Capital Oil vs NNPC | 25 Points Nigerians should note

1- There is what is known as “Throughput contents” in the contract document between NNPC and Capital Oil .

The “Throughput” agreement, in accordance with the norms and practice in the industry worldwide, allow conversion and diversion of its products by the ‘Operator’ so long as the Operator is prepared to re-deliver the products (in terms of the current contract) within 7 days of demand by the products owner or to pay a penalty for non re-delivery.

The penalty to re-deliver is expressly stated by the Contract to be a mere breach of contract remediable by the payment of penalty to the owner. The penalty is comprised of the cost of delivery of the products to the Operator’s tank farm with interest at 1%.

Therefore, there can not be an issue of crime in conversion or diversion of products under a throughput contract between NNPC and Capital Oil .

2- Again, According to Common law rule of “Warehouseman Lien” which expressly state that:-

“When goods are delivered to a professional storage operator (we will refer to them as a warehouseman) for “throughput”, they may become subject to a lien.
A lien is a security right which gives the warehouseman rights over the goods that can take precedence over the rights of others, including the owner.
The warehouseman is entitled to exercise the lien when he or she is left unpaid for services rendered and in so doing will gain legal control over the goods.

3- In view of the above, Dr Ifeanyi Ubah’s Capital Oil can exercise the security right to sell the NNPC’s fuel if they refuse to pay their debt . State agents like DSS or EFCC do not have a place in this documented business transactions which is protected by the contractual terms between the parties .

4- One issue that nobody has refuted is the issue of NNPC owing Capital Oil and Gas over N16billion

5- It amount to sabotage for DSS Lawyer to continue to make undemocratic and unbusinesslike statement in the media on the matter that is receiving judicial attention .

6- Why are they not saying anything on over #16billion that NNPC is owing Capital Oil ?

7- Who should be punished by death between a govt that is owing more than #16billion to an individual who has over 2000 Nigerians in his employ or a Nigerian who has exercised his right of LIEN to remain in business, an act well within the legal framework of the contractual details between him and govt agency ?

8- Where was this product claimed to have been diverted used ? Was it not dispensed to Nigerians ? Was it hoarded against the public request ? No ! So where is the issue of attempt to instigate scarcity as alleged by DSS Lawyer coming from ?

9- In their first press release and in the Lagos court, they said Dr. Ubah was inciting Tanker drivers to embark on strike, which translates to economic sabotage in their thinking. For what purpose? It is of note that tanker drivers have denied that.

10- When they could not substantiate their claim with any proof , they subsequently changed gear to allege that Dr.Ubah was trying to cause scarcity by distributing petroleum products to Nigerians and hence , a capital crime punishable by death . Funny mix up indeed .

11- Can selling products stored at Capital Oil tank farm to Nigerians amount to creating scarcity of the same product within Nigerian market ? A question waiting for an answer .

12- Or Did Capital Oil sell the product in Cotonou or Mali ? Was it sold to aliens or Nigerians ? Of course it was to Nigerians .

13- Is Capital Oil not the same company that has been rescuing NNPC when they lacked product ? This same Capital Oil has frequently rescued the country in petroleum crises and during strike actions. Nigerians must take note.

14- Did NNPC inform DSS that they have been borrowing product also from Capital Oil in more than three occasions this year alone ?

15- Did NNPC inform DSS that they do also borrow /loan products from capital whenever they run short of product as there is documented evidence of capital oil loaning over 18million of pms to NNPC between 26th of July to 4th of August 2016 and many more.
Will NNPC also be condemned to death for borrowing product from a private citizen to cover their supposed inefficiency ?

16- Let it be of note that Capital Oil had earlier petitioned the relevant Agencies /Institutions with respect to the over #16billion that NNPC has been owing the company for years.

17- Owing a businessman N16billion for about two years is a calculated act to stifle his business operation. More dangerous when it is even the Federal Government through its agency that is owing the private businessman such amount in Nigeria.

18- Assuming Dr Ifeanyi Ubah’s Capital Oil got that fund from the Bank, the cumulative interest will be over 45% of the principal. This takes me to the question: who is sabotaging our Nation’s economy here if not the govt ?

19- When Govt’s Business Attitude negates Private Business growth as examplified by the Commercial Behaviour of NNPC against Capital Oil, businesses collapse and the economy will be grossly affected. If capital oil goes down due to the negligent attitude of the govt, it will create panic which will scare away intending investors in a time our economy is begging for job creating platforms. I am worried .

