Nigeria: Fuel Scarcity to Worsen As Capital Oil/AMCON Talks Deadlock

28 November 2012

There are indications that the much talked about amicable settlement of debt issues between Capital Oil and Gas Industries Ltd. and Assets Management Company Ltd. (AMCON), has hit a dead end. Implication of this, is a crisis situation ahead with regard to shortage of fuel otherwise known as premium motor spirit (PMS), currently being witnessed across major cities in the country.

Providing insights into what would have led to this ugly situation barely 48 hours after Capital Oil and Gas said it was satisfied with on-going discussions with AMCON, spokes person of the oil giant, Nick Hayes, said that the major reason for the break down in talks, was the ambition of some interest groups to take over the running of affairs of the company.

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