The noose keeps tightening around the neck of the Managing Director of Capital Oil and Gas Industries Limited, Mr. Ifeanyi Ubah, as the Asset Management Corporation of Nigeria (AMCON) has moved against him and his company.

A Federal High Court sitting in Abuja, Thursday gave AMCON an order to freeze all the assets belonging to Ubah and Capital Oil anywhere they are located.

This is coming on the heels of a worldwide order (mareva injunction) granted by a London High Court last Friday against the assets of Ubah and his company.

The order by the UK court was granted sequel to an application by Access Bank Plc to preserve his assets pending the determination of the suit brought before it by the bank.
The bank alleged that Ubah and his company had fraudulently diverted the petroleum products it financed under the joint venture agreement between Capital Oil and Coscharis Motors Limited.

Ubah and Capital Oil are indebted to AMCON to the tune of N48.014 billion.
Upon the motion ex-parte filed by AMCON, Justice Abdu Kafarati ordered the immediate seizure of the following properties belonging to Ubah and Capital Oil: Plot number C28B, Amuwo Odofin Commercial Scheme, Lagos State;
• Plot No. C28A, Amuwo Odofin Commercial Scheme, Lagos State;
• Plot 892B, Block XXXIV, Omole Residential Scheme II, Lagos State Reg. No. 100/100/2106;

• Plot 8, Walter Carrington Crescent, Victoria Island, Lagos covering by C of O 33/33/2006AF and a deed of tripartite legal mortgage in favour of Skye Bank Plc;
• Plot IN/8B, Emene Industrial Layout Extension, Enugu State with Reg. No. 13/13/1270;

• Plot IN/9, Emene Industrial/Residential Layout Extension, Enugu East Local Government Area, Enugu State with Reg. No. 49/49/53;
• Plot SP7 Emene Industrial Estate Reg. No. 28/28/1468, Enugu State;
• Property located at Tex Olawale Street, Olodi Apapa Reg. No. 13/13/2006J;
• All that parcel of land situated at Ibru Port Complex, Ibafon, Apapa-Oshodi Expressway with Reg. No. 8/8/2131 covered by a perfected deed of legal mortgage registered as 29/29/2030 in favour of Skye Bank Plc;

• Property located at Umuanuka, Otolo Nnewi, Nnewi Local Government Area, Anambra State with Reg. No. 65/65/18;
• All that piece and parcel of land (four plots) situated at Ibafon and known as 8, Tex Olawale Street, Tincan Island, Lagos State; and
• Property located at Kuchiko Village, Suleja, Niger State covered by a Niger State Certificate of Occupancy, dated March 2, 2009 and registered as No 38/38/1 in Minna.
The judge directed the Inspector General of Police (IG), the Assistant Inspectors General of Police (AIGs) and the Commissioners of Police in Lagos, Anambra, Enugu and Niger States to assist in the enforcement of the order, pending the determination of the suit.

Justice Kafarati also mandated AMCON to serve the order and the processes including those to be filed in the case outside the jurisdiction on Ubah and his company at their address at No. 1 Capital Oil Close, Westminster, Ibru Jetty Complex, Ibafon, Apapa, Lagos.

He further directed the 21 banks in the country to file their affidavit within three days after the receipt of the order stating the credit balance of Ubah and his company in their respective banks as at the date of the receipt of the order of the court, which sum shall be so held until further orders are made.

The judge consequently adjourned the case till November 22 for further hearing.
Capital Oil and Ubah were among the 113 companies and 419 directors/shareholders that the Central Bank of Nigeria (CBN) recently listed as AMCON debtors.
The banks were barred from extending further credit to the debtor companies and their directors until they had repaid their loans.

When contacted on the development, the Managing Director of AMCON, Mr. Mustafa Chike Obi, stated that the corporation had obtained the order in order to preserve the assets of the Capital Oil and Ubah.

He said since both of them were heavily indebted to AMCON and it was his intention to recover that debt, all other creditors in pursuit of Ubah and his company to recover the money he owed them, would have to queue behind AMCON.


SOURCE: http://www.thisdaylive.com/articles/amcon-moves-against-ubah-capital-oil-seizes-assets/130805/

There is fire on the mountain, Ifeanyi RUN!! RUN!! RUN!!.

Capital oil going down under:

Nice work. It would serve as a lesson to others.

It's not good to step on or insult big boys who helped you.

using bank money to do business in Nigeria is not too advisable... so many people with different interest. As you're planning on how to pay their loan, they are planning on how to wreck you. I wonder how Otedola maradona the whole system.. well, it's good to be smart & intelligent sha.. Word of Advise- If you steal money in Nigeria, go and invest it in Russia or China.. Your Loot is safe there.

