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Capital Oil Denies Involvement in subsidy fraud, Accuses Access Bank CEO of Hidden Interests

By on November 1, 2012

Indicted Capital Oil CEO, Ifeanyi Uba

The management of Capital Oil and Gas Industries Limited has denied any involvement in the fraudulent collection of subsidy claims following allegations levied against them by the Presidential Committee on Subsidy, headed by Aigboje Aig-Imoukhuede.

The Media Relation Officer, Ike O. Chukwu, denied this allegation saying, the company had watched for a long time the smear campaign carried out against it. He decried the situation, which he termed scandalous, adding that the company is sometime referred to as an ‘oil thief.

He condemned the Aig-Imoukhuede committee for executing its mandate the way it did and advised that proper investigations be done in the matter raising concerns in the sector now.

“We observed that the conduct of the chairman of the committee, Mr. Imoukhuede is suspicious and highly questionable, and has come to a point that the decision to continue to list us as one of the companies whose transactions require clarifications despite the painstaking efforts, has become worrisome.”

He noted that, auditors confirmed the vessels mentioned in the transaction actually arrived in Nigerian waters, adding that the Department of Petroleum Resources, Navy, Nigerian Ports Authority, and Nigerian Maritime Administration and Safety Agency, all confirmed this.

He said, “Access Bank Plc is the major financier of our business. It finances about 70 per cent of our importation. Aig-Imuokhuede is also the Managing Director and major shareholder of Access Bank. He also has vast interest in many companies that have benefitted from the petroleum subsidy scheme, which are among our very strong competitors.”

Chukwu noted that, the reality on ground is that the longer the oil companies remain without receiving their subsidy refunds, the better for Imokhuede and his Access Bank for the reason that they will continue to get more interest accruals on the loan facility.

He regarded the investigation Aig-Imoukhuede is currently carrying out on Capital Oil’s imports is an indirect investigation of his bank because, according to him the bank checked every stage of the importation process and ensured that the importation was actually carried out.