A Review of the Nigerian Energy Industry

Lawmakers wade into Capital Oil, AMCON legal tussle

03 December 2012, Sweetcrude, Abuja – Nigeria’s House of Representatives Committee on Petroleum has waded into the current legal tussle between Capital Oil and Gas Limited and the Asset Management Company of Nigeria, AMCON, which has the potential to cause fresh round of fuel crisis in the country.

The House Committee will on Thursday sit on a petition written by Capital Oil in respect of the findings of the Presidential Committee on Fuel Subsidy, headed by Mr Aig-Imoukhuede and the ongoing battle between the company and AMCON.

Capital Oil controls 35 per cent of Nigeria’s fuel imports, making it the leading fuel marketer in the country.

Capital Oil took its case to the Speaker of the House of Representatives two weeks ago, following what it considered as subterranean moves to take over the operations through collusion with some government officials.

In the petition to the House of Representatives, Capital Oil said it is seeking the intervention of the House in redressing “the various injustices being meted out to it. Some of these are serious breach of fundamental human rights, gross misrepresentation, suppression and concealment of material facts, threat to life of its CEO, Chief Ifeanyi Uba, as well as infringement and gross violations of banking rules.”

The petition specifically asks the House to carefully look at the report of the Presidential Committee on Fuel Subsidy, which recommended Capital Oil and Gas for further investigation without due process.

Capital Oil is also seeking the House’s intervention in checking what it called “collusion, connivance and conspiracy to destabilise its operations by agencies of government and individuals.

Spokesman for the company, Mr Nick Hayes, who justified the decision to approach the House for succour said that the decision of Chief Ubah to approach the House of Representatives shows that the company has nothing to hide.

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