Capital oil news

Capital Oil is a Nigerian oil and gas company that has been in the news for various reasons. Here are some recent news updates about Capital Oil:

  1. Court Judgment: In 2020, a Federal High Court in Lagos ordered Capital Oil to pay the sum of N1.5 billion to the Nigerian National Petroleum Corporation (NNPC) as damages for breaching a contract agreement. The court also ordered the company to return a 100,000 metric tonne of petroleum products to NNPC.
  2. Crude Oil Theft: In 2019, the Nigerian Navy accused Capital Oil of being involved in crude oil theft in the Niger Delta region. The company denied the allegations, but the navy seized some of its vessels and equipment as part of its efforts to combat oil theft.
  3. Financial Crisis: In 2018, Capital Oil faced a financial crisis that led to the company's inability to pay its debts. The company's chairman, Ifeanyi Ubah, was arrested by the Economic and Financial Crimes Commission (EFCC) over allegations of fraud and money laundering.
  4. NNPC Contract: In 2017, Capital Oil was awarded a contract by NNPC to supply petroleum products to the country. However, the contract was later terminated by NNPC due to alleged breaches by the company.
  5. Investigation: In 2016, the EFCC launched an investigation into Capital Oil's activities, including allegations of fraud and money laundering. The investigation was ongoing at the time of my knowledge cutoff.
  6. Expansion Plans: In 2015, Capital Oil announced plans to expand its operations into the downstream sector of the oil industry, including the construction of a new refinery and the establishment of a network of filling stations across Nigeria.
  7. Partnership: In 2014, Capital Oil partnered with the Italian energy company, Eni, to develop oil and gas resources in Nigeria. The partnership was aimed at increasing Nigeria's oil production and reducing the country's reliance on imported petroleum products.

These are just a few examples of the news updates about Capital Oil. If you're looking for more information, I can try to help you find it.