Does Ifeanyi Ubah Own The Largest Downstream Oil & Gas Firm In Nigeria?

FACTCHECK:

In a circulating video on Anambra Social media, Sen. Ifeanyi Ubah while addressing a group of Anambra citizens in the United State of America had claimed to own the largest petroleum downstream firm in Nigeria. This video has been widely shared on social media platforms

VERIFYING THE CLAIM

There is no evidence that Ifeanyi Uba owns any company which is presently active in the Nigerian oil and gas sector. In a report published by Nigeria foremost financial newspaper Businessday on March 2022, (https://businessday.ng/energy/article/nigerias-biggest-downstream-firms-see-profit-rise-by-371-in-2021/)  titled Nigeria’s biggest downstream firms see profit rise by 371% in 2021, TotalEnergies, Conoil, Mrs, Ardova and Eterna were listed as the top five biggest players in the downstream sector and Capital Oil was not mentioned.

Similarly, In another report Published by the Puchng on March 2022 (https://punchng.com/nnpc-raises-major-marketers-from-seven-to-27/), and titled “ NNPC raises major marketers from seven to 27” Ifeanyi Ubah’s Capital Oil was not listed as one of the 27 major marketers.

Ifeanyi Ubah’s Capital Oil seems to have folded

Industry stakeholders, who pleaded to remain anonymous say that Ifeanyi Ubah’s capital oil appears to have sold off all its downstream assets and have left the industry. The Stakeholders point to the fact that except for one non-functioning filling station in Lagos that there are no filling stations anywhere in Nigeria named Capital Oil neither is there any Oil tanker named Capital oil to be found anywhere. A visit to the company’s office in Lagos also showed a decrepit and desolate facility with no form of activity for over a long term. There are suggestions that these assets were sold to offset AMCON debts owed by the senator ( https://www.channelstv.com/2023/10/18/alleged-indebtedness-court-strikes-out-charge-against-ifeanyi-ubah/) The EFCC has also alleged that some of these properties were sold to fund his 2019 senatorial election

VERDICT: Ifeanyi Ubah’s Capital oil is presently not a player in the Nigerian Petroleum Downstream Sector as it has no identifiable asset, hence cannot be Nigeria largest downstream firm.

NB: Ifeanyi Ubah’s Capital Oil and Gas Limited should not be confused with Capital Oil PLC a quoted company in the Nigerian Stock exchange. The company had secured judgement against Ifeanyi Uba to stop him from using the name Capital Oil and Gas, which they said they have been using for a long time. (https://pmnewsnigeria.com/2022/02/08/capital-oil-plc-writes-ifeanyi-ubah-demands-payment-of-n100m-judgement-sum/)