…As AMCON takes over assets
By LOUIS IBAH
Indigenous firm, Capital Oil & Gas Limited, has shut down its operations, following a court order by Justice A. Abdu-Kafarati of the Federal High Court sitting in Abuja ordering that the Asset Management Corporation of Nigeria (AMCON) takes over the possession of all propertied and assets of the oil firm.
“In the light of the order, the Jetties and Depots of Capital Oil & Gas Industries Limited located at Apapa have been shut down with immediate effect,” said the oil firm in a statement on Friday. “With effect from today, Friday November 16, 2012 (yesterday) discharge and loading of petroleum products from the facility is temporarily suspended.
We wish to emphasise that we stopped operations by 4:37am this morning 16/11/2012 with a total load-out of 224 trucks of Premium Motor Spirit (PMS) – equivalent of 8, 151, 270 litres of PMS – belonging to NNPC. This will remain our last operation till further notice. This is to ensure that that the order of the court is not in any way violated,” it added.
The closure would however, have far-reaching impacts on Nigeria’s fuel supply situation as the oil firm accounts for more than 35 per cent of the fuel import and supply in the country. Said the oil firm in the release: “Before the court order, our operations had been greatly threatened. Now the open-secret plan to take over our business has materialised. This is no doubt a clear case of victimisation. Nigerians will unfortunately be worse for it. If only they had put the nation’s interest first.
“That a company like ours, which accounts for about 35 per cent of daily petroleum products distribution in Nigeria, can be the subject of such an application and court order is baffling. The Government has refused to pay us. It would appear that those who want to take over our business are succeeding with the aid of their friends in government. “We empathise with the long-suffering masses of Nigeria who have been experiencing long queues in filling stations, non-availability of petroleum products as well as high cost of transportation.”
The oil firm went further to allege that it was a victim of victimisation. Said Capital Oil: “We had cried out that the unsubstantiated findings by the Aig-Imoukhuede Committee was strangulating our business by denying us access to payments from the Federal Government, credit, business partners, good-will etc as well as making us look like criminals and people without integrity.
“They came up with subsidy, we defended it and they could not refute our defense. They came up with Access Bank and Coscharis, we went to court and they refused to appear, rather, they went to a United Kingdom (UK) court. “Now they are coming with AMCON.
For the benefit of Nigerians, we have been discussing with AMCON with two Nigerian financial consultants and a British firm, towards reconciling our position and exposures with AMCON. We have not been found wanting in terms of cooperation with AMCON even when government policies have adversely affected our business over the last 10 months.
“We cannot be stopped from trading, our funds tied down, and at the same time, are found wanting for not meeting our obligations by the same Government Ministry. We have painstakingly managed to pay our workers salaries till October 2012, even when we have not received any form of payment in the last 10 months.”
Capital Oil has ,in recent months, been immersed in a crisis of breach of contracts with Assess Bank and Coscharis Limited over the importation and distribution of petroleum products, and the case is already a subject of litigation. The oil firm is also among the oil firms being investigated for alleged mismanagement of fuel subsidy proceeds.
All of them investing outside Igboland will continue to suffer the same faith! Ojukwu told them to look homeward. Well, they think that they know better than everything history has taught mankind.
stop bringing tribalism to every thing ewu, this guy is own a fellow ibo man, it will happen even if its wetin nnewi, the guy is just s rogue period,
Why this inferiority complex by some Igbo people. Why do some of you feel hunted. Unfortunately for you and fortunately for Nigeria – all the actors in this case are Igbos from the same Anambra State. What do you say now? I do hope you have been following the Capital Oil/Cocharis/Access Bank face off in the recent time which has nothing to do with Dangote. The beauty of it all is that all Actors involved from Capital Oil, Cocharis, Access bank to the Finance Minister of the Federation are all Igbos from Anambra state and it shows what money can do to brothers and sister from the same state. God help the Igbos with greed and self-centredness. Just do the right thing and you will always be vindicated.
