Ifeanyi Ubah: Building Africa’s largest oil facilities
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Written by Samuel ibiyemi
Sunday, 06 June 2010

HOW  to attain greatness and sustain leadership according to John Maxwell is for an entrepreneur to be focused and believe in what he is doing regardless of criticism that the  future of the business is uncertain. This is  exactly the case of the

Ifeanyi Ubah
Chief Executive Officer/Managing Director of Capital Oil and Gas Industries Limited,  Mr. Ifeanyi Patrick Ubah,  who entered the downstream sub-sector of the petroleum industry with a purpose  to take over the leadership of the industry. This is not in terms of promises as it is being practised by the political class,  but through steady investment which by all standards is incomparable in Nigeria today.
Perhaps, the mentioning of Capital Oil today makes Major Oil Marketers to shiver as a result of proactive and strategic steps he took diligently in driving businesses previously thought are exclusively for the Majors with foreign control. And that is why at the peak of long queues for fuel by motorists as a result of poor distribution arrangement, the Nigerian National Petroleum Corporation (NNPC) in appreciation of the company’s investment in jetty, storage and truck park facilities worth over $30 billion took a wise decision by  signing a partnership agreement with Capital Oil and Gas.

The expectation of who and who will dominate activities in the downstream sub-sector of the African oil industry therefore requires analysis of influences that Ubah may have in the nearest future. Perhaps the advice that the downstream sub-sector is too small for Capital Oil and Gas to operate by the Minister of State for Works Engineer Chris Ogienwonyi who was the former Group Executive Director (Exploration and Production) of NNPC during the inauguration of the company’s Mega truck park is an indication that International Oil Companies (IOCs) operating in the upstream sub-sector may again have difficulties in acquiring juicy oil blocks, if Mr Ubah decides to participate with good technical and commercial packages in the 2010 licensing round. Indeed, it is now clear that if not for the investment made by Capital Oil in jetty facilities, long queues witnessed in the country in 2009 would have become a permanent feature of the downstream sub-sector until the Federal Government decides to implement full deregulation.

Perhaps like a typical Igbo trader, he is a spoiler for petroleum marketers making cut throat profit from sales of diesel and throughput fee for storing products at his depots. His plans to set up a refinery in the country on completion of the ongoing expansion of his depots will also be a major threat to existing refineries  based on his philanthropic  ideology of always  giving back to the society at the least price. Hence, the fear of crashing the prices of petroleum products by capitalists operating in the sector may be a great challenge in securing final approval for construction of a mega refinery in the country due to expectation of lower exdepot prices for quality petroleum products from his proposed refinery.

Who is Patrick Ifeanyi Ubah?
Mr. Ubah holds a Bachelor of Science B.Sc (Hons.) degree in International Relations. He hails from Nnewi, Anambra State of Nigeria. An astute and accomplished businessman, Ubah has been actively involved in top flight international business ranging from oil and gas, telecommunication, real estate and general merchandise for over two decades.

He started engagement in business activities in the Democratic Republic of Congo and from there, in 2001, he came back to  Nigeria to commence investment in the Nigerian oil and gas industry.  According to him, he spent four years to study the market and prepared  for a bold move that resulted in the creation of Capital Oil and Gas and inauguration of the first depot in March 2007.

Achievements
The  depots of Capital Oil and Gas  Industries with a total capacity of 175 million litres is located at Ibafon in Lagos. The depots    belonging to Mr Ubah currently cover about 30 per cent of the total area used for oil storage comprising over 18 private depots at Ibafon. The company’s state of-of-the-art facility has an excellent deepwater berth which enables discharge of products from four mother vessels at the same time to any of the 18 depots.  He  is currently building a new loading gantry with 22 bays and when completed the daily throughput  of the depots with 28 bays would be 55million litres. In preparation for the commencement of deregulation, Mr. Ubah has also acquired four tanker vessels and 400 state-of-the-art trucks making the company the leading tanker fleet operator in Nigeria with over 600 haulage trucks  to support the operations of the largest private facility in Nigeria.

