barcanista:
This is a regime that rewards corruption.

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.

shizzleStar:
should they have returned it to you or is it your fathers company?

you can as well go and put him in jail yourself

Useless, frustrated bastard

datolee:


Believe what you want to believe, call Uba whatever you want to call him.. But capital oil was of very strategic importance to the economy of this country and it will be foolhardy to let it go burst because it will not only affect the oil industry but also the banks. AMCON has hand in 10 of the country's 15 biggest manufacturers.

barcanista:
Oh God how men reason. WHat this mean is that "We are incharge for the next two years". It is as simple as ABC. This is a very simple comprehension, you are embarrassing common sense

datolee:


Because he has met conditions set out in the judgment of the Federal High Court

ZUBY77:



No. It's not how corporations are run.
But when you target one group of people, you get what you don't want to hear.


One company CEO openly bribed the fuel subsidy investigation chairman. It became scandalous and guess what? We don't know about it today.

I say it again, if we must liquidate capital oil for corruption, let's also liquidate Zenon oil.
We will be fine with that.

datolee:


Your question has no bases, Capital oil wasn't taken over by AMCON because of subsidy fraud, AMCON does not investigate subsidy fraud, It was taken over like other banks because of debt!

In fact, the earlier arrangement was for AMCON to manage the company for two years (from 2013 to 2015), stablize the company ad hand it back over to Ifeanyi Uba, he never stopped being the owner, just that he was ousted as the CEO and cannot sign cheque. As matter of fact, AMCON gave him two options, either to continue working as CEO and forfeit his governorship aspiration or go for governorship and forfeit being CEO.

What is the relationship between AMCON and subsidy? He has reached agreement with AMCON just like the other banks and business taken over by AMCON and he is reinstated as the CEO. all these while, he never cease to be the owner.

We shout corruption every time. Don't mislead people

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

http://www.vanguardngr.com/2013/10/seize-capital-oil-amcon/

datolee:


Believe what you want to believe, call Uba whatever you want to call him.. But capital oil was of very strategic importance to the economy of this country and it will be foolhardy to let it go burst because it will not only affect the oil industry but also the banks. AMCON has hand in 10 of the country's 15 biggest manufacturers.

Justice Abdu Kafarati of the Federal High Court, Abuja had, in the suit by AMCON, marked: FHC/ABJ/CS/714/2012 against Capital Oil and Gas Industries Limited and Ifeanyi Patrick Uba, through an order ex-parte, granted AMCON possession of certain assets of the defendants pending the final determination of the substantive suit.


The assets covered by the court order include landed properties; some of which are facilities containing large quantities of petroleum products running into billions of naira.


However, on December 12, Justice Abdu-Kafarati discharged order of possession granted AMCON and ordered that the defendants be allowed to continue to run their business and pay their debt to AMCON as they can


The judge also ordered that parties should resolve their dispute amicably in the interest of the economy. Justice Abdu-Kafarati refused AMCON’s application for the sale of the petroleum products in the defendants’ facilities, which have been leaking and posing serious security risks as well as public health hazard, but instead, adjourned hearing to January 18, 2013

barcanista:
This is a regime that rewards corruption.

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.

bloodykiller:


buhari is a terrorist

atlwireles:
http://www.thenigerianvoice.com/news/127019/1/why-we-took-over-capital-oil-8211-amcon.html


IN what seems like an effort to clear the air on the controversies generated by the recent takeover of Capital Oil and Gas Industry,

The Assets Management Corporation of Nigeria (AMCON) has offered explanation on why it took over the operations of Capital Oil and Gas Industry.

oil firm for the next two years. Based on the takeover, owner of the company, Dr. Ifeanyi Ubah, who is the governorship candidate of the Labour Party candidate in the November 16, 2013 election in Anambra State, has been greatly criticized in a section of the media for his 'inability to manage his establishment.'

Head of Corporate Communications of AMCON Kayode Lambo, explained that the corporation did not seize Capital Oil, but is managing it for a two year period to enable it recover the debt the company owes and, thereafter hand back the company to Ubah.

The take over came at inauspicious time for the owner of the company, Dr. Ifeanyi Ubah, who is the governorship candidate of the Labour Party candidate in the November 16, 2013 election in Anambra State.

His opponents in the election have latched on this development to portray as an ineffective leader who could not manage even his own company.

Lambo explained that Capital Oil is not the only company where AMCON is involved in a rescue operation.

'AMCON is involved in the operations of most of the banks, manufacturing companies and airlines operating in Nigeria,' he claimed.