I expect Federal government to step into this case in order to ameliorate the sufferings we common Nigerians would go through in terms of attendant fuel scarcity that will occur after the shut down of Capital oil depot.
Some of the comments are reflections of Prof. Achebe’s indoctrination and false assumptions. Now and rightly so, the righteous Igbos are fighting the dubious and fraudulent Igbos. GREEDINESS is the name of the game as far as SOME IGBOS, BUT NOT ALL IGBOS are concerned when it comes to business, and actually all areas of life.
Mohammed, this is not a question of Igbo but that of and individual criminal whose greed knows no bounds. Dont bring Igbos into this. There whole lots of greedy business men all over Nigeria from east to west and from south to west.. Your own tribe are no better. Maybe your own is even worst.
Thank you, let them hear. Despite the fact that I am Igboman, I give you all my support.
What is going on in this countary now fuel scacity will be other of the day how mush is this young man owing let them negotiate how to setle the issue before this countary that dont want to build refinaries turn to something else
More danger ahead. God help us in Nation
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We are not interested in your history, just do the right thing and go back to your bussiness.
Can they do this to Dangote when will Ibo’s fight this injustice something ve to be done
@12chas, I do hope you have been following the Capital Oil/Cocharis/Access Bank face off in the recent time which has nothing to do with Dangote. The beauty of it all is that all Actors involved from Capital Oil, Cocharis, Access bank to ministry of finance are Igbos from Anambra state and it shows what money can do to brothers and sister from the same state.
I expect Federal government to step into this case in order to ameliorate the sufferings we common Nigerians would go through in terms of attendant fuel scarcity that will occur after the shut down of Capital oil depot.
All the actors are from Anambra state.It tells you a lot about the igbo people.Will they ever learn?Vendetta is their watchword.I pity the igbo man.Petty jealousy, hatred and too much love for money.Why do you blame Nigeria for your self inflicted injuries.?Take a look, otedola, tinubu,dangote, adenuga,dantata,mai deribe, babangida,abdulsalami, obasanjo.Is there any igbo man there.You people will continue to remain wretched in this country as long as you can not put your house in order.The only young igbo boy raising his head is about to be strangulated.Shame on you igbo leaders, shame on this notorious anambra people.
@Francis, I think you are talking rubish here. I also know that you are not Igbo. Igbo man is not new in business and this fraudster is NOT the “only Igbo boy raising his head”. That insinuation is an insult to Ndi Igbo.
Ndi Igbo had traded with the white man at the seafront since the 16th century, at a time your ancestors were still living on tree top.
This young man Ifeanyi should learn to play by the rules if he intends to progress in business. He needs to honour his obligations and pay homage to those Igbo patriarchs in business rather than swindling them. This is Igbo culture. He should grow-up else he could be another Eze ego – a flash in the pan.
@ Dele what is your problem? why do you people hate the igbos so much. what made you think that Ifeanyi is among the first 100 rich people in Igbo land.
Obasanjo has been fighting with Daniel, Otedola and Farouk are fighting, Tinubu and Mimiko and other are fighting. Adedibu and his group where fighting in oyo State until his death
Bukola and Gbemisola Saraki are fighting in Kwara
Fulanis and Gbira are fighting in the North
please try and hide your sentiments sometimes
Thanks
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I see fuel scarcity causing crisi in this country soon. Who will save us this time?
This is a case of witch-hunting amongst themselves, going behind and instigating trouble against your fellow brother, it wil not happen in the circle of the abokis.
There is no cohesion amongst the ibos. Pride, love of money, money rituals, arrogance, ‘i too sabi’ and lust for power has been the problem of many average ibo business men and few educated ones that made money through fraud. Other ethnic groups have their own shortcomings but i am sad with the behavior of religious, political and elder statesmen from ibo land where i come from.
Anambra people are the problem of ibos because they can kill their child cos’ of money.
