https://www.youtube.com/watch?v=akUIju1kkSM

The Managing Director of Capital Oil and gas, Ifeanyi Uba on Monday denied claims by the Chief Executive Officer of Cosharis group, Cosmos Maduka that he offered him (Mr Uba) a lifeline when his business was in the brink of collapse.

“Is it by his pure water business that he’ll be able to come and help me,” Mr Uba, who was a guest on Channels Television’s breakfast programme, Sunrise Daily, asked.

Mr Uba said he believes politicians were influencing the Cosharis boss, whom he referred to as an uncle, to engage in the media war with him.

Mr Maduka had claimed that since Mr Uba and his company (Capital Oil and Gas) were labelled by most commercial banks in Nigeria as ‘unbankable’, he helped the oil merchant to obtain a loan of $180 million from Access Bank to finance the importation of Premium Motor Spirit (PMS).

The Cosharis boss also alleged that 10 letters of credit were opened and that of the 10 expected cargoes, only six were delivered.

Disputing Mr Maduka’s claims, Mr Ubah said “everything about that story is false.”

When asked if it was true that he is indebted to Access Bank to the tune of N21 billion, Mr Uba said ‘you can’t eat your cake and have it’.

He said the loan he obtained from the bank was what he used to import petrol of which his company is yet to receive subsidy payment. “The money is sitting in Access Bank,” he said.

“Access Bank is the consignee of all the vessels imported. Therefore, if they are accusing of fraud, then it is all of us together,” he added.

http://www.channelstv.com/home/2012/11/12/uba-denies-receiving-help-from-maduka-calls-cosharis-group-pure-water-business/

No surprise there.....

irongate jnr: Uba denies receiving help from
Maduka; calls Cosharis group ‘pure
water’ business The Managing Director of Capital Oil and gas, Ifeanyi Uba on Monday denied claims by the Chief Executive Officer of Cosharis group, Cosmos Maduka that he offered him (Mr Uba) a lifeline when his business was in the brink of collapse. “Is it by his pure water business that
he’ll be able to come and help me,”
Mr Uba, who was a guest on
Channels Television’s breakfast
programme, Sunrise Daily, asked. Mr Uba said he believes politicians
were influencing the Cosharis boss,
whom he referred to as an uncle, to
engage in the media war with him. Mr Maduka had claimed that since Mr
Uba and his company (Capital Oil and
Gas) were labelled by most
commercial banks in Nigeria as
‘unbankable’, he helped the oil
merchant to obtain a loan of $180 million from Access Bank to finance
the importation of Premium Motor
Spirit (PMS). The Cosharis boss also alleged that
10 letters of credit were opened and
that of the 10 expected cargoes, only
six were delivered. Disputing Mr Maduka’s claims, Mr
Ubah said “everything about that
story is false.” When asked if it was true that he is
indebted to Access Bank to the tune
of N21 billion, Mr Uba said ‘you can’t
eat your cake and have it’. He said the loan he obtained from
the bank was what he used to
import petrol of which his company
is yet to receive subsidy payment.
“The money is sitting in Access
Bank,” he said. “Access Bank is the consignee of all
the vessels imported. Therefore, if
they are accusing of fraud, then it is
all of us together,” he added. [Posted by Channels Television on November 12, 2012.

^^^^ the guy is determined not to go down alone...

^^^^ exactly.

I heard him this morning saying...."now that they have started this roforofo fight...we will all get into the mud to fight"

A classical refrain of someone determine to pull all manner of tactics to fight dirty..

I blame Coscahris completely on this...he had enough stop-signs but he took the sentimental route of business ....even our Bus 101 in school is against doing business based on pity and sentiment.

Aig and Herbert will take every kobo from him, one way or the other. They are not where they are today by been overtly sentimental...those guys don't suffer fools gladly.

Maduka is carelss with words.. How can you say Ifenayi is a combination of Ajudua and three other rogues when you whre not forced to take business risk with him. If I was Ajudua and co, I will sue him for defamation of character. Non of these guys have ever been found guilty of any crime so far.
Maduaka is empty and quick to ride on emotions than facts.
This man has explained in clear terms that Access bank is equally fruadulent and broken bOFA laws by granting loans without securities of any kind. Nigeria is just a jungl were rascals like AIG are heads of bank and backed by Aunty Ngozi to emerge CBN governor in future. Every reasonable banker in Nigeria should and must kick against these evil calculating plans. Aig should be investigated.

This should serve as a lesson to every one of us, most times people helped are plain ungrateful and out rightly wicked.

otokx: This should serve as a lesson to every one of us, most times people helped are plain ungrateful and out rightly wicked.

My brother I just don't know why Nigerian are like that. I lost a lot of money because of this kind of sentiment. I think its always good to just offer the person a little amount you could forfeit if they disappoint.

Abagworo:

My brother I just don't know why Nigerian are like that. I lost a lot of money because of this kind of sentiment. I think its always good to just offer the person a little amount you could forfeit if they disappoint.

nice approach

G-R-E-E-D

Very funny criminals...

Maduka is helping is brother..... without any security ...For deals worth over $280M

His brother ifeanyi is helping him back, by giving him property docs of his houses...... in his words'.. I believe I was helping my uncle..'