Giving an overview of AMCON's interventions, the Managing Director and Chief Executive Officer of AMCON Mustapha Chike-Obi, said that AMCON have had to think about the consequences of its interventions, not just on one group of people, but on the economy as a whole.

'AMCON considered unemployment of young people in its activities; the corporation is conscious of anything that will create employment opportunities for young people, as well as promote business that has chances of survival.

He said that AMCON's style of intervention ensured that security is provided for performing loans of companies.'

According to Chile-Obi, Arik Air, for instance, owes AMCON N70 billion but because it has aircrafts worth N75 billion, AMCON decided to come in and assist in its operations.

'If AMCON had refused to come into the picture, which would not have made any good business sense, the airline which does 65 percent of the country's domestic air travels, may not have been in operation today. AMCON is aware that Arik Air has a credit from NEXIM Bank, and any attempt to handle her case without care would be disastrous to the country's image, and the situation could lead to a job loss of between 10,000 and 20,000 directly and indirectly.'

He also said that in the manufacturing sector, for instance, out of the 15 biggest companies, AMCON is involved in 10 of them, and in the downstream oil sector, out of the 10 biggest depots, AMCON is involved in eight.

sweetgala:
It is depressing, I personally given the choice would rather not want to vote for Old man Buhari come 2015 but when you look at the alternative , a continuation of this criminal experience we now find ourselves, I know for Nigeria to survive GEJ must go.

omenka:
And atlwireless resorts to spamming. Smh.

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.

unlimitedbosco:

[size=18pt]stop calling it a regime it a democratical elected government[/size]
note pls regime is buhari abacha and his people

berem:
What else if not for 2015 election? Isn't it obvious?

Jonathan is corruption personified. Simple!!

pentagonal:


did you mortgage your brain for hot, dried Berlin entre?? the onus is on the president to prosecute otedola and facrook for the under carpet dirty dealing, but what did we get alas, even the presidency killed the ribadu report to nail all em oil thieves at the bud. I can now see your senseless and sentimental argument. everyone against the Igbo thingy not only rubbish but make a mockery of your much taunted exposure.

datolee:


I have no time for you really...My question for you, what is the business of AMCON and subsidy? the other banks taken over by AMCON was because of subsidy?

You should first educate yourself on the working of AMCON. Go to court and challenge the handover, until then, GEJ till Buhari stop contesting

atlwireles:
By the way, Mr Ubah will be at high table tomorrow as Goodluck ebele Jonathan announces his reelection.

Eyah, una don suffer die for this country with bad belle.

OP open your next thread, make we help carry enter front page.



The fresh air express is riding high to 2019. You either get in or you will get crushed.

Mortiano:

i love your zeal, you r almost everywhere that opposition lead their assault on government, i want you to do me a favour, i want u to contest for presidential election, because for me, you r better qualify than the person you are clamouring to make president, u can b d best you that. but does it mean you r not aware of your qualities or u dnt have the asset to pursue those dreams, my friend stop wasting your time in pursuing others dreams. pursue yours, we will support you morally, financially n otherwise, peace.

pentagonal:


damn!!!! you are simpleton and more useless to humanity than a headless sloth. pray, tell us anywhere in the whole wide world that government bail out corporation for free the housing bailout and auto bailout in the USA saw loads of financial guys doing jail times, with loads of return of capital after most of em got there foot back. how will you explain the Muhammed abacha, alams, ffk, all mustapha and others pardon too. Mr federal character is better you exchange your worthless brain for few sticks of kulikuli cos the fat matter in your cranium is more useless than a tuberculosis carrier phlegm.

datolee:


Your question has no bases, Capital oil wasn't taken over by AMCON because of subsidy fraud, AMCON does not investigate subsidy fraud, It was taken over like other banks because of debt!

In fact, the earlier arrangement was for AMCON to manage the company for two years (from 2013 to 2015), stablize the company ad hand it back over to Ifeanyi Uba, he never stopped being the owner, just that he was ousted as the CEO and cannot sign cheque. As matter of fact, AMCON gave him two options, either to continue working as CEO and forfeit his governorship aspiration or go for governorship and forfeit being CEO.

What is the relationship between AMCON and subsidy? He has reached agreement with AMCON just like the other banks and business taken over by AMCON and he is reinstated as the CEO. all these while, he never cease to be the owner.

We shout corruption every time. Don't mislead people

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

http://www.vanguardngr.com/2013/10/seize-capital-oil-amcon/