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The XYZ Doohickey Company was founded in 1971, and has been providing quality doohickeys to the public ever since. Located in Gotham City, XYZ employs over 2,000 people and does all kinds of awesome things for the Gotham community.

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  1. As expected, the current war of attrition between the Ni­gerian National Petroleum Corporation (NNPC) and Capital Oil B.
    $2,952,555 (N1billion) – in­voice for chartered vessels to carry out STS operations at Lagos offshore to ferry product
    (PMS) to storage at the request of NNPC since 2015; C.
    N1.170 billion – amount owed to Capital Oil D. N3.146billion – payment made to NNPC for 26,820 million litres of PMS vide pro-forma invoice N0.
    53598 which is yet to be delivered to us; E. N2.0billion payment to NNPC in April
    to fa­cilitate the release of the Managing Director and engender reconcilia­tion which NNPC
    reneged on; and F. N6.266billion – N0.80k and N0.40 Jetty Throughput charge on over seven billion litres dispensed for NNPC by Capital
    Oil.

    Now, NNPC’s singular claim is that Capital Oil sold its
    product amounting to N11billion kept in its (Capital Oil’s) jetty.
    Therefore, the crux of the matter is that whereas Capital
    Oil is claiming that the NNPC is owing it N16billion ( which the corporation has not denied), the NNPC, on the other hand is claim­ing
    that Capital Oil is indebted to it to the tune of N11billion. What this means is that the corporation still owes the oil marketing company N5billion. In more civilised socie­ties where the
    rule of law reigns su­preme, the two parties, having been operating in apparent mutuality, would have sought for reconciliation of their accounts, and if not
    satisfied, gone to court. Now, many Nigerians reading
    between the lines, have as­cribed Ifeanyi Ubah’s ordeal to po­litical underpinnings.

    What is more! The DSS has flouted court order by refusing
    to produce Ifeanyi Ubah in court before the Justice Moham­med Idris of the Federal High Court, Ikoyi, Lagos
    on Friday May 12, 2017. The Honourable Justice
    had ruled in the ex-parte application filed by Ifeoma Esom,
    counsel to Dr. Ubah to compel his unconditional release from the DSS custody where he has been detained illegally since Friday May 5, 2017.

    For most discerning Nigerians, to argue that the nation has
    transited from one democratic administra­tion to yet
    another with politicians that lack democratic
    temperament is to understate the matter. Also for many dispassionate observers, our politicians
    have started displaying their poverty of commitment to the ideals and values
    of democracy. No patriotic Nigerian can contest that in all things, national interest or our collective destiny should
    superim­pose individual or group consid­erations. At a time of grave
    national unease such as this, politics must be banished from its base and amoral platform, and seen as a game that should
    create ‘sum mum bonum’ for the citizenry to leave a good leg­acy for
    future generations. It is here that Ifeanyi Ubah must be remem­bered as the Nigerian businessman who demonstrated an uncommon goodwill
    to the new administration of President Muhammadu Buhari when he worked against the
    vested interests of major oil marketers by bailing the country
    out of an embar­rassing fuel scarcity that would have easily given the government away as having failed from the onset.
    It has been reported that Ubah was in March invited and detained illegally for one month and made to sign an undertaking to make repayments.
    Again, it was alleged by his captors that Ifeanyi Ubah had planned to incite industry workers to embark on strike.
    This allegation has been denied by oil and gas workers.
    Dr. Ubah who is manifestly seen engag­ing his mind on serious and lawful
    businesses including sports cannot be the one to incite oil marketers to embark on strike as
    claimed by the DSS.

    The point is that the action of Capital Oil, by selling the NNPC’s product
    in its custody, even if it had less than edifying motives, would pass the
    test of scientific validity in­sofar as the NNPC had repeatedly refused to pay up the
    debt it is ow­ing the oil marketing firm. This is the more
    reason why the Federal High Court in Lagos had ordered the DSS
    to show cause why it should not release Ubah unconditionally.
    Consequently, what was expected of the DSS was a
    sober and honest advice for the NNPC to seek redress in a court of competent jurisdiction and give hope to prospective for­eign investors who are fast getting disillusioned by a system that has consistently failed to assuage their anxiety.
    It is common knowledge to most Nigerians the the government
    had opted for the deregulation of the downstream sector of the
    oil and gas industry and later reneged on its plan. If Ubah happens to be among the first set of players in the
    sector to flow ahead its plan, why pun­ish them if it eventually
    changed its mind? Yet, characteristically, for in­carcerating Ifeanyi Ubah, the Buhari government is yet missing an excel­lent opportunity of benefitting from his timely and
    redeeming input and invariably sending a dangerous sig­nal to
    major oil marketers and pro­spective investors in the sector.

    Surely, this incident is an indict­ment on the NNPC and its man­agement for its failure to
    meet its obligations to one of its key service providers even after selling the prod­ucts
    for which the storage service was contracted. This poses a challenge to the DSS which must investigate why the corporation cannot pay its credi­tors.

    It is incontestable that Capital Oil has one of the biggest and most sophisticated petroleum
    products storage and infrastructure in Nige­ria. His investments in the sector had been consolidated far ahead of his
    rivals and encompass infrastructure which would
    service a large segment of the market thus
    projecting him as controller of over 35 per cent of the downstream
    sector of the oil and gas industry. Much of that investment
    has been built over 15 years ago in anticipation of the total deregulation of the sector.
    It is therefore preposter­ous to accuse such an independent-minded business mogul of planning to incite industry workers to
    embark on civil disobedience. The Federal Government
    should order the un­conditional release of Dr.
    Ifeanyi Ubah without further delay. It is in its own interest
    and image to do so. Impunity should not be encouraged in a democratic
    setting.

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