These are not the best of times for oil magnate Ifeanyi Ubah. The head honcho of Capital Oil and Gas group may have gained his freedom after several days of being detained by the Special Fraud Unit (SFU) of the Nigerian Police courtesy of an administrative bail, but he is fighting hard to clean up his soiled reputation.
There was a buzz in the high society over the well reported claims of the SFU that Ubah collected the naira equivalent of monthly allocations of 11 States in Nigeria through contracts of importing and selling 538, 74 million liters of Premium Motor Spirit (PMS) during the 2011 fiscal year, through 26 transactions for which his company collected a whopping N23 billion. Just as Ubah’s close associates heaved a sigh of relief that he had been released by the SFU, one of Nigeria’s most respected investors, Cosmos Maduka fired a salvo accusing his fellow Nnewi indigene of defrauding him.
This is the second allegation of fraud leveled against the oil mogul. According to the Coscharis boss, Ubah failed to keep his part in a PMS importation deal for which his company acquired a $164 million facility from Access Bank. And the characteristically taciturn man behind Coscharis has vowed to get all his money back from the young businessman whose opulent 40th birthday celebration had many talking about how ministers and governors took turns to felicitate with him.
Those who know Maduka say he just might be Ubah’s nemesis and judging by his words, there is no way the born-again businessman will let go until he gets his money back. “Ifeanyi Ubah may have defrauded the Federal Government and other individuals and gone free but given the fact that I earned every kobo through my sweat, I will collect my money to the very last kobo” he said in a well-publicized statement.