Ubah cautions against removal of fuel subsidy, says his records are clean

BY: Agatha Emeadi, Lagos
The Chairman of Capital Oil and Gas Industries Limited, Dr Ifeanyi Ubah, has cautioned against a hasty removal of fuel subsidy until the nation has enough functional refineries that will reduce the importation of petroleum products.
Chief Ubah said the strident clamour for the removal of fuel subsidy and total deregulation of the downstream sector of the oil industry could only be sustained if there are enough functional re-fineries to meet the nation’s demand for petroleum products.
He reasoned that removing fuel subsidy without a sustainable local refining capacity would create a devastating shock on the nation’s economy.
According to him, the regulation policy, as bad as it is, should be sustained until there are enough refineries to shore up local production so as to keep the economy running.
Ubah noted that the capital outlay for 10 top-up refineries will not dig a deep hole in the purse of the country because it requires less than two billion dollars.
He further stated that apart from meeting local consumption, an investment in the refineries would reduce the drain on the country’s foreign exchange and external reserves.
Chief Ubah, who spoke at a media parley in Lagos recent-ly, also provided some rare in-sights into his business activities and dismissed insinuations that he was involved in a fuel subsidy scam. The oil magnet said he was investigated by the police twice and was vindicated twice as well.
“We have this challenge that is the investigation of our company. We were cleared like other people were cleared but because of the perceived persecution of me, they referred my case to the Director of Public Persecution (DPP), and twice, the police vindicated us through Solomon Arase who was then the DIG, Investigation and Intelligence of the Nigerian Police Force (NPF)”.
“We then decided not to import to prove a point that we don’t really lean on those subsidy issues. We were doing local trading. So far, we are being owed N11.9 billion by the Federal Government”.
He further stated that his passion for the country to re-main one entity through the diffusion of the tension occasioned by fuel scarcity and also to ease the hardship experienced by Nigerians necessitated that action.
He emphasised that he has stopped petroleum products importation since 2011 and that he is now engaged in local trading.
“The said N11.9 billion would definitely be paid one day with interest. I don’t import anymore, rather I buy locally,” he said.
On the issue of Government Contracts, the Capital Oil boss said: “I have never taken any contract from any of the three tiers of Government, be it Federal, State or Local Government as the case may be and that is why I can walk tall in the country.”
Chief Ubah also shed some light on the advocacy work done during the elections period by the Transformation Ambassadors of Nigeria (TAN).
“TAN was a journey. We supported the former President, Dr. Goodluck Jonathan and showcased what he achieved within the geopolitical zones. It was never a tool for propaganda or meant for hate campaigns. It was an advocacy group that never collected a dime from the government; rather, a few individuals who believed in our cause supported TAN during the build-up to the presidential election.
“I used TAN to support Jonathan because of my conviction that he is a good man who could make a difference in his second term.
”On the transparency with which he runs his business life, Chief Ubah said: “I put all my records clean and that is also why I can face the media. I am a hard worker who derives joy in working hard. I know where I am coming from, and I know where God is taking me to. That is why I live a life of contentment.”