* Ugah |
Controversial businessman and politician, Dr. Uche Ugah says his company's indebtedness to the Nigeria National Petroleum Corporation, NNPC allegedly standing at N4.31 billion constitutes a 'trade contract subject to reconcilliation'
Ugah, the Chief Execuitve Officer of Masters Energy Oil and Gas Limited who replied to inquiries from TheLedgerng.com waved aside insinuations that he could be arrested anytime by the Economic and Financial Crimes Commission, EFCC over the indebtedness. "Arrested for what?" he replied via the phone when the question was put to him.
Ugah, who is currently entangled in legal tussle with the Abia State Governor Okezie Ikpeazu over the governors seat noted that others are equally owing the giant national oil monopoly.
He however clarified that the 'trade contract' is reconcilled yearly or as the NNPC deems fit. He added that to get the real amount petroleum marketers are owing NNPC, there is need to ascertain the value of 158000 metric ton of DPK paid for by marketers which the NNPC is yet to supply.
Pressed further on other issues surrounding the transaction, Ugah argued that the matter if not for media consumption but a business issue between Masters Energy and the Pipelines and Products Marketing Company, PPMC.
It will be recalled that an online newspaper, PREMIUM TIMES has in a story titled: "Fuel Sales: NNPC, Tinubu, Adenuga, Otedola, others owe Nigerian govt N86.4 billion" listed Masters Energy and others as those indebted to NNPC.
According to the online medium, "The Nigerian National Petroleum Corporation (NNPC) subsidiary, NNPC Retail, along with 22 major and independent petroleum products marketing firms owed the federal government at least N86.4 billion by July 21, 2016, PREMIUM TIMES can report today.
The debts are in respect of products allocated to the companies by the Pipelines and Products Marketing Company (PPMC) for distribution over the last 10 years, details seen by this newspaper show.
"The major marketers include NNPC Retail (N22.56 billion), Oando (N25.05 billion), Forte Oil (N10.09 billion), Nigerian Independent Petroleum Company (NIPCO) N5.5 billion, Total Oil (N1.42 billion), Conoil (N1.3 billion) and Mobil Oil (N276.95 million).
"The independent marketers include Master Energy (N5.5 billion), MRS Oil & Gas (N3.997 billion), Heyden Petroleum (N2.7 billion), Danium Petroleum (N2.35 billion), A&E Petroleum (N1.89 billion), Rahamaniyya Petroleum N1.65 billion), CÃ pital Oil (N1.3 billion), and Amicable Petroleum (N495.35 million).
"Others debtors are Aiteo Petroleum (N426.37 million), Honeywell Oil (N40.96 million), DM Kurfi (N36.11 million), Ascon Petroleum (N20.04 million), Azman Oil (N19.35 million), Felande Petroleum (N8.4 million), Sharon Oil (N3.8 million) and Zamson Petroleum (N3.06 million)."
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