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(Updated)Missing N11bn Petrol: Capital Oil Wants Account Reconciled With NNPC



Ifeanyi Ubah, the chairman of Capital Oil and Gas Industries Ltd has called for a reconciliation of the company’s account with the Nigerian National Petroleum Corporation (NNPC).

Ubah, made the call on Sunday in Lagos, in the wake of the allegation by the NNPC that his company could not account for 100 million litres of petrol stored in its depot in Lagos. The NNPC similarly accused the MRS, but said the company had returned 30 million litres that it initially diverted.

Ubah described the allegation against his company as mischievous and misleading.

Ubah said the NNPC also failed to tell the public that it also owed Capital Oil billions of Naira from their mutual business transactions.

The NNPC had on March 17 said that it would take full measures to recover about N11 billion worth of Premium Motor Spirit (PMS) which it stored in the facilities of Capital Oil and Gas Ltd in Lagos.

“It is normal for parties in businesses to owe each other in business relationships and that if reconciliation is carried out with the NNPC, the firm will find out that there may be very little or nothing for Capital Oil to pay the corporation.

“In the last four months, NNPC has borrowed products running into millions of litres from Capital Oil,’’ Ubah claimed in a statement made available to the News Agency of Nigeria (NAN).

He said the management of NNPC should have called for account reconciliation by both parties before forging ahead to issue a false statement alleging his company was owing the NNPC N11 billion.

Ubah said the NNPC should stop trying to use the media to kill him.

“We have an ongoing relationship and we need to sit down and reconcile our accounts.

“NNPC has a subsisting contract with our company which is on throughput basis. The corporation has consistently been in breach of our contractual agreement by owing us money for services rendered.

“Payments from NNPC for services rendered by our company has consistently been delayed for periods spanning over one year and remains unpaid till date.

“Currently, NNPC owes us for services rendered to the corporation at very critical periods to salvage nationwide fuel scarcity since 2015 (more than two years now), amounting to millions of dollars and billions of Naira,’’ it said.

“The corporation has failed to deliver products to us which were duly paid for.

“It is instructive to note that Capital Oil and Gas has trucked out over seven billion litres of petroleum products for the NNPC over the last few years making us their biggest partner in the downstream sector of Nigeria’s Oil and Gas Industry.

“We have written the NNPC severally, requesting for our outstanding payments and delivery of products duly paid for by us.

“Rather than honour our request, we are shocked that the corporation has resorted to this needless campaign of calumny, while refusing to make payments and deliver our products to us till date.’’

Ubah said the company respected the fact that NNPC was its biggest partner in the downstream sector and had always stood by the corporation, especially in times of product scarcity.

“We have proudly rendered intervention services at all critical times in the life of our nation.

“It is on record that few months ago, when the same NNPC had a serious break in its supply chain and in a bid to avert an imminent national scarcity, Capital Oil and Gas Industries Ltd lent the corporation millions of product to close the gap.

“It is our sincere hope that the corporation will respect our contract with it by paying all outstanding bills as well as deliver cargoes which have been duly paid for by us to end this situation.

“We view this as a deliberate attempt to stifle our business bearing in mind that in spite of its unfair treatment, we still manage to retain thousands of employees in this critical period of the nation’s economy where even banks and multinationals are retrenching.

“This act of strangulation has been reported by our company to the Nigerian Senate in a petition against the NNPC that was read on the floor of the Senate on Wednesday, 8th of March 2017.

“A similar petition was also submitted to the Economic and Financial Crimes Commission (EFCC) as well as the Department of State Services (DSS),’’ the statement said.

Source: TheNation

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School teacher reportedly flees after allegedly flogging his student to death in Lagos



In what will come across as a really shocking development, a Twitter user has accused a Lagos teacher of killing his brother.

The man alleged that a Lagos teacher beat his junior brother to death over the boy’s failure to correctly answer a question asked of him during their mathematics session.

The man, whose Twitter handle identified him as Ridwan Oyewunmi, on Friday narrated the incident, which he claimed involved one Elihans College in the Ikorodu area of Lagos.

He said the school authorities had made them believe the young boy, whom he identified as Boluwatife Omelaja, had slumped and died while attempting to answer a question in the front of the classroom.

“I just lost my brother to School Teacher Brutality. Mr. Emmanuel is a sec school teacher at Elihans college, Ikorodu in Lagos,” Oyewunmi wrote in a Twitter thread.

“He beat up my brother Boluwatife Omelaja (frame 2) to death on the 26th of November on the school premises because he couldn’t answer a math question he was asked correctly.

“The school initially made us believe he slumped and died while he was trying to answer the question on the board, a boy who wasn’t ill or showed any sign of sickness before.

“He was brought home in the school’s bus by the school proprietress and principal, along with Mr. Emma-whom we didn’t know was the killer at that time, and he was buried a few hours later according to the Muslims doctrine.”

Oyewunmi also said the principal conveyed the boy’s corpse with the school bus to his parents’ home.

He, however, added that one Lateef Omelaja, the deceased’s sibling, “who was prevented from leaving the school,” later returned and narrated what he claimed transpired.

“Meanwhile Bolu’s other brother, Lateef Omelaja was prevented from leaving the school premises, in order to prevent him from spreading the true news to us at home and to buy Mr. Emma more time to run away,” he added.

“We believed the cock and bull story the school fed us not until Lafeef got home at around 5 pm and narrated what really happened at the school to us.

“We also confirmed this from other students of the school including classmates of Boluwatife.

“The painful part is, the school keeps trying to cover up for Mr. Emma claiming he didn’t beat Bolu. Mr. Emma is on the run, nowhere to be found.

“I know no amount of punishment for him will bring back my brother but I just want Mr. Emma located and justice served.”

As of when this report was filed, TheCable Lifestyle has reached out to the school involved to hear its side of the story.

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I am happy without marriage, kids – Don Jazzy reveals




Michael Collins Ajere, professionally known as Don Jazzy has said he is happy without marriage and kids.

The iconic music producer said that contrary to many people’s belief, he is happy not being married at this point in his life.

Don Jazzy stated this during an interview with The PUNCH, while speaking on the level of fulfilment he feels.

According to him, his business is doing well and family is comfortable, so the believe that he is not happy about not being married and not having children is untrue.

The music producer noted that he is very happy currently and would only start missing children sometime in the future.

When asked if he feels fulfilled, he said;

“Pretty much, yes. I am doing well and I have a beautiful business. My family is healthy and comfortable. I know a lot of people would say because I am not married and don’t have children, that means I am not happy.

“But, I am very happy (laughs). I am not missing anything. Perhaps, in the future, I would start missing little children but for now, I am actually fine. I feel fulfilled and grateful. I thank God.”

Read Full Interview HERE

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Falz excited after a street in Lagos was named after him



Nigerian rapper, Folarin Falana popularly known as Falz has taken to social media to show his excitement after a street got named after him in Lagos state.

Street named after Falz in Lagos

The Bop Daddy crooner disclosed this on Friday, November 27, on his Instagram page after he shared a photo of himself standing under a street sign .

On the street sign, one could see “Falz Falana Lane” boldly written on it.

Street named after Falz in Lagos

Sharing his excitement, the rapper stated that there is “wahala” for anyone who doesn’t have a street named after them.

In Nigeria, streets are named after people for a purpose. It could be for their affluence, impacts or landmark achievements.

There is no doubt that Falz was honoured for his impact in music and society at large recalling how he used his voice during the recent EndSARS campaign.

His fans and industry colleagues have reacted to the photo of the singer. While Many hailed him with different love emojis, others noted that he deserved it.

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