His latest innovation is a 22,000 litre mobile filling station/dispensing truck made up of multiple metered dispensing gadgets of international standards. Also, in effort to help ease congestion on Lagos roads, especially the ever-busy Apapa-Oshodi expressway, he has completed the construction of a mega truck park capable of accommodating 1,100 trucks at any given time and can serve 5,500 trucks daily on a shift basis.

Future
Mr. Ubah  commenced the  construction of strategic regional petroleum products reserves nationwide recently. The ongoing  projects are located at Suleja in Niger State, Funtua in Katsina State, Kano, Emene in Enugu State and Onitsha in Anambra State.  These projects will enhance accessibility to local market, relief from recurring fuel shortages and boost employment opportunities. His refinery project in the medium term is also another ambitious project that will add value to the image of Nigerians abroad and in other African countries  such that Nigeria as a giant of Africa is also producing  a giant firm the continent’s oil industry.

“The truth is that we must begin to appreciate that it is only Nigerians that can put down funds and be so committed to establish a refinery in the country. No foreigner will do it. In fact they have proved they can not do it because in the over 20 years of major marketers doing business in Nigeria, none of them have considered it worthy to establish a refinery in Nigeria, they have not even thought of doing it as a group,” Ubah added.

Fulfilling  his promise to make available part of the company shares to the general public in the capital market will crown his past  achievements in giving back to the society as a philantropist.

Perhaps like a typical Igbo trader

These Yoruba journalists again (Written by Samuel[b] ibiyemi[/b]) ?
According to the news, Mr. Ubah holds a Bachelor of Science B.Sc (Hons.) degree in International Relations. Yet he is refered to as a trader
Otedola doing the same type of business as Ubah has no university education. Yet he is not refered to as a trader. Na wah for this kin hatred and jealousy and I-must-put-them-down syndrome.

Very nice!

Nchara:

These Yoruba journalists again?
According to the news, Mr. Ubah holds a Bachelor of Science B.Sc (Hons.) degree in International Relations. Yet he is refered to as a trader
Otedola doing the same type of business as Ubah has no university education. Yet he is not refered to as a trader. Na wah for this kin hatred and jealousy and I-must-put-them-down syndrome.

I noticed this as well. lol

Nonsense.

sensitivity of the highest order, its getting rather nauseating! everywhere on nairaland

do you really think this is not an advert by the man himself, who must have gone through this advert without finding anything wrong with it?

Somebody once brought out a thread here that shows the ethnic composition of candidates who wrote JAMB examinations and he showed with figures that kids in the SE states participated more and were among the 5 best candidates.

It's just one of those fallacious stereotypes that abound. Just because a few groups of igbos(Mostly Anambra and Enugu) have perfected the act of buying and selling, then all igbos are traders.

What an error!

Another person fronting for some politician.

4 Play:

Another person fronting for some politician.

Including other fronters like Adenuga, Dangote, Otedola, Jimoh Ibrahim, etc. Not so?

Nchara:

These Yoruba journalists again (Written by Samuel[b] ibiyemi[/b]) ?
According to the news, Mr. Ubah holds a Bachelor of Science B.Sc (Hons.) degree in International Relations. Yet he is refered to as a trader
Otedola doing the same type of business as Ubah has no university education. Yet he is not refered to as a trader. Na wah for this kin hatred and jealousy and I-must-put-them-down syndrome.

That is just to show that he's more privileged than his fellow ibo folks in the oil business even though those ones are more or less oil thievies.i just hope that degree is a genuine one.

should he be refereed to as a diplomat or something because he got bsc in IR

Nchara:

Including other fronters like Adenuga, Dangote, Otedola, Jimoh Ibrahim, etc. Not so?

They're all fronts. Not so sure of Dangote though. Others I remember are Wale Tinubu, Emeka Offor and Peter Okocha.