20- It is no more secret that since the effort to robe Dr Patrick Ifeanyi Ubah to what the media called Dasukigate failed as they could not find anything that connects him to that. Since then, they have been moving from one issue to the other .

21- Nigerians should also be informed that attempt was also made to link the activities of TAN in 2015 election campaign to govt money which they found out also that TAN operated from efforts of private volunteers without govt fund . They now move to another issue .

22- Today, Nigerians are watching as they are working hard to criminalize a pure commercial transaction in order to get a target. Attempt to turn a well written contractual business understanding between NNPC and Dr.Ubah’s Capital Oil is a pointer to economic sabotage on the part of the govt.

23- When a govt agency refers the effort of a private citizen who has been working very hard to contribute his quota in moving our country’s economy forward as ‘sabotage’, then Economic doom looms. Nigerians know those that have been sabotaging and still sabotaging the economy of this country since 1960 till date .

24- Adopting Media trial can only entertain Nigerians and hurt economy. At the end, it will not solve the fundamental economic challenges of the nation, neither will it resolve the conflicts from the commercial transactions between NNPC and Capital Oil .

25- We challenge NNPC or DSS lawyer to publish any breach of the content of the agreement between NNPC and Capital Oil that made the Contract performing process between NNPC and Capital Oil a criminal act or economic sabotage on the part of Capital Oil .Even when the product in question was sold to Nigerians in need to cushion National scarcity..

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My prayer is that we redirect our steps as a country .

18 thoughts on “Capital Oil vs NNPC | 25 Points Nigerians should note

  • 2017-05-24 at 11:22 am
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    They tried to rope Dr. Ifeanyi Ubah into Dasukigate, they found nothing. They searched for TAN’s involvement, they found nothing. They now want to give his transaction a bad, a sort of payback for the waves TAN made. If this commercial dispute is punishable by death, what becomes of those that were involved in crude swap without delivering petroleum product or remitting the money for over 3 years of loading Capital Oil’s crude oil.

    What of those that stole crude? In their first press release and in the lagos court, they said Dr. Ubah was inciting tanker drivers which translates to economic sabotage in their thinking.

    When they could not substantiate their claim with any proof, they subsequently changed gear to allege that Dr. Ifeanyi Ubah was trying to cause scarcity by distributing petroleum products and hence, a capital crime punishable by death.

    How senseless. The question is did Capital sell the peoduct in Cotonou or Mali? Was it sold to animals or Nigerians? Who is by this act insigating scarcity? Dr. Ubah or NNPC ?.

    This same Capital Oil that has been rescuing NNPC when they lacked product. This same company has frequently rescued the country in petroleum crises and during strike actions.

    Did NNPC inform DSS that they have been borrowing product also from Capital Oil on more than 3 ocassions this year.

    Will they also be condemned to death for borrowing product from a private citizen to support thier inefficiency or incompetence. Nigerians should expect more expose as there is ample evidence to show that Capital Oil borrowed NNPC petroleum products to cover their inefficiencies

    Nigerians should endeavour to ask NNPC salient questions. NNPC should tell Nigerians if the corporation is indebted to Capital Oil and for how long? Has the debt not been owed to Capital Oil long before this impasse? The NNPC should hide their face in shame and pay this serial job creator his money and desist from this blackmail and campaign of calumny.

    The DSS widely known for their disregard for the rule of law should know that there is another court above them outside Nigeria. One day, those who led these organisations and promoting impunity will be made to answer for their crimes.

    #Justice4IfeanyiUbah

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  • 2017-05-24 at 11:23 am
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    Key and salient points! When you have facts and figures, they speak for themselves! DSS should hide their heads in shame for politicizing a civil and commercial matter with their biased and false narratives just in an attempt to rope in someone they have been targeting since.
    I wonder why the Grass cutter of over 200bn isn’t dead already and all the looters in this country are still working free! Which truly is the economic sabotage? Foolish and bias DSS! No one is talking about how he has managed to keep his business afloat for over 2 years that the NNPC has been owing him N16b. What about those periods that NNPC loans products to Capital Oil and they get their payments? If a government agency can owe and indigenous company over N16b for over 2 years, who really is sabotaging the economy of Nigeria?

