datolee:


If you do not the working of AMCON, then, I need not reply you!. Have you ever heard of government bail-out in US and UK and other countries? Do you know what is called a strategic company that is essential to the economy of the nation?

Mortiano:

thats one thing i hate most, u r not igbo n yet u used igbo name to confuse people. silly people, that obiagelli inclusive, silly people.
N.b, i'm not against u as opposition, but disguising in the name of igbo name is quite appalling and disgusting, u guys can do more than that. peace

omenka:
Where in the links you provided earlier was it stated that they were to hand the company back to Uba after the two year period Who is distorting facts here You try to pass yourself up as someone who's smart, but frankly, only kiddos fall for that.

Besides, they said "2 years", so by my estimation, it's been 17months since AMCON took over. What's the rush in handing over?? Is it out of fear what might transpire in the forthcoming elections?? Why not at least 22 months??

Someone is definitely using back channels here.

The agency added that it would, within the two years, “drive the turnaround of the company’s operations in order to meet various timelines and goals set by COG’s board of directors and AMCON.”

“This change of management was effected on June 21, 2013,” AMCON said.

barcanista:
My friend, I am not the OP. The man Ifeanyi Ubah already have a Subsidy Fraud indictment hanging on his neck(but that is a story for another day).

The issue here is AMCON handing over management of Capital Oil to Ifeanyi Ubah before the expiration of the TWO Year period that was ruled by the Court.


The question is "What is the Legal or Moral Justification" here?

blkmum700:


do you have any problem with him being Igbo,he said he's igbo and who are you to say he's not igbo because he refused to be Sentimental.

omenka:





Ifeanyi Uba is the major financier and coordinator of TAN.

Why was capital oil returned back to him?? Why isn't he in jail??


Nb: I need cogent answers. This is an ongoing research work.

Cc: Seun, Obinoscopy. Please can we have this on the front page?? What is sauce for the goose is also sauce for the gander.

duni04:

Lol this is just ridiculous and even paints your president in bad light. So he used our money to bail out a private citizen, and then instead of auctioning off the company like they did mainstreet bank and intercontinental bank (which Amcon also seized), they return it back to UBA? A TAN supporter? See all these impeachable offences we're just overlooking.

datolee:


What if AMCON met their goal before the two period? don't forget they went back to court to agree on the settlement.. I really wonder what is your problem here.

One fact we must get out of the way... it has nothing to do with subsidy scam! AMCON does not deal with subsidy, they deal with bad debt of companies

vedaxcool:
Jonathan's destiny is to bankrupt Nigeria - pastor tunde bakare.

Nothing explains ebele's explicit support for corruption than the above!

Trillions lost in subsidy

Billions of dollars lost in subsidy

Trillions of naira spent on the military in the last 4 yrs yet they still say they have no equipment!

Jonathan's regime defines corruption and explains clearly what cronyism really means!

ZUBY77:




Another bastarddd..
80 percent of the companies in this country were given to one geopolitical zone after the war while their terrorist bedmates took over the military and leadership.
Now that nature turned things around, tears are rolling at every improvement.

Ibeto cement and some other companies belonging to one geopolitical zone were closed by one President from another geopolitical zone. Why?

Now it's about capital oil.

I know that those corporations are corrupt but if you want the fuel subsidy investigation to be effective, we must also close down the company of that amateur criminal who bribed lawan farouk.

datolee:


Here is the moral justification

“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.

Now you should provide for us the details of the judgement for us to know if AMCON went against the ruling of the court!

The Asset Management Corporation of Nigeria has taken over the management of Capital Oil and Gas Industries.

The Head of Corporate Communications, AMCON, Mr. Kayode Lambo, said in a signed advertorial on Wednesday that the management’s takeover of the indigenous downstream player would last for two years.

He explained that the takeover became necessary after AMCON acquired Capital Oil and Gas’ outstanding facilities from various banks.

