the vessel akin to an oil bank.
“This allows for coming in and loading out of products so long as we ensure that all parties having products in our storage ultimately receive their total stock.
“The NNPC in the past has also borrowed products from us to keep their supply and distribution chain running.
“NNPC claimed that we owe N11billion but failed to reveal that they owe us N16billion with a key portion of the debt spanning over two years,” Ubah said.
The committee is investigating the alleged disappearance of 8 million metric litres of petrol belonging to NNPC, that was stored at Capital Oil tank farm in Lagos.