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Ifeanyi Uba: Facts and fiction writers


For several weeks now, I have taken time to read and analyse some pieces written by all manner of persons regarding what is currently happening to the Managing Director and Chief Executive Officer of Capital Oil and Gas Industries Limited, Chief (Dr) Patrick Ifeanyi Ubah. What readily comes to my mind after going through what certain individuals wrote was that they lacked adequate information to substantiate their write up, thereby portraying our country as a place where anything goes.

I shall return to this shortly. But let me start by saying that two main issues recently brought to the fore, all the saga we have been hearing and reading about Ubah, the young oil magnate who seats on top of Capital Oil and Gas Industries Limited. One of it is the controversial Aigboje Aig-Imoukhuede-led Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments.

The second is the acclaimed business deal between the Managing Director of Cosharis Motors, Mr. Cosmas Maduka, a director in Access Bank, a financial institution, which also has Aig-Imoukhuede as the Managing Director/CEO. What we were told is that Maduka helped Ubah to secure facility from Access Bank, where he (Maduka) expected the same Ubah to make available the collateral needed for the loan, but while at the same time hoping to share in the profit from the business, which the loan would be used to transact.

By the way, the loan was to be used for fuel importation under the controversial fuel subsidy arrangement and it was actually used for that purpose. But the third leg of the Ubah/Maduka/Aig-Imuekhuede raging controversy, which concerns the Assets Management Company of Nigeria (AMCON) and which some people have also failed to see through the secret ploy to undermine the interest of Ubah is derivable from the two scenarios highlighted above. Let us look at the Aig-Imouekhuede committee saga closely with regard to Ubah and his business interest.

Where I come from, there is this popular saying that if a child is crying and pointing his finger at a particular direction, if his father’s relation is not at the direction the finger is being pointed, then the mother’s relation must be there. Ubah has repeatedly accused the Aig-Imuekhuede committee of a hidden agenda, in most cases saying there is conspiracy with some people to take the business, which he invested his spirit, soul and body to nurture.

For example, he had maintained that the failure of the Federal Government to pay him several billions of naira being owed him as a result of the importation, lifting of fuel and storage of same in his massive and state-of-the-art tank farm, the best in the country, as one of those the Federal Government engaged for the fuel subsidy transaction, is due to the Aig-Imuekhuede committee’s report to undermine him.

And his reason is cogent going by the loan Ubah is believed to owe Access from a joint venture with Maduka, the bank’s director. What this amounts to is that someone wants to be a judge in his own case and if you ask other discerning minds that person is Aig-Imuekhuede because of the interest in his bank that claims to be owed billions of naira by Ubah and by virtue of the fact that the so-called business venture between Ubah and Maduka, the latter an Access Bank director, was yielding good profit before the deal went awry.

Discerning minds have been wondering how Access Bank granted Maduka $286 million facility without collateral, simply because he went to Ubah’s facility and what he saw got him thinking that Capital Oil and Gas Industries Limited is a money minting machine. Is it possible for Aig-Imuekhuede to be ignorant of what transpired between Maduka and Ubah before the $286 million loan was given? In an ideal situation, both Maduka and Aig-Imuekhuede ought to have either been advised to resign their membership of whatever position they are holding in Access Bank, but the vital question again is, will the Central Bank of Nigeria under Sanusi Lamido Sanusi have the courage to call a spade by its name given that it was still under the same Sanusi that “small”

Access Bank  swallowed the “bigger” former Intercontinental Bank without people asking pertinent questions? I have read where Access Bank promoters varied the loan Maduka collected for 10 years and how he listed several of Ubah’s property as his collateral. And if that is the true situation now with the controversial facility, why should a young man be destroyed just because someone wants to satisfy some interests?

Why has the Federal Government refused to pay Capital Oil for services rendered several months ago, knowing full well that he needs the money to settle some of his indebtedness? If anybody should be interested in ensuring that Capital Oil is paid what the government owes it, should that person not have been Aig-Imuekhuede since that will mean Ubah paying Access Bank part of what he owes it too? Methinks that the coming of AMCON in this whole saga was not even necessary if Maduka, Access Bank and Aig-Imuekhuede committee had approached the whole matter with an open mind.

They know Ubah’s Capital Oil and Gas has the capacity to pay his indebtedness and rather than assist him navigate out of the murky waters of difficult and strange business terrain that is synonymous with Nigeria, they are rather deriving pleasure in seeing that another business is shut with the greater implication of worsening the hardship being faced everyday by Nigerians. I will not round off this discuss without returning to the hatchet writers I made mention earlier in this piece.

While reading the column of former editor of THISDAY on November 25, 2012, I could not but weep for those who rely on the views enunciated by Simon Kolawole as reliable or dependable. Let’s quote Kolawole a little: “How is Ubah unable to account for four cargoes of petrol, valued at over $180million, which happens to be Maduka’s money? Over N29 billion worth of imported product gone just like that, without trace? “Now Maduka is struggling to recoup over N20 billion stuck in Ubah’s wallets.

The story goes on and on about how similar ‘transactions’ had been done and dusted in the past, leaving the victims with high pressure and trauma.” Those who read Kolawole’s article would have seen the holes in the argument. Is it out of place for Kolawole to call Ubah to find out what the true position is with the whole saga since I am sure he has his contact? Instead, he chose to believe what he wants to believe. Or does journalism no longer take care of the two sides of the coin or as it is said in Latin: Res ipsa loquitor.