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  • 2017-05-24 at 11:23 am
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    The DSS is clearly out to disparage a man that has been of great benefit to the Nigerian Economy …

    Pure victimization

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  • 2017-05-24 at 11:23 am
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    Leave Ifeanyi Ubah alone!

    Use your calculator and not being an intimidator.

    #EntertainmentIndustryJoins #Justice4IfeanyiUbah campaign.

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  • 2017-05-24 at 11:24 am
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    What’s really the interest of DSS in all these. They shud release Ifeanyi Ubah so he can settle with NNPC, who are d people he had a business deal with, NOT DSS.

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  • 2017-05-24 at 11:24 am
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    What Nigerians should note is that the ultimate economic saboteurs of the Nigerian economy is the NNPC ably assisted by the DSS for instigating this impasse that has left over 2,000 Nigerians jobless and bereft of hope.

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  • 2017-05-24 at 11:25 am
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    DSS has no right to interfere in this case. As its purely a biz dispute. Let them stop d intimidation ad free Dr Ubah

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  • 2017-05-24 at 11:26 am
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    What?

    Despite all these the DSS is still holding Dr. Patrick Ifeanyi Ubah?

    How did we get here?

    This is clearly a calumny and it’s a No No for me

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  • 2017-05-24 at 11:26 am
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    Reading this article and I’m not surprised that the DSS has displayed callous irresponsibility once again. This why they have lost respect, they’re nothing less than Civilian bullies.

    Free Ifeanyi Ubah

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  • 2017-05-24 at 11:26 am
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    DSS didn’t pronounce Death sentence on Boko Haram members that were detained, Neither the Blood sucking Fulani herdsmen, but they gave them cover to operate and kill innocent Nigerians.

    DSS didn’t Pronounce Death Sentence on Dasuki, Neither on El zakzaky but went to do so against a Patriotic Nigerian, over a Business dispute. Yet you refused to Produce him in Court.

    Just Because he is an Igbo Man. #Justice4IfeanyiUbah

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  • 2017-05-24 at 11:28 am
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    It is very clear that the DSS are confused and out of ideas. With the level of inconsistency and false statements coming from their quarters…
    When they could not substantiate their claim with any proof , they subsequently changed gear to allege that Dr.Ubah was trying to cause scarcity by distributing petroleum products to Nigerians and hence , a capital crime punishable by death . Funny mix up indeed .

    Please they should released him and appear in court with any evidence to back up their claims otherwise forever hold their peace.

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  • 2017-05-24 at 11:28 am
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    These are pertinent questions begging for answers.

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  • 2017-05-24 at 11:28 am
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    Great points raised and from the look of things, it’s very obvious they don’t have any case against Ifeanyi Ubah so the best thing now is for the DSS to free Ifeanyi Ubah.
    This is not a military government so I see no reason why the DSS is holding Dr Ifeanyi Ubah

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  • 2017-05-24 at 11:29 am
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    It’s sad how we treat great Nigerians that have the interest of the masses at heart. It’s obvious the DSS are doing everything to rubbish the name of Ifeanyi Ubah. Who ever that reads this and still accuses ifeanyi Ubah of theft is nothing but an idiot. The DSS should release Dr Ifeanyi Ubah now

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  • 2017-05-24 at 11:47 am
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    The FG plan to punish a man for exercising his right of lien. Capital Oil and Gas has furnished the world with the facts and figures in this commercial dispute and has challenged NNPC to dispute them but instead they plan to slam a death sentence on him.

    Nigerians are wiser now, we can no longer close our eyes to the disregard to the rule of law by the FG

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  • 2017-05-24 at 11:48 am
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    Nigeria is shouting about being the giant of Africa when the agents of government are dragging our civilization and progress backwards! why detain a man over a civil matter and refuse to Obey court orders for you to produce him in the courtroom? Has DSS turned itself into the judge and the jury? when will this 95% & 5% narrative stop playing out? election has come and gone 2 years ago, can’t we now look beyond who you supported and all work together for a better Nigeria? we have a long way to go in this country!

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  • 2017-05-24 at 11:52 am
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    We are not on any economic recovery hence the DSS are criminalzing a business deal between Capital Oil and Gas and NNPC. How can investors troupe into the country when you vilify an innocent man? I await for them to come out with another confused line to buttress their already self destruct mode. #Justice4IfeanyiUbah

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  • 2017-05-24 at 1:21 pm
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    This is very good.Let the world know the truth about what actually the DSS is doing wrong. Keep it up breakingpostng.com

    Reply

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