Capital Oil and Gas Industries did not commit any infraction in its fuel subsidy dealings as claimed by Aigboje Aig-Imoukhuede’s Presidential Committee on the Verification and Reconciliation of Fuel Subsidy Payments (PC), the Nigeria Police has said.
According to a report of investigations on allegations of conspiracy, money laundering, forgery, stealing, fraud, economic sabotage and obtaining money by false pretences against the oil company, which was conducted by the Special Fraud Unit of the Police and obtained by Huhuonline.com, there was no inference of a prima facie case of the alleged offences.
Signed by Commissioner of Police, Special Fraud Unit (SFU), Ikoyi-Lagos, Captain Tunde Ogunsakin, the report — CB:4099/X/SFU/ADM/VOL.1 and addressed to the Inspector General of Police on 28th January 2013 — listed the suspects in the matter as Capital Oil and Gas Limited, Dr. Patrick Ifeanyi Ubah, Orji Joseph, Chubuzor Ogbuokiri, Godfrey Okorie and Nsikan Usoro.
In its comments and observations section, it said its findings were in respect of each of the transactions by the oil firm, and that the investigation embarked on a wide range of verification of documents tendered by the marketers and all the relevant agencies to authenticate if they were actually issued by the purported agencies.
The report proved, using records from NPA, DPR, PPPRA and banks, that the products in question were actually bought and delivered.
“It is necessary to state clearly that PPPRA and DPR formatted shady transaction processes open to abuse,” a part of the Police report read. “This gave oil marketing and trading companies leverages to take advantage of the Federal Government as the control measures emplaced are inadequate.”
It urged the Federal Government to “prevail on the NNPC, DPR, PPPRA and other relevant agencies involved in the process to format appropriate check-list and templates that will encapsulate the process from fraud and manipulations.”
Also, in a follow-up letter to the minister of finance dated 12th February 2013, ref CR: 3000/X/SFU/ADMIN/VOL4.14/49, Captain Ogunsakin presented the findings to the minister and urged her to “go ahead to process claims for payment of outstanding subsidy” to Capital Oil.
Reacting to the report, the exonerated company accused Access Bank of spearheading a media campaign against it and disrespecting the terms of an earlier agreement reach by concerned parties. The release, in full, reads:
“Owing to reinforced media campaign against Capital Oil & Gas Industries Limited, we are compelled to break our self-imposed silence by issuing this statement. We had earlier resolved not to make any further statement in the media about our dispute with Access Bank/Coscharis Motors but recent mis-statements in the media unfortunately dictates that we should say a few words for record purposes.
“It was our sincere belief that Access Bank will honour the terms of settlement signed by the parties on February 9, 2013 by avoiding any further media attack against us. We are saddened to note however that Access Bank still gives the erroneous impression that our legal disputes with it are ongoing. It is our hope that the recent media onslaught against us is not an indication that Access Bank intends to back out of the terms of the settlement agreement. If so, we expect them to publicly make it clear so that we will revert to the status quo.
“It is therefore in furtherance of our resolve to put the record straight that we wish to inform the general public that the Special Fraud Unit of the Nigeria Police Force has cleared Ifeanyi Ubah and Capital Oil & Gas Industries Limited of the indictment by the Presidential Committee on the Verification and Reconciliation of Fuel Subsidy Payments (PC) chaired by Aigboje Aig-Imoukhuede, the Managing Director of Access Bank.
“The clearance by the Police was contained in a letter dated February 12, 2013 written to the Minister of Finance, a copy of which was made available to us, the Inspector General of Police, Ministry of Petroleum Resources, Debt Management Office and PPPRA. The Police investigation found that there is no inference of a prima facie case of the alleged offences against us. Specifically the Police stated in their report that, ‘Investigations have laid bare all issues in the 15 complaints against Capital Oil & Gas by the Presidential Committee on the Verification and Reconciliation of Fuel Subsidy Payments. After due analysis and consideration of the team’s findings, we found out that there is no inference of a prima facie case of the alleged offences.’”
The Police investigation therefore found as untrue and unsubstantiated the allegations by the Presidential Committee against Ifeanyi Ubah/Capital Oil & Gas Industries Limited of collecting subsidy payments without importing or discharging any fuel. In the report, the Police advised the Honourable Minister of Finance to go ahead and process the outstanding subsidy payment due to the company.
“With Access Bank’s renewed media campaign which violates the terms of the February 9, 2013 Settlement Agreement between us, one wonders what the Bank is trying to achieve by provoking an unnecessary media war tending to suggest that we have anything to fear about the Aig-Imoukhuede-led Presidential Committee Report or our business transaction with Coscharis through Access Bank. It is hoped that the Bank understands the implications of this, or is it because they think that they can use depositors’ funds to embark on undue publicity without any form of accountability? A word is enough for the wise!
“The general public may recall that various media were awash with all forms of baseless allegations against the company of collecting subsidy payments without importing or discharging any fuel. The smear campaign was so bad that the company was even labeled an ’oil thief’ even when no judicial pronouncement had been made in that regard. Much effort was also made in the media to portray Ifeanyi Ubah and Capital Oil & Gas Industries Limited as wasteful and fraudulent persons. It is therefore with a heart filled with gratitude that we share with the general public this report which cleared us of any wrongdoing or financial impropriety. Despite the accusation of embezzling funds the equivalent of the revenue of 11 states as well as constituting a threat to national security, we have finally been vindicated. We can only thank God as truth has once more prevailed over falsehood.
“The clearance by the Police has been further justified by a judgment delivered on February 18, 2013 by the Federal High Court of Nigeria sitting in Lagos, which absolved Capital Oil & Gas Industries Limited and Ifeanyi Ubah of all purported allegations of subsidy scam made against them by the Presidential Committee. The court voided and set aside an Interim Report by the Police dated November 2, 2012 and the Presidential Committee report which purportedly indicted Capital Oil & Gas Industries Limited/Ifeanyi Ubah and Staff. The court awarded N10 Million damages in favour of Capital Oil & Gas Industries Limited and Ifeanyi Ubah.
“It is worthy of mention that there are persons who sought to tarnish our name as well as deliberately spread falsehood against us in a bid to put us out of business so as to unlawfully take-over our business. There were also those who instigated the arrest and detention of our Managing Director, because they saw him as a political and business threat. It was indeed a very distressing period for us. Our business was nearly crippled. Our members of staff were not paid for months. We suffered untold difficulties and set-backs while many of our friends and supporters deserted us owing to the falsehood. Even though we were unfairly treated in the manner our hard earned reputation was publicly battered by our traducers, we have decided to stay action against all these persons who wronged us. We will watch events as they unfold.
We remain eternally grateful to God and all those who prayed and stood by us, especially the Nigerian masses and the media.
Finally, we are more focused and committed than ever before to render services to our country. Our facilities are fully functional and we will continue to work hard to sustain our stakes in the daily petroleum distribution in Nigeria. We will continually strive to bring innovations that will touch the lives of Nigerians.
Thank you and God bless.”