Ubah and Cosmos are disgrace to ibo land
GOD PUNISH U BY SAYING THAT ANAMBRA ARE THE PROB OF IBOS WHERE IS UR STATE WEN ANAMBRA PPL ARE FIGHING FOR FREEDOM OF THE IBOS WITH THEY MONEY AND SCARIFILE THEY LIFES FOR IBOS
@OKEY, I dont know the angle you are coming but one thing I must tell you is that you are nothing but an Idiot. Okey have you heard about OTOKOTO HOTEL in Owerri before or have you not heard much about their story. OKEY, the problem of Ibos are every where, facts are their. Please stop talking jargon
You are not an Igbo person therefore you have no common inheritance in our cherished and highly moral value and social ethics which does not allow us to romance with attitude of covering up looters and fraudulent elements.Again,you sound like one of our morbid haters because by their fruits you shall know them.This is basically corporate credit issue devoid of any political undertone.Hence your insulting entire Igbo nation smarks of bereft of sound mind and good knowledge of social issues which is not perculiar to igbo nation alone..
This is just a case of viticmization.How much is capital oil owing that they can not discuss this and find a way to resolve this issue.Afterall the Govt is still in debt to them capital oil.
At last our son from Nnewi is paid to rundown d biz of his brother, ifeanyi. The govt., ohaneze ndigbo, nnewi in council where are all of u. Rotakwonu na anara otu oru azu na-obu oru nile ka anaje ya, kunie nu n’ura. Noting, b4 d governorship intent all dis never emerged. People hated Nnewi and now we are seen killing ourselves to their glee. Dis should be d concer of every Nnewi, Anambra n Igbo man concern bc our fair share is going down d drain.
Since the day the Uba guy used 40 days to advertise his 49th birthday, I know he is going to perdition. When many are suffering, he used millions of others pple wealth to celebrate birthday. Idiot!!!
He is not 49 he is 42.
Since the day the Uba guy used 40 days to advertise his 40th birthday, I know he is going to perdition. When many are suffering, he used millions of others pple wealth to celebrate birthday. Idiot!!!
Ifeanyi ubah is dubious; he has cheated people in the past and never suffered any consequence. This time his cup is full. He cheated the wrong man!Ifeanyi ubah is dubious; he has cheated people in the past and never suffered any consequence. This time his cup is full. He cheated the wrong man!
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I can’t do business with an IBO man. I before others.
Too much greed!
You are pathetically subjective. What “business” are you into by the way? Where are you from? The language of your post clearly indicates that you are not into any kind of business. In fact you are a poor, unemployed job seeker!!!
That is why you will remain a poor man
Patrick you are a fool , by saying that . you don’t even know haw to speak simple English not to talk of doing business . You should talk about the matter at hand not to talk about doing business with Ibo man ,idiot
@patrick then yu re not ready for business.
I hope that Uba’s hands are clean from all this subsidy allegations , If not let him face the music . They have sheeted this country so much . I hope that one day God is going to expose all of them bot the Dankote’s , all of them
Nigeria should step into this matter, these Access Bank MD and Coscharis are wicked, from folding Morgan bank to folding Gaurdian Express to Folding Intercontinental now they are after Capital Oil but God will not allow them this tym. Coscharis is big because of the accumulation of people’s property he defrauded them.
well ,this could be political , selfishness,greedy, may be somebody want use other person to enrich his pocket, may God help us .
please i want to ask this question, how many of you commentators knows any of all this guys UBAH,COSCHARIS,ACCES bank people, and govt representatives, this group of poeple will always come out in public to tell lies, you think you know them go to those big hotels this night you will see all of them in one round table, you will be suprise, stop disturbing your selves just think of how to survive in this country
I’m calling all ibos who know where rain started beating us in nigeria to please stand up and fight this capital oil fight as it concerns all igbos.This is the same way obasanjo destroyed uzor orji kalu’s business in nigeria. Amcon ,okongi iweala and coscharis cannot be used to destroy us.how many ibo generals,traditional rulers or politicians have oil blocks or in oil business.Have federal govt started confiscating assets of fuel subsidy offenders.Among 100 people/companies blacklisted by cbn is it only capital oil that will have its assets siezed. Is capital oil being punished bcs of tales out of moonlight by coscharis.I call on Ohaneze,fearless Ochendo of IPF, Governors of se region,traditional ruler from east to do something.this is another Nnaji resign,ibb n abubakar buy up phcn.