The corporation said, “Following discussions with COG, a resolution was reached, which was subsequently adopted as terms of settlement in suit number FHC/ABJ/CS/714/2012 at the Federal High Court. One of the key conditions of this settlement is that AMCON takes over executive management of the COG for a period of two years.

“Dr. Patrick Ifeanyi Ubah, the erstwhile Managing Director/Chief Executive Officer, has consequently relinquished his role as head of the organisation. In the interim, AMCON has appointed an acting managing director to ensure accountability and continuity of operations.”

AMCON said its takeover of the executive management of the COG within the two-year timeframe would stabilise the company, adding that it planned to ensure seamless operations at the company.

The agency added that it would, within the two years, “drive the turnaround of the company’s operations in order to meet various timelines and goals set by COG’s board of directors and AMCON.”

“This change of management was effected on June 21, 2013,” AMCON said.

When contacted on the telephone by our correspondent, the Administrative Manager, Capital Oil and Gas Industries, Mr. Ugochukwu Ehighibe, confirmed the development.

“Yes, we have an agreement with them,” he said.

AMCON had shut the premises of Capital Oil and Gas in 2012 following an Abuja Federal High Court ruling that the agency should take over the company’s properties and assets over an alleged N48.014bn debt.

The closure of the company’s 196-million-litre capacity storage tank often used by the Nigerian National Petroleum Corporation for products storage had hampered products distribution across the country then.

Justice Abdul Kafarati, however, on December 13, 2012 set aside the ex-parte order of November 13, which directed AMCON to take immediate possession of the properties and assets of Capital Oil and Gas as well as those of its managing director, Ubah, over the firm’s alleged indebtedness to the corporation.

But AMCON in an advertorial said it remained firm in its “resolve to vigorously pursue the indebtedness and ensure the recovery of the debt in the interest of the economy.”

The Managing Director, AMCON, Mr. Mustafa Chike-Obi, had put Capital Oil and Gas’ total indebtedness at N65bn as of December 2012.

“It was N53bn plus N12bn of interest accumulated over the last two years, and the interest is accruing at the rate of about N800m to N900m a month,” he had said.

sweetgala:


We all know this is not a bail out "a government bailout" in other countries is a means to save the golden goose not a way to help a friend or associate for personal reasons. This here is corruption

atlwireles:
06 November 2014, Lagos - The Asset management company of Nigeria, AMCON, has handed over of Capital Oil Group to Ifeanyi Ubah, after amicable settlement of all outstanding issues between both parties.

The has also debunked what it described as “some false statements,” including sacking of some staff.

In a terse statement, by Kayode Lambo, AMCON’s spokesman, said “the insinuation that AMCON may have laid off staff is incorrect. Capital Oil may be referring to possible loss of jobs down its own supply chain that may have been affected when there was a stand-off while the court order obtained by Amcon was being contested by Capital Oil itself.”

An earlier statement by Lambo announcing the return of Capital Oil Group to Ubah, linked the development was sequel to “amicable settlement of all pending legal disputes between the parties.

“Cosequent upon this settlement, Chief Patrick Ifeanyi Ubah will be resuming his role as the Managing Director /Chief Executive Officer of Capital Oil and Gas Group.

“His resumption as the MD/CEO of Capital Oil/Gas brings to an end the management of Capital Oil/Gas by AMCON… “, the statement added.

http://www.sweetcrudereports.com/2014/11/06/amcon-returns-capital-oil-to-ifeanyi-ubah/

atlwireles:
AMCON said its takeover of the executive management of the COG within the two-year timeframe would stabilise the company, adding that it planned to ensure seamless operations at the company.

The agency added that it would, within the two years, “drive the turnaround of the company’s operations in order to meet various timelines and goals set by COG’s board of directors and AMCON.”



What is the meaning of within two years?


http://www.punchng.com/business/business-economy/amcon-takes-over-ifeanyi-ubahs-capital-oil/

barcanista:
My friend, this is the Original Statement na, why are you trying to be clever by half again?

Isn't this clear enough? Isn't it clear that Mr. Ifeanyi TAN Ubah is being rewarded by the FG for a "Job well don"? You see, Nigerians are not foolish.