Or how would one also situate the gist of one Lanre Alfred in the December 9, 2012 edition of THISDAY (GLITERATI) who simply set out to insult Ubah as if he is living better now than the oil giant or as if the development is not affecting his poor self. Granted that Ubah is having challenges with his business, but how does that translate to falling from grace to grass going by Lanre’s postulation? How does that also translate to being disgraced or reduced to socio-economic midget? If Ubah can still afford a place in Oriental Hotels, I wonder how that has reduced his personae because, locus inquo, still belongs to the big boys.

Many people, including Ubah, had long come to the understanding that his competitors in the oil and gas sector are part of those conspiring to cut the young man to size, but we won’t be surprised if Lanre knows who they are. To both Kolawole and Lanre, please, find time to read Onuoha Ukeh’s article in the Daily Sun of November 30 tagged “Issues in the Maduka-Ubah saga” to see how serious columnists treat controversial issues.    •

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  1. Ebiyi December 15, 2012 at 1:55 am

    People should not detroy this young man’s business, it’s obvious there’s a delibrate attemt to cripple his business empire.

  2. AgujiEgbe December 15, 2012 at 2:24 am

    I wonder why and how people derive joy from other people’s pain and worry.
    I never believed Cosmas Maduka’s side of story because his starting as a man was questionable in 1979 he duped Nnewi Trader’s which destroyed many young businesses as of that time .
    Nigerians should stand up for this young man because today it may be Ifeanyi Uba but you never can tell whom it may be tomorrow .God bless Nigeria

  3. AKUDINANWA December 15, 2012 at 5:27 am


  4. Bass Mak December 15, 2012 at 8:31 am

    Almost all journalist are paid to write and fool their readers. How many of these ‘billionaires’ in Nigeria will write a truly inspiring book for the younger generation to read and emulate?
    Yet the journalists will keep singing their praise as if they do not know of their past 419 activities.
    Journalists better start projecting sincere and verifiable businessmen.

  5. Don December 15, 2012 at 9:13 am

    The writer of this article must be one of the boys of Ubah. My brother ride on for your bills to be paid by Ubah. Corrupt Characters.

  6. Deji December 15, 2012 at 10:06 am

    Ifeayi Ubah ran to Maduka claiming some Yorubas are after him and that is enough to strike a chord of camaraderie and business. Now the one threatened is about to be swallowed to help him fro his adversaries. I wonder what comments of the Igbos here would have been if these criminals were not of their stock.
    It is in all our interest to have a sane society but that is not possible with these criminals whether they are called Ubah, Madukas or Aig no matter how long they have helped themselves with our commonwealth.

    • Wale December 15, 2012 at 7:27 pm

      You and I knows that this is all games; They come to lagos make good and big money yet the yorubas no like them. A yoruba man cannot even get one plot of land in Biafra area, yet we welcome them and do business with them in the west.
      They are mostly thief and Imbeciles.

  7. GodFada December 15, 2012 at 10:39 am

    are u dis stupid?

  8. UBA UDOLISA DEREK December 15, 2012 at 11:34 am

    Capital Arise & Shine. Anuka Youth Secretary.

  9. Young December 15, 2012 at 2:34 pm

    Taking over Uba’s business is too sudden, enemies keep off

  10. chinelo December 15, 2012 at 4:39 pm

    The truth is that both Ubah, Maduka and AIG Imekhude are playing with people’s intelligence both of them have ulterior motive and hidden agenda. Sanusi should act as he did to others in 2009 and 2010 precisely if he is sincere with his job

  11. Nonicowboy December 15, 2012 at 9:13 pm

    @Wale. U r nt even a nigerian. As far as nageria is concernd, be u from any part, Lagos is no man’s land. Get dat into ur stinking brain.

    • Enn December 16, 2012 at 10:03 pm

      Lagos is part of your There is a country, Biafra! Stupid talk!

  12. Kelechi December 15, 2012 at 10:21 pm

    the truth shall set us free

  13. nwachukwu greg. December 15, 2012 at 10:57 pm

    wale i tink u nid a Nokia tourch fone.cos i dont c reasons y u shuld be brousing the internet.igbos are born great and not even ur fourfathers can stop that. EZI OHIA

  14. PatrickNobledykeNobledykeNobledy December 16, 2012 at 3:36 am

    The matter is smple, is all about greed and selfishness. Besides the writer of This article really protrayed on Whose side he is. If any body take money from the bank try and pay up . This is the reason accessing bank loan is defficult today for young enterprenuers Who are sincere . Ubah is criminal.

  15. Boni December 16, 2012 at 12:18 pm

    Uba is not a criminal! Aig Imokhuede thinks he can use d opportunity of his presidential appointment to acquire Capital Oil, the way he stole Intercontinental Bank through 419 deals with Central Bank’s Sanusi. President Jonathan, u can now use ur tongue to count ur teeth abt d kind of reports u are getting frm the various committees made up of self serving thieves like Aig. Since Aig has an inordinate ambition to reap where he never sowed, it is obvious that he cannot give Capital Oil a clean bill in order perpetuate his grand design which he co-opted Cosmas Maduka into. Aig, God has exposed you dis time.

  16. Enn December 16, 2012 at 9:59 pm

    This Ubah is a thief! He’s already on his way down, no matter the number of ghost praise singers, like the hungry Omegara, he commissions.

  17. ayo awa December 18, 2012 at 5:25 am

    “Thieve thief thieve, god sidon de laugh”!

  18. victor pav December 22, 2012 at 4:52 pm

    this article is laughable,trying to protect ubah is surprsing.but more laghable is when you went to acess bank to request for an overdraft of one million naira then yu know that nigeria is a failed state already.

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