By LOUIS IBA
Managing Director/CEO of Capital Oil & Gas Industries Limited, Mr. Ifeanyi Patrick Ubah has dragged Access Bank to the House of Representatives over a breach of the Central Bank of Nigerian (CBN) law governing the grant of loans it secured to facilitate the importation, storage and distribution of petroleum products in the country. Ubah, in a petition addressed to the Speaker, Federal House of Representatives, Mr. Aminu Tambuwal, held that both the management of the bank and the guarantor, Coscharis Motors tricked Capital Oil into the loan deal by failing to make full disclosures as pertaining to the collateral and other securities backing up the loan.
Ubah, therefore, accused Access Bank and Coscharis Motors of “deceit, misrepresentation, concealment and suppression of material facts as it relates to the transaction with Capital Oil and Gas Industry Limited.” He said he was shocked to discover that the loan which Coscharis Motors claimed to have secured for him from the bank was released only on the strength of Capital Oil collaterals, claiming that his supposed guarantor put nothing down to secure the loan. Ubah also alleged a threat to his life and that of his family as well, which he linked directly to the disparaging and tarnishing of his hard earned integrity and reputation in the eyes of members of the public.
In recent weeks, the Capital Oil boss has been in a rough battle with Access Bank and Coscharis Motors over the non-payment of the loan estimated at about N20billion, a trend that had forced a recent takeover of the firm by the Asset Management Company of Nigeria (AMCON) in a bid to recover the debt, secure depositors funds and keep the bank afloat.
However, Ubah, in the petition to the House of Representatives, a copy of which was made available to Daily Sun said it was shocking for him to discover much later that for a loan totaling up to N20billion, he was the one tricked to shoulder the bulk of the risk as he was made to place on the table as securities some of his choice properties located at Banana Island in Lagos, while the borrower, Coscharis Motors was smiling home from the bank with profits from the deal. Said Ubah, “Capital Oil and Gas Industries Limited were never informed of the unsecured loan facility between Access Bank Plc and Coscharis Motors Limited and was constrained/compelled to execute further additional securities to protect the loan facility and act as a guarantor to guarantee and reassure Access Bank Plc.”
In the petition, Ubah further alleged, as regarding that particular deal, “unethical and insider abuse by Access Bank Plc and Coscharis Motors contrary to sections 18 and 20 (2) of BOFIA 2004.” “Access Bank Plc is in violation of Sections 18 and 20 (2) of Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, 2004 by advancing unsecured loan facility to a director of Access Bank Plc contrary to prudential guide of the bank which constitute an insider abuse and in breach of fiduciary duties of director of the bank,” said Ubah.
The Capital Oil boss listed some of such securities he had to put down to include: Plot 13, Zone P, Federal Government Layout at Banana Island, Lagos; Plot 13, Zone J, Federal Government Layout at Banana Island, Lagos; Plot J14, Zone J, Federal Government Layout at Banana Island, Ikoyi, Lagos; Plot 14, Zone P, Federal Government Layout at Banana Island, Lagos; Legal mortgage over the vessel named ‘DERA 1’; legal mortgage over the vessel named ‘DERA 2’; legal mortgage over the vessel named “MARVEL1’; legal mortgage over the vessel named ‘Runner Delta’; According to Ubah, both Access Bank and Coscharis Motors, had from the outset entered into the deal with him with bad faith by withholding from him some critical materials needed to evaluate the risk portfolio of the businesses.
He therefore wants a speedy intervention by the House of Representatives to ensure Capital Oil is paid over N20billion owed by the Federal Ministry of Finance as debt for importing, storing and distributing petroleum products for the Federal Government under the fuel subsidy scheme. Ubah said he controls over 35 per cent of the fuel supply capacity in the country, noting that the continuous withholding of this huge amount of money had dire consequences on the economy of over 3,000 Nigerians employees on his payroll.
