Following the closure of the biggest tank farm in Nigeria; Capital Oil and Gas Limited, motorist plying the ever-busy Apapa Oshodi expressway yesterday had a free movement of traffic between the hitherto notorious Sunrise bus top and Westminster bus top where the location of the oil tank farm.
The embattled Capital Oil and Gas Limited had over the weekend announced that it has shut down operations in compliance with a court order to that effect, even as it warned that shutting down its operations could exacerbate the scarcity of petrol and kerosene in the country.
Following the closure of the biggest tank farm in Nigeria; Capital Oil and Gas Limited, motorist plying the ever-busy Apapa Oshodi expressway yesterday had a free movement of traffic between the hitherto notorious Sunrise bus top and Westminster bus top where the location of the oil tank farm.
The embattled Capital Oil and Gas Limited had over the weekend announced that it has shut down operations in compliance with a court order to that effect, even as it warned that shutting down its operations could exacerbate the scarcity of petrol and kerosene in the country.
Shipping Position Daily correspondent who visited the tank farm yesterday noticed the presence of officers of the Nigerian police at the entrance of the company, even as the gates remained shut.
Being the biggest tank farm along the Ibafon Ibru axis, the company usually receives the highest number of petroleum tankers queuing up along the express to load product on a daily basis.
But our correspondent noticed yesterday that since the closure of the company, the queues along the axis have disappeared thereby making room for easy movement of vehicles.
In a statement in Lagos, the managing director of the company, Mr. Ifeanyi Patrick Ubah had spoken of a plot to take over the company, maintaining that those who are working to take over the company were being helped by their friends in government.
Ubah’s Capital Oil is reported to be responsible for about 35 percent of Nigeria’s daily petroleum products distribution, just as his kero-direct scheme with the NNPC had made the company to employ additional 557 youths, while it has penciled down another 158 employments.
Besides the plot to take over the company, some observers claim that recent actions against it were aimed at scuttling Ubah’s plan to contest the governorship election in Anambra State in 2014.
Ubah and Capital Oil Company are currently engaged in battle over alleged indebtedness of the company to Uju Ifejika, the Managing Director of BrittaniaU, Cosmas Maduka, Managing Director of Coscharis Group, and Access Bank Plc.
The company is also allegedly exposed to some Nigerian banks, a development that led to a recent court order obtained by the Assets Management Company of Nigeria (AMCON) to freeze the company’s operations.
Besides, Access Bank, another local bank has also reportedly obtained an injunction from a London court to freeze the company’s assets worldwide.
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