A Yoruba man try his best to get educated in order to impact to the society…A Hausa man is okay with his suya selling and ‘shoe shining’(xcept their nefarious and extremist behavious)..But an Igbo go after secular and materialistic things which end up being vanity..they can kill for money.why?why?why?…nonetheless i dont care,let them continue their brouhaha..they are all brothers at war..afterall how have they impact on my life.MTCHEW Am Just Passing Jooor
I am not a fan of capital oil, but I see a coordinated effort from access bank and cocharis to destroy capital oil. We must look into why the access bank md who headed the oil subsidy committee found capital oil wanting in their report. Is it because of the un paid or outstanding loan cocharis took from access bank on behalf of capital oil? Cocharis is a member of board of directors in access bank that’s why he was able to obtain the loan. Cocharis made 4 billion naira doing business with capital oil. How much was paid to the access bank md in order to issue the loan to cocharis where other banks could not loan the same money directly to capital oil.
I remember when Donald trump was in a financial mess in the usa. He was unable to pay back his loan and would file for bankruptcy. The banks seeing the implications of trump filing for bankruptcy sat down with him and sought out a solution favorable to all. In the end the banks got their money back and trump business survived. Why can’t the same be applied here? Let all parties seat down and resolve their problems.
I’m calling all ibos who know where rain started beating us in nigeria to please stand up and fight this capital oil fight as it concerns all igbos.This is the same way obasanjo destroyed uzor orji kalu’s business in nigeria. Amcon ,okongi iweala and coscharis cannot be used to destroy us.how many ibo generals,traditional rulers or politicians have oil blocks or in oil business.Have federal govt started confiscating assets of fuel subsidy offenders.Among 100 people/companies blacklisted by cbn is it only capital oil that will have its assets siezed. Is capital oil being punished bcs of tales out of moonlight by coscharis.I call on Ohaneze,fearless Ochendo of IPF, Governors of se region,traditional rulers from east to do something.this is another Nnaji resign,ibb n abubakar buy up phcn.
Why cant all these guys seat down and talk out their issues peacefully rather than pulling down another man’s buisness and thereby rendering many employees/family dependants out on the labour market.
This is a calculated plot to discredit Ndi Igbo, come 2015 elections. It is also an attempt to cut short Uba, whom they think with his speed of financial growth will soon be richer than their beloved Dangote, Adenuga et al. Amongst Musa, Kayode and Okoro, Okoro has always been the sacrificial lamb. Too Bad!
All this is happenin because of anambra 2014. We are all watchin
to those of u who reasons with ur grain instead of brain,i am nt interested about who is owing who,since coscharis my brother made his money,umudim or nnewi people has never enjoy anything frm dis fake born again,ifeanyi uba of yesterday has touched so many lives within d shortest period he reigned.for example,bfore dis time,u hardly buy fuel d same amount as NNPC during festive seasons,dis is d only guy dat broke dat jinx and today,go to any capital oil filling stations in d s/east,fuel is always available.if coscharis betray us nnewians,we will sacrifice him gbaaaam!if dis is about d access bank loan,he did nt collect d loan with dis company infact it was nt even him dat took d loan,it was cosmas mmaduka,so if its about oil subsidy,how come he is d only guy dat is ordered to forfeit his properties?dis is diservice dat must be investigated.hw come imhoukude guy kept moving round,round for somany yrs,is it dat there are no other people dat could ve handled dis subsidy thiefly dat dis old clan!coscharis just jealous of uba’s clean sweep within few yrs……….anaedo will never welcome cos again untill dis matter is settled!okwaya ndi be anyi?