Ubah also alleged that the Coscharis CEO, Dr. Cosmas Maduka had violated provisions of the banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, 2004 by taking advantage as Chairman of Board, Credit Committee of Access Bank Plc to disclose privilege and confidential information of the Bank to a third party to gain undue advantage to secure and protect loan and credit facility from the bank. He also pointed at the conflict of interest in having Mr. Aig-Imoukhuede sit as Chairman of the Presidential Committee on fuel subsidy probe, noting that as a creditor, he had stakes in the industry which does not place him in a neutral position to make fair judgments.
Ubah, in the petition also faulted the submission of the Aig- Imoukhuede probe panel saying it erred in recommending the firm for further investigation by anti-graft agencies having not followed “due process and fair hearing” in the discharge of its assignment. To that effect, the oil firm is demanding that the House of Representatives use its legislative power to ensure the “setting aside of the presidential committee on fuel subsidy report due to conflict of interest., Aig-Imoukhuede being the CEO & Managing Director of the bank where our oil marketer sourced funds from and lack of transparency in his investigation and fair hearing occasioning gross miscarriage of justice to Capital Oil & Gas Industries Ltd and its MD/CEO Dr. Ifeanyi Patrick Ubah.”
“Aig-Imoukhuede cannot be a judge, jury and prosecutor at the same time,” Ubah said, noting that he was “managing director of Access Bank and traded in petroleum products with Capital Oil and at the same time being the chairman of the presidential committee on subsidy probe payments.” “By this petition, we are seeking the intervention of this Honourable House to mediate and redress the various injustices being meted out to Capital Oil & Gas Industries Limited and its Chairman/promoter, Dr. Ifeanyi Patrick Ubah,” the petition stated. Capital Oil over the weekend had resumed operation following the nod given to it by AMCON which had earlier got a court injunction to freeze assets of the oil firm. and halt further tradings.
The decision to re-open the depots and other petroleum products allied facilities came after a deal had been struck between Ubah and AMCOM which allowed the debt recovery agency to step into the management of the firm and ensure that sales proceeds from the oil firm is properly remitted to offset debts owed banks.The shut down of the depots of the oil firm had far reaching implications on the fuel supply situation in the country as it accounts for more than 35 per cent of petrol and kerosene consumed in the country.
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Am just waiting to see the outcome of this tussle and struggle.
Questions : Since when has the National Assembly become a law court in Nigeria?
Ubah how can you be tricked into taking loans from the banks?
Why didn’t you refuse?
Answers: pay up your debts.
Whatever you sow you shall reap.
A good & clean business man will NOT start dashing OUT brand new RANGE ROVER JEEPS to useless ashewos in Nollywood.
New flick from Nollywood : ‘ The End of Ubah the modern day fraudster
Thank you my brother. This is the kind of Iboman I hate to
see.Can you imagine this — your fellow Ibo man from the
same town as your self helped you to be somebody only
for you to reward him with perfidy. You will die of stroke
after suffering 75% paralysis of your body for 2 years.
That way when you come back to the world you will learn
how to be pependicular in your dealings.
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Ifeanyi Uba, who supplied the details of the said ‘PROPERTIES’ used as collateral? Your lies have given you out already and you should know that we are wiser, judging from stories making rounds about your past, hoping this will not give it a backing? Your vindictive posturing is only witch hunting, we know those who ‘worked out’ their life from those who stumbled on one!
Your adverts on Televisions and this petition to the Assembly will not help you, go to court and clear yourself or let your so called friends help you and pay- period!
Questions : Since when has the National Assembly become a law court in Nigeria?
Ubah how can you be tricked into taking loans from the banks?
Why didn’t you refuse?
Answers: pay up your debts.
Whatever you sow you shall reap.
A good & clean business man will start dashing brand new Range Rover Jeeps to useless ashewos in Nollywood.
New flick from Nollywood : ‘ The End of Ubah the modern dayfraudster
Uba, pls try and win the case because the project you are undertaking in UNN is still lying still waiting. I pray they set you free.
