|Chairman Capital Oil And Gas: Dr. Patrick Ifeanyi Ubah|
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..
My prayer is that we redirect our steps as a country .