Good job.
General cake usually have thorns.

I used to admire this Ifeanyi of a man o... I've read about his success story especially being a very young billionairb and it motivated me alot not knowing he was a CON Man..

He dared to touch the tail of AIG of Acces.s bank and that of Cosmas Maduka and now he is paying for it.

More business lessons for me to learn.

Waitin for Ubah to start singing

I dey smell rat ...wonder why nigerian banks are full of fraud and dirty deals just in the name of trust ...granting such big amount of money with out security buh we upcoming enterprenuer find it difficult to get facilityfrom any bank cos we know nobody in goverment! With this case of uba and capital oil just dey see what is take to be rich and popular over night under five years he acquire such property .
How did he start ?
What is his initial capital base five year ago?
So if you can be in government you can't be rich just like dangote and co.
Most of them are leaving on our resources !
I only pity those working under him shall cos if the bank win the case then more people in the labour market!
The secret of the RICH makes the rich to also cry!

he deserves every bit of what is happening to him....When you sow greed,deceit,dishonesty you will always reap bad.he and his cohorts plunged Nigeria into a deep mess all in the name of subsidy..Wish all these dishonest rich business men will go under

And the guy was busy distributing free kerosene & splashing adverts on T.V. stations with bank money. Ewu...Ewu...Ewu Can-Beer!!

luvinhubby: There is fire on the mountain, Ifeanyi RUN!! RUN!! RUN!!.

I feel for this man! This is a country where an Ant can swallow an Elephant! Can u imagine how "access bank" just swallow "Intercontinental bank"
Nigeria the No1 lawless country in the world...

I see jealousy, meanwhile uba is gready.

Poor mgt style of capital oil directors at play. Gud lession 4 them 4 not leveraging the firm very well but using more of OPM to operate.

Now we are talking,i can only imagine wats going on in that dudes mind now.You dont mozzle d ox that thread d corn.All this borrow borrow millionaires and billionaires,this will sure serve as a deterent to them.But wait o,does it mean that if the london court hasnt given d directive,Nigerian govt would've looked d other way,allowing such menance to go unpurnished?Na wa o,na God go help this country.Where are d others?Is he d only one involve in d subsidy scam?or is he gonna be d scapegoat for others?This is selective justice,let others be brought to book too,otherwise no justice has been done.Let all them subsidy scammers be delt with,no matter how highly placed.Enough of all this corruptions and subjection of d poor to untold and undue hardship,while few corrupt element parade themselves as alpha and omegas.Go after them i say.

All i see here and with what I heard from Ubah himself on AIT Focus Nigeria, it is a big set up by Coscharis and Access Bank.

Everybody knows Coscharis to be a reseller of BMW and Ford Cars. Also, Ubah does not bank with Access. So, where did Coscharis raise money for such huge oil business?

Cosmos only saw the much money made from oil business and then ran to Ubah to help him stand guarantee with his property for loan he applied for in Access bank.

Thats where all this set up started.

Helping your brother cld smtimes be detrimental to ur business survival.

Follow follow AMCON. Why is this coming after a british court froze his global assets

Nigerian officials and fear of ''Bigmanism''

Willy7: Now we are talking,i can only imagine wats going on in that dudes mind now.You dont mozzle d ox that thread d corn.All this borrow borrow millionaires and billionaires,this will sure serve as a deterent to them.But wait o,does it mean that if the london court hasnt given d directive,Nigerian govt would've looked d other way,allowing such menance to go unpurnished?Na wa o,na God go help this country.Where are d others?Is he d only one involve in d subsidy scam?or is he gonna be d scapegoat for others?This is selective justice,let others be brought to book too,otherwise no justice has been done.Let all them subsidy scammers be delt with,no matter how highly placed.Enough of all this corruptions and subjection of d poor to untold and undue hardship,while few corrupt element parade themselves as alpha and omegas.Go after them i say.

If UK had not messed him up naija for keep quiet. They learnt from ibori saga. Didn't they know he has been owing this amount all this while. Ode ppl.

free2ryhme: why is it that nah only Ibo man them dem dey catch? ..penny for your thot

Ok u aren't smart. Always trying to tribalise issues if it was one yoruba or ijaw man u'll feel better. Uba is a thief and he's paying the price. He's lucky in some climes I know by now its videos of his charred corpse that would be circulating the social media.

Uba is finished. Dis guy stepped on d wrong toes.I have always had reservation about dis dude.

luvinhubby: There is fire on the mountain, Ifeanyi RUN!! RUN!! RUN!!.

hehehe. Has the guy become bushmeat Chai bushmeat don catch hunter today.

