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The House of Representatives Committee on Petroleum Resources (Downstream) has directed the full recovery of N9bn into the treasury of the Federal Government from Capital Oil and Gas Limited.

The money is the balance of the N11bn worth of petroleum products, which allegedly disappeared from Capital Oil and Gas storage tanks in 2017.

The products were alleged to have been stored by the Nigerian National Petroleum Corporation in the private firm’s tanks under its various throughput arrangements with tank farm owners.

The committee, which is chaired by a member from Ondo State, Mr. Akinlaja Joseph, had investigated the alleged disappearance after it became public knowledge that the NNPC was unable to recover all the products when it demanded to have them.

It also came to light that a reconciliation of figures between the NNPC and Capital Oil and Gas left a balance of N9bn outstanding against the latter.

However, Capital Oil and Gas, in a testimony by its Managing Director and Chief Executive Officer, Mr. Ifeanyi Ubah, denied any fraudulent intention.

Rather, the firm stated that the NNPC actually owed it over N16bn from other transactions.

However, in its report to the House, the committee recommended the recovery of the outstanding N9bn from the firm.

It noted that its investigation confirmed that the amount was outstanding and should be fully recovered.

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