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.
Thats too Bad to Nail Ur Brother in Public because of Money,owing to the fact that he’s currently in trouble with the federal govt,by the Way what about the others importers involved in this Petroleum scam.Has f.govt.set them Free?
You obviously are worse than the Ubah guy. You want a guy to go to jail and be ruined because he trusted someone who is supposed to know whats wrong and right with $165m loan? Please shut up.
Misplaced priorities. Some of the money spent on the birthday obviously are proceeds from DECEPTION
@Chidi, you are a disgrace to common sense. Igbo culture is against defrauding a brother. Ubah should pay till the last kobo & then go spend the rest of his life in prison. The earlier we stop celebrating criminals the better for Nigeria. We should start killing them.
D UBA,s again,no good reputation frm d family. its a serious matter!!!
this is not the Uba u are thinking. Be careful how u assume things.don’t insult my family
@chidi- so cosmos should let go his hard earned N21billion because ifeanyi ubah is his brother. Think rational pls.
@kelechi- ifeanyi ubah is not a member of the well known ubah family that you think of.
Pls IFEANYI UBA’S family is nt d same wit andy uba, pls stop contradictin issues. And stop condenmin d action of ifeanyi uba’s owin 2 d fact dat he is in trouble wit f.govt, u dnt hide wot doesn’t hide u, cal a spade a spade if u want our country 2 be corruption free.
Stop condenmin d actions of ifeanyi uba’s brother owin 2 d fact datt he in trouble wit f.govt. U dnt hide wot doesn’t hide u, cal a spade a spade if u want 2 free our country 4rm corrupt practices.
The young man and his monies, i pity them !
well for correction, ifeanyi is not from the andy ubah`s family. then on the matter on the table, cosmas is absolutly right to ask for his last kobo. he made his money from his own sweat for sure but ifeanyi just dabberd into money after coming back from zaire, how manage i cannot tell. if not for his greed why should he try to dupe another person after what the govt. have given him. it serves him right. cos make u no gree until he pays up.
Ifeanyi uba is from and cosmos too they are brodas
Nawao, Cosmas is ur own still fraud or debt, y can’t u give dat young man a little breathing space, don’t u owe b4, are u a saint?
No single reputation in Uba’s family. The Satanic family.
See them judging somebody one sidedly,didnt u watch Ifeanyi Uba when he featured on AIT focus Nigeria.People like u should be very careful about ur utterances,who knows whether u even know anyone of them,but see u branding someone ‘satanic’.Watch before you reap.
We should ask Mr Maduka why is he coming out now to accused U.bah of defrauding him, now all this i personally smell a set up .you don’t hit z man that is down
Ifeanyi just hold the money tight if Cosmas doesnt want to back off:we will treat it at home.
Cosmas is an envious human being. Which 1 is ur problem. Is dat Ubah is oweing u. Or re u jeousy of is access. Why wIlll him come out on televison discuss abt ubah’s wrist watches his jet, his house. Pls cosmas should tell us d truth wat is ur interest ?
Born again my foot!!! Coscharis..a man who is dating all the nollywood stars in Nigeria. Genevieve being one of them. That rubbish ambassador he made her with range rover was all a scam. i know cuz i have friend he is currently asking out here in nollywood.. the truth will come out…yeye!!
God will judge you for standing as a false witness against a rightousman. You have to repent and withdraw your evil acusations NOW! So that God will show you mercy
That does not mean that he should be defrauded.
I suspect sabotage, what of otedola and lawan
Nawaoo, who is fooling who?. It is bad belle. When had biz debt become fraud if we go by maduka’s antics though not conceeding. Let st. maduka tell nnewi bizmen wot he knew about morgan bank and import scam in nnewi in d 90′s.
Must he collude with AiG Im… to frustrate his kinsman. He knows where to seek justice: in law court not in name tarnishing n kangaro self seeking panel ok
He want 2 be a governor
There re birds of d same feathers,there re fighting becos of power,2 be govs,pls maduka is nt a born again.
Well I think we should tread softly on this issue,ifeanyi uba got the loan 4rm access bank 2ru cosmas maduka who is the bank’s chairman credit c’mttee.so I think all these things depends on the agreement they reached b4 the loan was facilitated.
