IFEANYI UBAH SETTLES WITH AMCON, RETURNS AS MD/CEO OF CAPITAL OIL
Information reaching Tectono Business Review has it that the Asset Management Corporation of Nigeria(AMCON) has reached an amicable settlement with Chief Ifeanyi Ubah of Capital Oil and Gas(COG) of all pending legal disputes between the parties.

This development was announced in a statement by Kayode Lambo, the AMCON Head, Communications, Strategy & Research. The statement further added that consequent upon this settlement, Chief Ifeanyi Ubah would be resuming his role as the Managing Director/Chief Executive Officer of COG. His resumption as the MD/CEO of COG brings to an end the management of COG by AMCON. This is in accordance with the terms of settlement as agreed by both parties that the loan be serviced as per the judgement of the Federal High Court. The statement continues that this settlement is in line with AMCON’s role as a resolution vehicle to help stabilize and revitalize the Nigerian banking system and economy.

It can be recalled that AMCON took over the management of Capital Oil and Gas Industries in June 2013, and the management’s takeover of the indigenous downstream player was to last for two years. The takeover at the time became necessary after AMCON acquired Capital Oil and Gas’ outstanding facilities from various banks. This change of management was effected on 21st June 2013.

Tectono Business Review congratulates Chief Ifeanyi Ubah and other directors of Capital Oil. We advice him to move at least 60% of Capital Oil funds to up-stream operations if he does not want to run into heavy debt again.
http://tectono..com/2014/11/ifeanyi-ubah-settles-with-amcon-returns.html

One of the primary objectives for setting up TAN has been achieved. Corruption in high places!

Kashif:
One of the primary objectives for setting up TAN has been achieved. Corruption in high places!

will you just shut up !