This is witch hunting at its best. Bad belle people wont allow this young man to rest. They are after his assets and investment. no wonder other smart Nigerians move their own funds to oversea heavens, it is very risky to invest in this country. The other day it was Intercontinental Bank. Now Capital Oil and Gas that has become the envy of all is now a target for those evil mongers. Lets watch GEJ and AIG see where this brazen attempt to steal someone hard earned investment will take them
for record purpose…….can dangote tell us how he made his billions&how much tax is he paying?can tinubu tell us d same here,even otedola,dantata,ibb,fashola,coscharis,salawu lawal,okey ude,obj,abdusalami,mohammed abacha,young tukur,imhokoude&so many more others,lets us unite for a common purpose selflessness!ifeanyi is no exception frm dis aforementioned names….
This is the plight of an Igbo man courtesy of another Igbo Man. NNEWI people are not worthy to be Igbo sons and daughters…. They can mortgage the future of their unborn generation because of MONEY. May God help us all……
Let all Igbo leaders (Governors, Senators members of the house of Assembly, Anyim pius & Ekweremadu) rise up now, it is perceived that some cabals have orchestrated and are still fanning the embers of conflict, disunity & hatred among NdIgbo, let’s rise and defend our people againt this aggression, a stitch in time?.
After listening the interview of Mr. Ifeanyi Ubah, director Capital Oil and Gas Ltd and as well read the interview of Mr. Cosmos Maduka, director Coscharis Group Ltd. Honestly, I view greedy and wickedness their because I don’t believed why both gentlemen could do business for six times and it went perfectly okay, while the seventh didn’t scale through, why? Mr. Ifeanyi Ubah should asked himself questions about that. Mr. Ifeanyi Ubah, think twice about that because something was wrong on your side. Like you said on Channel TV that in business their are risks you take that might not yield well, yes I believe but in the same business understanding is important.
We know coscharis pedigree.uba just came from the blues.I have no doubt that fast lane travelers often end up dead in their tracks.ask of anajemba,okwelle holdings,igwe awkuzu and a host of others.VANITY IS VANITY.
Why should it be a war for every igboman?Capital Oil has never in the history of its existence helped any poor Igbo.Pls leave tribalism alone.
His ANAMBRA kinsmen incombination of F.G is working against him..they wants to frustrate his business empire and IFANYI is not helping matters..an IGBO GUY at such level of OIL and GAS has to be careful and surn sharp practises cos WEALTH attracts enemy more than friend.
iheakpu capital has been helping ppl in Igbo land,Nnewi ppl are good ppl to this other guy,Anambra ppl are awesome to those who condemn their fellow Igbo ppl,Igbo ppl are special no amount of intimidation can stop us.
Capital oil supplies 35 per cent of petro consumed. In Nigeria still the judge sat there n ruled that the company should be shot down. That’s vry reckless. Or should I say it was a planned ruling on the company? Finally is there any amount dangotte could own 4 his company to be shot down? Knowing the companys role the Nigerias economy?