Coscharis has not well. My opinion is that he should go to court.
NA DEM DEM,D KNOW WAT D DID
Ifeanyi Uba is a 419 King Pin. His defrauding Cosmos shows that this man has no conscience. This is a man who helped him when he was in trouble and all he could do is to defraud him. I heard he is behind the crisis rocking APGA in Anambra Statebecause of his interest in contestant Governorship election. If this man becomes Governor he will certainly sell Anambra State to the highest bidder
Comos is right asking for his hard earned money and it was just an opportunity for him to tell the world what transpired between him and ifeanyi Uba anybody condemning cosmos action is an armed robber and supposed to face firing squad. No right thinking person will support a criminal.
Wow! Nigeria of wonders. Took time to read the whole comments, and was amazed at what people are posting here. It goes to show that redemption for our dear country is still a tall dream that may never be realised. Nigerians glorify criminals and criminalities.
ifeanyi uba is a confirmed criminal pay ur debts lets see if you can still have up to 125,000
Ifeanyi ubah deserves all the knocks he is getting for trying to defraud a kinsman who assisted him in his time of need.
Were u there @charles,may God ve mercy on people like u who come to conclude issues based on one side information
Fraud & 419, is it a must that without it some people will not survive? Any person who commit any crime deserve punishment. For me, I don’t support evil. And I wish to advice people of this Nation to stop evil and look for the face of God. He will surely bless U. And not thru 419 or fraud. Trust in God!
Is there anything that I am not getting? Is it true that it is a business transaction? Is it true that Uba is not denying the loan? Then why the noise? They should sit and renegotiate the terms.
This is not a case of a loan not being paid; it is clear FRAUD! Ifeanyi Uba fraudulently diverted the products financed by the loan and sold them off-shore! He then refused to remit the money to repay the loan! Worse still, he falsified documents as if the product (PMS) entered Nigeria, and claimed subsidy on the products that never entered in the country!
Both the money he realized from the fraudulent sale of the products and the illegal subsidy he received are certainly being hidden some where; and he should be made to refund them to Maduka and Federal Government respectively.
Cosmos is a foolish man. Which one is hard earned money liar,he should stop insulting and destroying uba’s reputation on air is not the way to collect debt. His target is to stop from being governor simple.
If cosmos feels uba is owing him he should go to court and stop making noise. Is he not owing anybody ?
Coscharis is jealous becouse he doesn’t have a private jet and he cannot afford that kind of birthday
Efulefu leluma turuobor. Those dats criticised coscharis may be he refused to help dem. He need to use an iron fix on hm so dat he can be able to get his hard earn money bcos Ifeanyi is a 419
Why are u in a hurry to conclude issues?You u make a very bad magistrate per say.Maybe u heard the side of Maduka,and refused to hear d other side of Uba.May God ve mercy on people of ur calibre
Well, all these are quest for firm,Ifeanyi Uba became the so called richest man in Nnewi which was a glory that cosmos have been taken before,I think cosmos is a big fool to say that the money is Hard earned,Who is deceiving who.All this Nigerian billionaires have there hands soiled in one deal here and their,You two have a business deal which did not go well,so cosmos needs to go to court instead of rattling all over the media calling ifeanyi a fraudster which he is too.
Am ashamed because of dis public dance of nakedness.hw could cosmas get himself to transact busines wt a demon incarnate uba.truely av seen cosmos nd can attest to his christian virtues.I pray he doesn’t gt muddled up by dis unholy blood suckn cabal
It is only two of them knows what the problem is all about. No matter what evil is evil and we should not encourage it. May God have mercy on this country nigeria. Those we regarded as rich men have ruined us
I have read much about this issue but yet to find anywhere where Uba has denied owing Maduka. He has hired some guys to defend on ait program Foucus nigeria. They keep talking about the number of persons employed by UBA, is that enough to refuse to pay your debt? How can somebody owing billions of naira be buying private jets and living veryb lavisgh life style. That is why most Nigerian businesses die with their owners, no structures, no foundation, no discipline. I have always been scared for UBa and have the feeling of the business crushing one day. Most oil dealers in Nigeria live that way. They make huge money collecting non existing subsidies and paying some to their party PDP. That is not suistainable.