The management of Capital Oil and Gas has replied the Nigerian National Petroleum Corporation (NNPC) over allegations of N11billion missing petroleum product kept in its depots.
In a statement sent to NAIJ.com on Saturday, March 18, Capital Oil said the NNPC has been the one who has been in breach of the contract between them.
Capital Oil and Gas chairman Ifeanyi Uba is concerned that NNPC could be trying to strangulate his company
According to Capital Oil, it is actually NNPC that owes it millions of dollars and billions of naira and has failed to deliver cargoes to Capital Oil and Gas after full payment.
The company said it is now calling for account reconciliation to prove its case.
The statement read in part: “NNPC has a subsisting contract with our company which is on throughput basis. The corporation has consistently been in breach and default of our contractual agreement by owing us money for services rendered.
“Payments from NNPC for services rendered by our company has consistently been delayed for periods spanning over one year and remains unpaid till date. Currently, NNPC owes us for services
rendered to the Corporation at very critical periods to salvage nationwide fuel scarcity since 2015 (more than two years now) amounting to millions of Dollars and billions of Naira.
“Additionally, the Corporation has failed to deliver products to us which were duly paid for. It is instructive to note, that Capital Oil and Gas has trucked out over 7 billion litres of petroleum products for the NNPC over the last few years making us their biggest partner in the downstream sector of Nigeria's Oil and Gas Industry.
“We have written the NNPC severally, requesting for our outstanding payments and delivery of products duly paid for by us. Rather than honour our request, we are shocked that the Corporation has resorted to this needless campaign of calumny while refusing to make payments and deliver our products to us till date. We respect the fact that NNPC is our biggest partner in the downstream sector and we have always stood by the Corporation especially in times of national emergencies (product scarcity).
“We have proudly rendered intervention services at all critical times in the life of our nation. It is on record that few months ago, when the same NNPC had a serious break in its supply chain and in a bid to avert an imminent national scarcity, Capital Oil & Gas Industries Limited lent the Corporation millions of product to close the gap.
“It is our sincere hope that the Corporation will respect our contract with them by paying all outstanding bills as well as deliver cargoes which have been duly paid for by us in order to end this situation which we view as a deliberate attempt to stifle and strangulate our business bearing in mind that despite their unfair and unfavourable treatment, we still manage to retain thousands of employees in this critical period of the nation's economy where even banks and multinationals are retrenching.
“This act of strangulation has been reported by our company to the Nigerian Senate in a petition against the NNPC that was read on the floor of the Senate on Wednesday, 8th of March 2017. A similar petition was also submitted to the Economic and Financial Crimes Commission (EFCC) as well as the Department of State Services (DSS).
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“As a responsible Corporate citizen, we look forward to the NNPC not only honoring the payment terms of our contract but to also deliver the parcel of cargo duly paid for by us and thereafter reconcile our accounts.
“We respectfully urge the NNPC to live up to its corporate responsibility, core values and respect the rights of her partners.”
NAIJ.com recalls that reports emerged on Friday, March 17 that the NNPC has decided to report to the Economic and Financial Crimes Commission and Department of State Services over allegedly selling off its petrol put in their depots. But Capital Oil has now said its own side of the story.
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