Addressing the media at its Apapa, Lagos depot, Managing Director and Chief Executive Officer of Capital Oil and Gas Industries Limited, Mr. Ifeanyi Ubah, said the company’s decision became imperative in view of the untold hardship on Nigerian.
The Capital Oil boss, said the company had realised that the directive to suspend loading of petroleum products was due to unpaid funds owed transporters by oil marketers, who, in turn, were owed by the Federal Government.
He stated: “This development has resulted in immense hardship to our fellow countrymen and women. We believe that a better solution can be pursued towards solving this problem in a way that does not adversely affect our citizens.
“In a few days’ time, a new government headed by General Muhammadu Buhari, will be sworn in. Apart from our citizens being unable to watch the handover, the resulting chaos from this scarcity may shutdown the nation and sabotage the efforts Nigerians have made to attain greater heights.”
Ubah said his company’s facility had the capacity to load over 13 million litres of product before dawn. This, he said, comes to approximately 400 trucks of petroleum products, adding that with this latest move, Nigerians would begin to smile, return to normal family and work life.
The oil magnate, while thanking the Nigerian National Petroleum Corporation (NNPC) and the Petroleum Products Marketing Company (PPMC) for their steadfastness in ensuring the availability of petroleum products, said current PPMC stock in its storage tanks and buffer stock on vessels awaiting discharge at its jetty could meet the nation’s need for 15 days.
And to end the current fuel subsidy regime, he appealed to Nigerians to accept and support deregulation as this would curb corruption, enhance competition, lead to reduction of pump price for petroleum products and ensure constant supply to meet Nigeria’s demand.
Ubah said his company was convinced that two wrongs cannot make a right, and decided not to be part of the ‘sabotage’ against the country, adding that from yesterday, it would take the risk of opening its facilities and commence swift loading and distribution of petroleum products nationwide.
He observed that the scarcity of petroleum products had led to hospitals’ inability to perform surgeries, while laboratories were unable to carry out tests, especially for emergency patients, thereby leaving such patients at the risk of dying.
He stated that similarly, radio stations were shutting down with communication being affected, as MTN and other telecommunications companies have announced an impending shutdown, while homes, offices and key facilities nationwide were experiencing blackouts.
