Cross Udo, Abuja
The Chief Executive Officer, CEO of Pinnacle Oil and Gas Limited, Peter Mbah has said that lack of adequate investment in the downstream sector is responsible for the perennial fuel scarcity and its attendant long queues in filling stations across the country.

He stated this over the weekend while speaking to State House correspondents shortly after the company paid a thank-you visit to President Muhammadu Buhari at the Presidential Villa, Abuja.

Mbah, who is the Peoples Democratic Party, PDP, governorship candidate in Enugu State in the forthcoming election, said to bridge the gap, Pinnacle Oil and Gas has invested about $1bn to address the stagnation of investment in the downstream sector.

Asked whether the country will ever get over the intermittent scarcity it witnesses every time, the Industrialist said that with the intervention of his company and investments from other Nigerians in the downstream sector, the problem will be a thing of the past.

He said, “There has been a deficit in the set of investments Pinnacle has done in the last decades. But what we’re doing right now, is to address that stagnation of investment in the downstream oil and gas industry.

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“This is an investment size of about a billion dollars. So we are expecting to see more of such investments because what the Pinnacle has done is create some efficiency in the supply and distribution value chain of the downstream sector.

“So we are indeed expecting that more investment in the downstream sub-sector would eliminate the sort of scarcity we are witnessing today.”

Asked what he came to do at the nation’s seat of power, Mbah said he alongside his team came to show appreciation to Mr. President for accepting to inaugurate the company’s storage terminal adjudged to be the largest storage terminal in West Africa.

He said the offshore intake of the storage terminal is also adjudged to be the deepest intake facility in entire Africa.