One of the key conditions of this settlement is that AMCON takes over executive management of the COG for a period of two years.

omenka:
Now it is coming down to semantics!

One sticking question remains: Where did AMCON say the company would be returned to IFEANYI UBA after two years??

Come on guys, you gotta do better than this.

omenka:
Go to hell in six different ways. And don't try to derail the thread.

Question remainsn why was capital oil returned to Uba??

atlwireles:
AMCON said its takeover of the executive management of the COG within the two-year timeframe would stabilise the company, adding that it planned to ensure seamless operations at the company.

The agency added that it would, within the two years, “drive the turnaround of the company’s operations in order to meet various timelines and goals set by COG’s board of directors and AMCON.”



What is the meaning of within two years?


http://www.punchng.com/business/business-economy/amcon-takes-over-ifeanyi-ubahs-capital-oil/

pentagonal:



and this foool claim to have travel and well exposure... is this how they run corporations in Europe. you are disgrace to all the visa stamps on your passport.

datolee:


You aren't that much clever as I thought, why must you keep doing this to yourself?

Now read your link



They said, one of!!!!!!!! what are the other conditions??

The Asset Management Corporation of Nigeria has taken over the management of Capital Oil and Gas Industries.

The Head of Corporate Communications, AMCON, Mr. Kayode Lambo, said in a signed advertorial on Wednesday that the management’s takeover of the indigenous downstream player would last for two years.

He explained that the takeover became necessary after AMCON acquired Capital Oil and Gas’ outstanding facilities from various banks.

The corporation said, “Following discussions with COG, a resolution was reached, which was subsequently adopted as terms of settlement in suit number FHC/ABJ/CS/714/2012 at the Federal High Court. One of the key conditions of this settlement is that AMCON takes over executive management of the COG for a period of two years.

“Dr. Patrick Ifeanyi Ubah, the erstwhile Managing Director/Chief Executive Officer, has consequently relinquished his role as head of the organisation. In the interim, AMCON has appointed an acting managing director to ensure accountability and continuity of operations.”

AMCON said its takeover of the executive management of the COG within the two-year timeframe would stabilise the company, adding that it planned to ensure seamless operations at the company.

The agency added that it would, within the two years, “drive the turnaround of the company’s operations in order to meet various timelines and goals set by COG’s board of directors and AMCON.”

“This change of management was effected on June 21, 2013,” AMCON said.

When contacted on the telephone by our correspondent, the Administrative Manager, Capital Oil and Gas Industries, Mr. Ugochukwu Ehighibe, confirmed the development.

“Yes, we have an agreement with them,” he said.

AMCON had shut the premises of Capital Oil and Gas in 2012 following an Abuja Federal High Court ruling that the agency should take over the company’s properties and assets over an alleged N48.014bn debt.

The closure of the company’s 196-million-litre capacity storage tank often used by the Nigerian National Petroleum Corporation for products storage had hampered products distribution across the country then.

Justice Abdul Kafarati, however, on December 13, 2012 set aside the ex-parte order of November 13, which directed AMCON to take immediate possession of the properties and assets of Capital Oil and Gas as well as those of its managing director, Ubah, over the firm’s alleged indebtedness to the corporation.

But AMCON in an advertorial said it remained firm in its “resolve to vigorously pursue the indebtedness and ensure the recovery of the debt in the interest of the economy.”

The Managing Director, AMCON, Mr. Mustafa Chike-Obi, had put Capital Oil and Gas’ total indebtedness at N65bn as of December 2012.

“It was N53bn plus N12bn of interest accumulated over the last two years, and the interest is accruing at the rate of about N800m to N900m a month,” he had said.

barcanista:



http://www.punchng.com/business/business-economy/amcon-takes-over-ifeanyi-ubahs-capital-oil/

stonecoldcafe:


You are a disgrace to everything good but i don't blame you; you don't know any better. They have ra ped and plundered your resources and taught you to shut you mouth unless you are thanking the perpetrators for defrauding you.