Ifeanyin Ubah’s Capital Oil Restates Why It Shut Out Some IPMAN Members

The management of indigenous oil company, Capital Oil and Gas Limited, on Wednesday restated that unlike other petroleum marketing outfits and associations that his company serves, members of IPMAN have in the last couple of weeks engaged in dubious business practices at his terminal, thus the decision to shut them out of service.
Ubah said Capital Oil’s recent decision to place control measures on the loading of petroleum products from its depot on account of alleged sharp practices by marketers had not gone down well with IPMAN which thereby labelled it as a major facilitator in the dysfunctional downstream petroleum sector.

Noting that his remains one of five existing terminals in the Lagos area from where members of IPMAN or any other marketer can conveniently load products from, Uba said that he couldn’t have held on to IPMAN’s products or benefitted from bridging claims from the Petroleum Equalisation Fund (PEF) as alleged by them.

Capital Oil Restates Why it Shut Out Some IPMAN Members

The company told journalists at a press briefing in Abuja that recent claims by the Elder Chinedu Okoronkwo-led IPMAN that its Managing Director, Ifeanyi Uba, was guilty of the internal leadership crisis rocking the association as well as his concealment of members’ petroleum products worth over N2 billion at its depot in the Lagos area were untrue.
Uba, who spoke at the briefing to clarify allegations against him and his company by IPMAN, asked the association to leave him and his company out of their crisis.

He described as baseless and unfair allegations of unethical business practices and wafting of the long-drawn leadership crisis in the Independent Petroleum Marketers Association of Nigeria (IPMAN), which the association levelled against it.
He said that rather than being appreciative of his efforts to reposition the association in the past, IPMAN opted to smear his person and business interests, a development he described as unfair.