Bukola saraki and his father sent a lot of Nigerians to early grave by using society general bank to buy the govt house, ibb have become demi god after cornering gulf wind fall, abacha family ran nigeria like absolute monarchy,abdulsalami the opportunist emptied Nigerian vault in just eleven months,dangote Nigerian business emperor frustrated Ibeto & vaswanni brothers out of business in Nigeria so he can monopolise even the air we breath,as for Jonathan,he is not in charge,due process should be observed in dealing wt capital oil,let me tell Nigerians, the diminishing return of evil will soon catch up with Nigeria soonest just watch out
EMMANUEL OMEH YOU SAID THE TRUTH VERBATIM. CREDIT FACILITIES GIVEN TO DANGOTE BY OCEANIC BANK KILLED THE BANK, NOBODY SHUT DOWN DANGOTE. I DONT WANT TO SOUND TRIBAL HERE BUT I CANT HELP DOING THAT. CAPITAL OIL SURELY IS GUILTY BUT WHY USE THE SLEDGE HAMMER FOR ONE WHEN THERE ARE MANY CULPRITS IN THE NIGERIA CORPORATE MAFIA EMPIRE? THIS IS WHERE POLITICS COMES IN. JONATHAN AND ALL PDP CLAWNS IN IGBO LAND WHO WANTS TO KILL APGA BY ALL MEANS SEE THE BOSS OF CAPITAL OIL AS THE LIFE BLOOD OF APGA AND ITS POSSIBLE GUBER ASPIRANT COME 2014. SO THE GAME IS KILL CAPITAL OIL AND APGA AND IFEANYI UBA IS DEAD AND DRY. JONATHAN IS NOT COMFORTABLE OF APGA CONTROLED SOUTH EAST DUE TO HIS SECOND TERM AMBITION. THE MORTGAGED IGBO PRESIDENCY AGENDA OF 2015 IS NOT GOODNEWS TO GOODLUCK. I DONT PITY THE IGBO FOR THIS BUT I PITY THE BOSS OF CAPITAL OIL FOR BEING NOVICE TO NIGERIAN BUSINESS TERRIAN. HE SHOULD HAVE LEARN FROM DANGOTE TO SUPPORT ANY GOVT IN POWER TO SECURE HIS BIZNESS INTEREST. THAT REPUBLICAN NATURE OF THE IGBO MAN IN HIM WHICH MADE HIM FEEL HE CAN BE HIS OWN MAN OUTSIDE GOVT PATRONAGE IS HIS UNDOING. HOWEVER, WHAT IS HAPPENING TO CAPITAL OIL GOES TO SHOW THAT WHATEVER IS IGBO OR CONNECTED TO IGBO IN NIGERIA IS AN ENDANGERED SPECIE. IT CALLS FOR THOSE CONCERNED TO TRADE WITH CAUTION. THEY ARE A VANQUISHED PEOPLE AND TO THE VICTORIOUS ALLIANCE CONTROLING POLITICAL POWER IN NIGERIA THE IGBO MUST REMAIN VANQUISHED, EVEN THOUGH IT WARRANTS KEEPING NIGERIA UNDEVELOPED IT DOESNT MATTER. ONE THING THE VICTORIOUS ALLIANCE OF NORTH, SOUTH WEST AND SOUTH SOUTH OF NIGERIA HAS FAILED TO UNDERSTAND IS YOU CANT DESTROY A PEOPLE THAT HAS DIVINE DESTINY TO FULFILL FOR THE BLACK RACE. TO THE IGBOS HEAR THIS YOU CANT STOP BEING THE VICTIM UNTIL YOU DO A NATIONAL SOUL SEARCHING AND ASK YOURSELF WHO ARE WE AND WHERE DID WE COME FROM TO BE WHERE WE ARE TODAY. DO WE HAVE A GODLY HERITAGE WE HAVE FORSAKEN. DO WE HAVE A DIVINE COVENANT WE HAVE BROKEN. UNTIL THE IGBO ASK THEMSELVES THESE QUESTIONS AND COME UP WITH ANSWERS THEN THEY SHOULD PREPARE FOR THE WORST AHEAD. MORE CAPITAL OILS OF IGBO ORIGIN WILL GO UNDER BY GOVT IGBOPHOBIC POLICIES. I REST MY CASE.
BIAFRA is d ansa 2 dis rubish. Imagine d aboki judge. 4get, soonest, i wil import JUDAISM as a religion in nigeria. Only dem wil giv d islam d brimston they wnt. Idiot cow brethen. I hate u wit pasion.
This issue will later be resolve, is a matter of time. Those parties knew themselves, something must be wrong somewhere that we didn’t knew nothing about except this directors. They were all criminals more than notorious 419 kingpins. These are the people who derived their wealth from government and can never remain afloat without duping government. The funniest thing today is that they are today’s saint, moving around with government security officials. These group of animals, so called political rich business men from different part of the country were the architect of Nigerian problems today, more dangerous and harmful to the society than 419 guys.