The House of Representatives has absolved the Petroleum Products Marking Company Limited, PPMC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, of any wrong doing in the recent artificial fuel scarcity across the country.
Chairman House Committee on Petroleum Downstream, Hon. Clever Ikisikpo gave the PPMC a clean bill of health after a one day facility visit to the Atlas Cove Jetty, Capital Oil Jetty and Folawiyo Energy Services in Lagos along with other members of his committee and top management team of the NNPC.
Hon. Ikisikpo described the corruption allegation leveled against the PPMC in a newspaper report as baseless saying the committeeâ€™s visit to the Atlas Cove has given members a true picture of the facility and fuel supply in the country.
He commended Capital Oil and Folawiyo Energy Trading Limited for collaborating with the PPMC to ensure that adequate storage facilities were provided for imported petroleum products saying the public private partnership has paid off in this regard.
â€œI want to say that from what we have seen the Atlas Cove is functioning optimally despite the July militants attack on the facility. We have been conducted round the place and I am impressed with what is on groundâ€, Isikikpo observed.
He maintained that the N75 Million allegation against the NNPC and PPMC is without any foundation noting that Capital Oil and Folawiyo Energy Services only complemented the Cove which storage capacity is apparently inadequate.
â€œFrom what we saw there is nothing to suggest any form of underhand dealing or sharp practice, ratherÂ Capital Oil and Folawiyo Energy Services should be commended for supporting the NNPC and PPMC instead of accusing the officials of going into the partnership for selfish reasons.
Capital Oil and Gas Industries Limited was incorporated in 2001 but commenced full operations in 2003, following the deregulation of the downstream sector of the oil and gas industry by the Federal Government of Nigeria. It started with the supply and distribution of petroleum products and had a speedy growth which culminated in the establishment of a petroleum depot in Apapa, Lagos.
With the commissioning of the first phase of her ultra modern tank farm in 2007, the development of the 2nd and 3rd storage facilities in 2008, the acquisition of four tanker vessels, a fleet of trucks and a dedicated private jetty at Ibafon, the company has become one of the leading indigenous petroleum marketers in Nigeria.
On the other hand, Folawiyo Energy Trading Ltd is a member of a Group of Companies that has vast marketing and trading experience in import and export of petroleum products .e.g. crude, condensate, LPG, LNG business. They are represented in Africa, Europe, South America and the Far East. Their affiliated company Folawiyo Energy Ltd is particularly active in the Nigerian market storage.
It would be recalled that major marketers who were aggrieved by the federal governmentâ€™s decision to allow NNPC take full charge of fuel importation into the country had accused an unnamed clique within the corporation of feeding fat from millions of litres imported into Nigeria through the daily collection of N75million.