Nigeria: Fuel Shortage May Worsen As Capital Oil Shuts Down

Capital Oil and Gas Limited says it has
given heed to the court order shutting
its operations but warned that the
development could further cripple the
supply of petrol in the country.
Mr. Ifeanyi Ubah, the embattled
Managing Director of the company, in a
statement, nevertheless alerted to what
he claimed as an unfolding conspiracy to
take over the company. The statement
regretted that those who want to take
over Capital Oil were unwittingly
succeeding through the help of their
friends in government.
The firm, owned by Ubah, according to
industry sources, accounts for an
estimated 35% of daily petroleum
products distribution in the country.
The assertions by the company is coming
against the insinuation that recent
actions taken against the company were
aimed at both crippling the competitive
edge of the company in the market
place and aborting alleged moves by
Ubah to contest the 2014 gubernatorial
election in Anambra State.
Ubah and his Capital Oil Company are
presently dogged in battle over alleged
indebtedness of the company to another
firm. The company is also allegedly
exposed to some Nigerian banks, a
development that led to the court order
obtained by the Assets Management
Company of Nigeria , AMCON, freezing
the company’s operations..

Extracts from m.allafrica.com/stories/201211180186.html/

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