Following its face-off with the Nigerian National Petroleum Corporation (NNPC) over an alleged N11 billion petroleum products theft, fresh indications have emerged that Capital Oil and Gas Industries Limited may have lost its mega petroleum tank farm located in Apapa to another oil tank farm; AA. Rano Nigeria Limited.
Close sources to the tank farm who pleaded anonymity confirmed to Shipping Position Daily last week that, A.A Rano Tank farm which is owned by Kano State born oil magnate, Auwalu Abdullahi Rano has decided to pay the N11billion debts owed the NNPC by Capital Oil boss, Ifeayin Ubah.
Investigations by our correspondent also revealed that on taking over the tank farm, AA Rano would operate Capital Oil tank farm for a number of years until it has fully recouped its money. In the main time, the company which also has its AA Rano Petroleum Tank Farm located at Satellite Town area of Ojo, Lagos would be changing all the staff of Capital Oil with its own workers.
According to the reliable source: “AA Rano would want to put their sign board at the front of the Capital Oil depot now, you know there is a case of missing 700million litres of petroleum product and a debt of N11billion naira on paper, so AA Rano has decided to pay up the debt in return, he would take over the depot, I don’t know for how many years, but it is between AA Rano, the Federal Government and Ifeanyin Ubah”
“This same situation has happened at Capital Oil before, there was a case of deceit, he was given license to import 200million litters of diesel, on the way he would have sold 100million on the way and claim subsidy for 200million litres. After the account was audited and reconciled, he owed the NNPC and they had to come into manage the depot with him, while the NNPC was importing the product, they share the profit and part of his profit was used to fund his debt. But now, NNPC has decided that it is not even reasonable managing the depot with him”
“The only thing delaying AA Rano now is their signboard, they may have to change their staff also and bring their own people. The only thing they cannot change for now is the executive of the union because they are autonomous and they have a number of years and tenure to spend”, he said.
Shipping Position Daily made efforts to reach out to the embattled Capital Oil boss, Ifeanyin Ubah, however, calls made to his phones were not picked and text message were not replied at the time of filling this report. Also, Depot Manager of the tank farm, Goffery Okorie failed to respond to the calls and text messages.
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