26 November 2012

Nigeria: Capital Oil Resumes Operation Soon

Capital Oil and Gas Industries Limited, responsible for the supply of over 35 percent of the total PMS used daily in Nigeria, said it has concluded plans to open its shut depot in Lagos and across the country very soon.

A statement in Abuja by the spokesperson of the Chief Executive Officer (CEO) of the company, Mr. Nick Hayes, said, "the depot was shut in the early hours of Friday, November 16, 2012, in obedience to a court order granted to Assets Management Company of Nigeria (AMCON) by Justice A. Abdul-Kafarati of the Federal High Court Abuja, to temporarily take over the assets of the company."

The statement said, "before the development, fuel supply situation had been epileptic with the attendant long queues at the fuel stations occasioned by persistent scarcity of the product in the country. It was therefore, not surprising that the situation worsened when Capital Oil depot was shut as over 224 trucks with about 8,151,270 litres of PMS belonging to the NNPC, were trapped in the premises of Capital Oil and Gas Ltd."

It said that singular development impacted negatively on the economy of the nation by adding to the difficulties faced by transporters, commuters and other users of PMS in the country.

Explaining why the company decided to re-open the shut depot, Mr. Hayes said that some well-meaning Nigerians held several mediatory talks with top management of the company aimed at considering the plight of motorists who suffer the effects of the closure of the facility directly.

He said AMCON has also soft pedaled in its initial position and has now chosen to accept a negotiated settlement of the issues at stake.

He said that Capital Oil and it's CEO, Chief Ifeanyi Ubah are comfortable with the steps AMCON is currently taking.

Copyright © 2012 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.