I don dey learn law small small. Courts are very powerful.

They forgot the banana island property #justsaying

AMCON - Mustapha chike Obi
Coscharis- cosmas Maduka
Access bank-Aig Imokhuede and Herbert Wigwe
Capital oil - ifeanyi ubah
Minister for finance- Okonjo iweala


Moral of the news.

Where are the guys claiming Ifeanyi Uba is innocent and it is just a set-up. This is the same cheap politics people use to smoke screen issues (Nah.... it is just a set-up). When this news came out (Ifeanyi Uba and Cosmas Maduka). Prior to the take over of bad loans by AMCON, if you look at the books of banks, Capital Oil loans were never performing. The level of noise Ifeanyi is making shows the level of illiteracy he has. I would also blame Cosmas for also blowing up the issue and making it public. Ifeanyi should be thinking of paying his loans rather than taking to public stunt. The moment I saw him on Channels I just knew he has compounded his issues. He is wanted for Subsidy Fraud, AMCON has not succeeded in restructuring his loan, he is indebted to Access bank via proxy. Yet he is running his mouth. Even if he survives this fight which I doubt, Capital Oil will never be the same. Its reputation is on the line, whatever goodwill that has been established over the years is ruined. Creditors will shun the company, even customers might not want to relate with the company. How would Capital Oil trade? Meanwhile, did anybody take a look at the assets of this man/capital oil. Why are they buying lands and properties everywhere. Money Management problems. Little wonder the indebtedness (Short-term loans for long term projects). You cannot cheat nature (life is mathematics).

In this country, there are 2 banks you cannot owe and feel comfortable about it without paying - GTBank and Access Bank. I guess Aig learnt that model from GTBank (I remember an experience). Honestly, if you have had an opportunity to work with Aig (regardless of your personal feelings) - you will have to respect the man and his meticulous and discipline behaviour.

The govt. is to be blamed for this, for such a company that accounts for more than 30% of our fuel import and employs a lot of Nigerians to just go under like that, is very bad. Let the government pay Ubah his money.

Come easy,Go easY

Well said , you have got a good knowledge of the individual involved in this whole mess, ubah was borrowing money for a different purpose- instead of trading , he was doing capital project. He himself said it on AIT . That's the simple reason why his loans where not performing, he was not trading.#gbam

omosexy1: Where are the guys claiming Ifeanyi Uba is innocent and it is just a set-up. This is the same cheap politics people use to smoke screen issues (Nah.... it is just a set-up). When this news came out (Ifeanyi Uba and Cosmas Maduka). Prior to the take over of bad loans by AMCON, if you look at the books of banks, Capital Oil loans were never performing. The level of noise Ifeanyi is making shows the level of illiteracy he has. I would also blame Cosmas for also blowing up the issue and making it public. Ifeanyi should be thinking of paying his loans rather than taking to public stunt. The moment I saw him on Channels I just knew he has compounded his issues. He is wanted for Subsidy Fraud, AMCON has not succeeded in restructuring his loan, he is indebted to Access bank via proxy. Yet he is running his mouth. Even if he survives this fight which I doubt, Capital Oil will never be the same. Its reputation is on the line, whatever goodwill that has been established over the years is ruined. Creditors will shun him, even customers might not want to relate with him. How would he trade?

In this country, there are 2 banks you cannot owe and feel comfortable about it without paying - GTBank and Access Bank. I guess Aig learnt that model from GTBank (I remember an experience). Honestly, if you have had an opportunity to work with Aig (regardless of your personal feelings) - you will have to respect the man and his meticulous and discipline behaviour.

free2ryhme: why is it that nah only Ibo man them dem dey catch? ..penny for your thot

I dont understand you. So you will protect your brother who is a thief You have not fallen into the hands of a conman. Stop talking in an area you dont have experience.

A conman will play you for weeks and months before you discover you are being conned and at the end, he will use logic on you asking you ''where is your evidence that you gave me money?''. Listen to Ifeanyi ''if am a fraud, then Access and Coscharis are frauds too'' secondly ''Coscharis is a Purewater company''. Do you know what it takes to obtain a BMW franchise That Ifeanyi should be in prison.

vanunu: The govt. is to be blamed for this, for such a company that accounts for more than 30% of our fuel import and employs a lot of Nigerians to just go under like that, is very bad. Let the government pay Ubah his money.

Now I don't understand your post. Ifeanyi is a bad businessman just like Kenneth Lee Lay of Enrol. This has nothing to do with the Govt.