This is an idiocincracy and a business mistake by ubah..Ubah as i can see is under pressure cos of not knwing the game they want to play on his money making assets..they want to strip the guy of his valuable assets cos of his childish business acumen..there is nothing ifanyi can do about it..he is heavily in DEBT to the tune of BILLIONS,His choice properties has been hijacked and confiscated home and abroad..the profit on his business will now be fifty-fifty according to AMCON..ifanyi knws how to make money but did not knw how to protect the assets he has from his enemies and business predators that re eyeing to take over his assets that gives any Business man confidence to pursue more money..by d time they re true with him,an ordinary ONITSHA trader that imports goods frm CHINA will ve more networth more than him cos of his lack of BUSINESS ASSETS PROTECTING TRICKS..Cos pple re looking for assets to take and COSMAS knws the name of the game more than low acumen UBAH..a lesson to BUSINESS MENS.
Ifeanyi Ubah should please pay this loan and save us Igbos this embarrassment! Maduka alleged, and Ifeanyi Ubah is yet to deny it, that Ifeany Ubah diverted and sold the petrol imported with the loan on the high sea and pocketed the money! Let Ifeanyi Ubah just bring out the money!
The issue is not about the collateral, unless (as it appears) Ifeanyi Ubah never intended to repay the loan in the first place!
If you re waiting for IFANYI to bring out the money after COSMAS has confiscated his properties you will wait till JESUS COMES.
The evil that men do lives with them.
So this kind of money is here and poor masses are suffering in naija. God save your people from the hand of all lutters
I wonderooo, dis people dat answer Ubah, hmmmmmm!
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fabricated story. publish the business between capital oil and coscharis motors, ifeanyi uba and maduka to enable understand you better. what is the name of Access bank MD”s oil coy.
why are their names not mentioned in the oil subsidy scam?
All looters of our dear country economy MUST pay back in one way or the other.
the music has just started.
ubah pay up ur debt n save in jobs of innocent nigerians.U hav wealth but lack wisdom
Ifeanyi Uba, your story is not strait i wonder what you meant that somebody tricked you to get a loan of N 20 billion, i know madauka very well and has nothing to gain from you by tricking you to anything.so you have to pay your debts and stop making noise, meanwhile i want to use this opportunity to tell Maduka (COSMAS) to contact me i know what to do so that he can get his money back within 45 days.the money is intact some where ifeanyi is just trying one way or the other to see if you can give up so that he sit on the money, but it is too late for him because i am getting involve in the case.
Maduka just contact me through my private email : gidoen.isaac@yahoo.com , if he did not pay the money within 45 days hold me responsible, i will pay that money,i live in Togo, i will give you my private phone number through email so we can discuss.
That man ifeanyi is ingrate, he will pay.
i thank GOD dat finally u are back to d bassis.go and do ur business and forget stories being fabricated by coscharis motoes,i never liked dat man frm onset.i hope uba is wiser now,never do anything financialy with an nnewian again cos of betrayal….
Now it is getting clearer that the majority of the owners (apology to genuine owners) of properties in all these highbrows in the country are crooks that will definitely pay for their wickedness. Look at this small boy Uba having how many plots in Banana island where a 3-bedroom flat goes for upward N5m pa rent just playing tricks on our economy. They will all eat deep poverty in this life. They should strip him to his boxers!!
This is why I like Dangote, Adenuda and co Because they know where to drew the line. When you are dong well in your Business and making a lot of money, why not continue with your business and leave politics, Uba’s and capital oil’s problem started when he began having ambition to contest anambra state governorship election in 2014. He started sponsoring Ume the APGA chairman against Obi. Now see the result. Do your business and forget politics for now. may God help you recover from this problem, but be wise.
When will all our refineries be fixed and new ones built to end this fuel importation hassles that have bedeviled this country’s economy in the hand of few. I urge the federal govt to do something fast because we have what it takes to do so. I ‘m fed up with billions of dollars sinking into fuel importation by the federal govt every year.
How can Ifeanyi say, he was tricked. Did he not read the agreement before he signed. Where was his company lawyer or lawyers, when he was going into the deal?