Dis Guy:

should he be refereed to as a diplomat or something because he got  bsc in IR  

his ibo brother may have seen that as a great achievement . . .that is the main purpose of this thread.

~Bluetooth:

That is just to show that he's more privileged than his fellow ibo folks in the oil business even though those ones are more or less oil thievies.i just hope that degree is a genuine one.

very silly and backward comment 4rm u
@Nchara
There is no need 2 make a fuss out of it.In as much as it would not affect his pocket,the 20,000naira a month journalist,is free 2 say whatever

philip0906:

very silly and backward comment 4rm u
@Nchara
There is no need 2 make a fuss out of it.In as much as it would not affect his pocket,the 20,000naira a month journalist,is free 2 say whatever

which aspect do you disagree with ? Please let me know

-The article said 'he has a Bsc in international relations. . .from which school ?
-if proven that he actually holds that degree,then i expect him to be better off than the illiterate ibo ones and please don't tell me ibo don't do oil bunkering.

Hmmm. . .ur post simply meant all igbo oil tycoons are theives.

philip0906:

Hmmm. . .your post simply meant all igbo oil tycoons are theives.

It's left for you to prove me wrong but i still maintain my stand that most actually engage in bunkering.

Nchara, dont tell me Otedola is an illiterate?

@Bluetooth. Stop being a clown

I really think this Capital Oil belongs to Obasanjo.When i saw what they were importing into the country ship loads of brand new tanker trucks only obasanjo came to my mind.where did he get the $30 billion they are talking of?

mistakay:

I really think this Capital Oil belongs to Obasanjo.When i saw what they were importing into the country ship loads of brand new tanker trucks only obasanjo came to my mind.where did he get the $30 billion they are talking of?

And none of the regional depots is being constructed in Ogun state? Please let baba rest o jare!

well done

Instead of us to salute the entrepreneural skills of this Nigerian, all we are doing here is that someone is calling him a trader and we are getting angry with it. Its a pity that, as usual, this has been dragged to tribal conclave.

Let me have that kind of money and people call me a trader and see if I would care.

Ha he paid his debts? His name is on the CBN mega-debtors list. He wants to use downstream to compete with NNPC; what a joke!

^^^^^
Arent they all owing banks? Even NNPC owes the federal govt.

Nchara:

These Yoruba journalists again (Written by Samuel[b] ibiyemi[/b]) ?
According to the news, Mr. Ubah holds a Bachelor of Science B.Sc (Hons.) degree in International Relations. Yet he is refered to as a trader
Otedola doing the same type of business as Ubah has no university education. Yet he is not refered to as a trader. Na wah for this kin hatred and jealousy and I-must-put-them-down syndrome.

When did illiteracy become a synonym for a Trader?
You can be a Prof. and still be a trader.
Anyone who engages in buying and selling is a trader. A typical Ibo man as used in that article may refer to an excellent, proficient, frugal, adept and profitable business man.
I believe the journalist extolled the virtues of Mr. Ubah appropriately.
Went further to express optimism that Mr. Ubah will give foreign oil companies a competitive race if his company decides to venture into the upstream oil and gas sector.
So wat ya saying? Quench this tlk on tribalism and learn from this exceptional business man

realborn:

When did illiteracy become a synonym for a Trader?
You can be a Prof. and still be a trader.
Anyone who engages in buying and selling is a trader. A typical Ibo man as used in that article may refer to an excellent, proficient, frugal, adept and profitable business man.
I believe the journalist extolled the virtues of Mr. Ubah appropriately.
Went further to express optimism that Mr. Ubah will give foreign oil companies a competitive race if his company decides to venture into the upstream oil and gas sector.
So wat ya saying? Quench this tlk on tribalism and learn from this exceptional business man

You are right about the bolded part but in the Nigerian parlance they as both as good as the same. We know that some of the Alaba/idumota traders are graduates who ventured into buying and selling due to lack of white-collar jobs