When did businessmen become helpers?

Laugh wan kill me

Is Channels TV not a silly TV station? How the hell did Channels allow their platform to be used by people making accusations of fraud?What kind of useless journalism is this?

If these men have issued with themselves, they know the appropriate thing to do. File for breach of contract and don't come on TV to was your dirty linen.

I say shame on whoever is the Producer of that programme on Channels!!!

LOOL! Reserved

Nigerians are BAD MOUTHED and UNGRATEFUL

When you were knEeling doen and begging Cosmos to help invest in your business you called it World Class blue chip company, now to repay your debt, it is now a pure-water company.

God go punish two of na... After you get urself rich by our money... Go to hell you looter!

This Uba guy is a crook and an ingrate

This is the sadness of Nigeria. People take money illegally, then call businesses built through hard work "pure water business". Have people not made money from pure water?

Anyway, I blame Mr Maduka for this. Petrol and water do not ever mix and he should have known this.

If Cosmas Maduka had nothing to hide, why would he have entered into business dealings with Uba, given his proven lack of integrity in times past?

acidtalk: Nigerians are BAD MOUTHED and UNGRATEFUL

When you were knEeling doen and begging Cosmos to help invest in your business you called it World Class blue chip company, now to repay your debt, it is now a pure-water company.

Maduaka is a long throat thief... $288million USD, who ever does that? As far as am concerned, Ifeanyi's explanation on TV is more apealing than Maduaka bringing emotional sentiment. Aig of Access is simply a thief on suit, he should be investigated. You cannot be hawk and a lion at the same time. He is always preying for good businesses to forcefully take over. The guy anf Herbert are just criminals sniffing for juicy businesses to bring down and take them over. I hear Aunty Ngozi was cut a deal if her plans with them works out....lol So much for a world class Finance guru.

otokx: This should serve as a lesson to every one of us, most times people helped are plain ungrateful and out rightly wicked.

apparently Maduka is a greedy business man too...he didnt just help the guy, probably the huge profit he was promised affected his reasoning. Ubah is a criminal, Maduka of all people should know dis universally proven fact

Maduka is a greedy man..Ifeanyi is a criminal as well..

this man is a born criminal, animal in human clothing

By now I think Nigerians should know how not to believe these men, they are all criminals. Every one of them are birds of a feather that flocks together. Every of these business men and politicians are the reason why Nigeria is where we are today.i I have said it before that since we(I mean Nigeria) has fail to really stand and fight this corruption thing for real, we are just digging our own grave. What is happening in Nigeria is applicable the world over. These business men and politician do more damage to their than u can think. They always give 10 to take back 200 in whatever they do. They know where and how they their countries. I just tire to talk

lekanfahd: By now I think Nigerians should know how not to believe these men, they are all criminals. Every one of them are birds of a feather that flocks together. Every of these business men and politicians are the reason why Nigeria is where we are today.i I have said it before that since we(I mean Nigeria) has fail to really stand and fight this corruption thing for real, we are just digging our own grave. What is happening in Nigeria is applicable the world over. These business men and politician do more damage to their than u can think. They always give 10 to take back 200 in whatever they do. They know where and how they their countries. I just tire to talk

They are all skimmers.... remember intercontinental gave Aig loan to buy access, Aig found a way not to pay back his loan to Interncontinental bank by arranging with Sanusi to buy it. They are all fraud.

When dem dey do the business together since,dem no tell us o! Now wey kasala don burst,dem come dey tell us stories. Wetin we wan do now? Shey make we dey cry ni? Even if we wan cry,shey dem go give us the money? To hell with both of them jare!

ballabriggs: Is Channels TV not a silly TV station? How the hell did Channels allow their platform to be used by people making accusations of fraud?What kind of useless journalism is this?

If these men have issued with themselves, they know the appropriate thing to do. File for breach of contract and don't come on TV to was your dirty linen.

I say shame on whoever is the Producer of that programme on Channels!!!

Answers to your questions

Is Channels TV not a silly TV station? No its not,rather the best in Nigeria!

How the hell did Channels allow their platform to be used by people making accusations of fraud? Because they reside at the peak of journalism

What kind of useless journalism is this? Only useless people will see usefulness as useless

I say shame on whoever destructively criticize the producer of that program on Channels!!!Enemies of progress and NTA sycophants.Shiorr!

berem: When dem dey do the business together since,dem no tell us o! Now wey kasala don burst,dem come dey tell us stories. Wetin we wan do now? Shey make we dey cry ni? Even if we wan cry,shey dem go give us the money? To hell with both of them jare!

lol..abi o.... why is Maduaka crying foul, came on live TV to rubbish UBAH, This Ubah guy is so funny, he said that if thy are calling him that they are all fraud...lol. Technically speaking, the guy is so correct. He pointed out that how can a bank avail $288m without any form of securities to its director Maduaka...lol. This true and funny. Meanwhil small businesses will need as low as 10million naira to grow, this banks will either turn it down or hold down all assets in your name. This is where Diamond Bank stands out, they are the highest supporters of small enterprises with good directions for growth.

Movie Title: Greed nd Roque Evolution

Pple wiv critic, if maduka does not take risk blive mii he won't b dis successful nd dis is jst 1 of doz risk.