MRS and Capital Oil and Gas reported to government bodies over illegal fuel sale

Petrol pump mp3h0354NNPC report MRS and Capital Oil and Gas. (Image source: Rama/Commons)Nigerian National Petroleum Corporation (NNPC) has reported MRS Limited and Capital Oil and Gas Limited to the Department of State Services, the DSS, and the Economic and Financial Crimes Commission over the illegal sale of 130mn litres of Petrol 

The NNPC said in a statement by its Group General Manager of Group Public Affairs Division, Ndu Ughamadu, that this was part of measures to achieve full recovery of the product or its cash equivalent, which was stored in the facilities of the two indigenous downstream operators, under a throughput arrangement to ensure a robust strategic reserve.

Henry Ikem-Obih, Chief Operating Officer of NNPC Downstream stated that the NNPC had set up two committees to evaluate the roles played by some of its staff in the illegal product evacuation.

“We instructed the Nigerian Products Marketing Company (NPMC) a subsidiary of NNPC, to send additional trucks to those locations to move products for distribution aimed at meeting a supply shortfall we discovered in the market, but after days of not being able to access the terminals we had to take a decision as NNPC management to invite auditors and inspectors to go and do a physical check on the inventories. This was when we discovered that there was no product for NNPC to evacuate from the depots.”

He also stated that so far, MRS has fully complied by returning the 30mn litres of petrol that it expropriated. According to Vanguard and Proshare, the NNPC had not achieved much progress with Capital Oil & Gas which was yet to return 82mn litres of petrol, valued at N11bn, out of over 100mn litres which it took. Proshare estimate the value of the stolen fuel was put at N17. 439bn.

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W:

twn Are you sure that you want to switch to desktop version?