The thing is that, he met people who are wiser and smarter than he is.
It is a pity that National Assembly can not help him.
Honestly if I most comment the man is talking robish let him go and pay the money. Did he tell the house b4 collecting the loan? How much has he paid to date? Or he want to divide it with them? Is not good oo! God is watching you. Bcos that house will just take their own, and start talking robish. I don’t know cosmos what is his name, but from your stories you don’t want to pay. You know that anything that gets to the house is give and take. So I advice u come out and face reality. Is even better to take this case to ohanaeze lgbo. We can trus them than that place you are now, take or leave it.
Maduka has no reason to lie on Ubah, and the collaterals show Ubah knew what he was doing. How can a man from your area try to help you, then you screw him. Let the courts decide, and if Ubah loses the company, so be it. AMCON may have to sell the company to the highest bidder to satisfy the debts.
this young man is a 419er.
I had contact with Cosmas Maduka in the mid 80s and all i can say about him is someone who had a humble beginning as a businessman because he grew from being a Motor spare parts seller at Ebute Metta to this great height he has achieved in sales of choice cars in Nigeria. He had worked with his Japanese suppliers of spare parts in transparent manners over the years that resulted to his being appointed distributors of some of their products and he must have made some good returns from such transaction.
Ifeanyi Ubah should fulfill the terms of agreement with both Cosharis and Access Bank by repaying the loan and carry on with his money spinning oil deal.
It is ironic that few Nigerians are super rich while majority wallops in abject poverty due to the bad and corrupt policies of PDP Federal controlled Government since 1999.
Ok oooooo!
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the voice of people is the voice of God. the people has spoken, he whom they have blessed God has blessed he whom they have cursed God has cursed.” Ndi be ayi oji nja asa ahu mara onwe ya”. God will one day judge this world both the rich and the poor.
Ubah, u’re a disgrace to this country, u’re adisgrace to Anambra state, to igbo people n most importantly, u’re a big disappointment to urself. Are u brain dead? Why should u take a case to de national assembly? Which of ur people told u that N assembly is a court of law. N.Assembly can not n will not help u. If u know u have a case take de fucking case to court of law. By de way b4 u embark on court, one thing should be made certain to u, u can not greas anybody’s hand in de court. I never believe u can be this childish. When things were going ur way we all know de kind of noise u were making then, now that subsidy had been stopped we know u’re in soup. U will n must pay ur debt, stop cry cos we are not listening to u. By de garce of almighty Allah, all of u that made n still making our lives to be unbearable in this country shall n will never know peace in their lives. EFCC take note, u must make sure that I.Ubah repay all de money he got by illegal means. God bless EFCC n Nigeria.
How did ifeanyi make his billions in the first place ? The guy to me does not appear intelligent !!!
Ifeanyi Ubah u are a common criminal, someone helped u to secure a loan which no bank was ready to give u, for u to pay was a problem.
Most of u here are talking rubbish,u just delve into d matter with ur prejudice and jaundiced opinion of this young man,ifeanyi uba,dt whatever he says has no merit.Has any organisation or person told u dt ifeanyi duped them,or convicted by any court for fraud.He might not have done d best by taking d matter to legislature but nonetheless he’s also in court.
Coscharis claiming dt he’s helping ifeanyi is a director of access bnk,he secured loan with capital oil assets,which capital oil pays heavy interest on solely and yet coscharis takes 40% of the profit of d oil importation done wt the loan,yeloan,yet as a director of access bnk he still shares frm the bnk’s profit,gaining doubly frm the young man.
Yet he claims he was helping d young man,altruistically.
Even if other bnks refused to give loan to capital oil and access bnk did,it’s still normal banking fxn as long as he collaterize it with his assets.
What I see here is mutual help btw capital oil on one side and coscharis and access bnk,with coscharis benefitting d most,bc ifeanyi uba was holding d short end of d stick as only his assets wr used to secure the loan for a business shared by all of them:exploitation.