Capital Oil and Gas ltd has called on Access Bank PLC to honour the terms of agreement signed by the two parties on February 9, 2013, and stop the lingering media attack against it.

This call was made in a statement at the weekend in Abuja signed and by the Company's Spokesman, Mr. Nick Hayes, which stated that aside from the recent court judgement in favour of the company, the Police have also cleared both the company and its CEO, Dr. Ifeanyi Uba of any wrong doing in the alleged subsidy payment case.

It is, therefore, in furtherance of our resolve to put the record straight that we wish to inform the general public that the Special Fraud Unit of the Nigeria Police Force has cleared Ifeanyi Ubah and Capital Oil & Gas Industries Limited of the indictment by the Presidential Committee on the Verification and Reconciliation of Fuel Subsidy Payments (PC) chaired by Aigboje Aig-Imoukhuede, the Managing Director of Access Bank.

The clearance by the Police was contained in a letter dated February 12, 2013 addressed to the Minister of Finance, copies of which were also made available to the Inspector General of Police, Ministry of Petroleum Resources, Debt Management Office and PPPRA , stated that, "Investigations have laid bare all issues in the 15 complaints against Capital Oil & Gas by the Presidential Committee on the Verification and Reconciliation of Fuel Subsidy Payments. After due analysis and consideration of the team's findings, we found out that there is no inference of a prima facie case of the alleged offences."

The police investigation therefore found as untrue and unsubstantiated the allegations by the Presidential Committee against Ifeanyi Ubah/Capital Oil & Gas Industries Limited of collecting subsidy payments without importing or discharging any fuel.

In the report, the Police also advised the Honourable Minister of Finance to go ahead and process the outstanding subsidy payment due to the company.

Capital Oil therefore, views Access Bank's renewed media campaign as a violation of the terms of the February 9, 2013 Settlement Agreement between it and the bank and wonders what the Bank is trying to achieve by by this recent provocative development.