The Asset Management Corporation of Nigeria (AMCON) and the management of Capital Oil and Gas Limited have agreed to re-open the depot of the oil and gas company in Lagos. This follows a meeting Friday between AMCON and Ifeanyi Ubah, the Managing Director of Capital Oil.

A Federal High Court sitting in Abuja, last week gave AMCON an order to freeze all the assets belonging to Capital Oil and its Managing Director. Capital Oil subsequently shut down its operations.

Sources said the decision to re-open Capital Oil was aimed at curbing the current fuel crisis in the country, which worsened over the past few days due to the closure of the depot.

The source further disclosed that it was however agreed that AMCON would also move its people into the depot to oversee the finances of the company, so that it would not be diverted to other uses.

"They also agreed that Capital Oil will keep certain percentage of the finances to meet the operating costs, while AMCON will retain certain percentage to offset Capital Oil’s indebtedness to AMCON," said the source.

Ubah and Capital Oil are indebted to AMCON to the tune of N48.014 billion and the order of the Federal High Court came on the heels of a worldwide order (mareva injunction) granted by a London High Court also last week 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 its assets pending the determination of the suit brought before it by the bank.

In its response to an ex-parte order for the temporary forfeiture of its asset, which was obtained by AMCON, Capital Oil last week shut down its depot and warned that the immediate shut down of operations would affect supply of petroleum products around the country.

The company said in a statement that Nigerians would be worse for its predicament in view of the strategic importance of the company to product distribution in the country, as its storage facilities accounted for 35 per cent of petrol used in the country.


Before Friday’s decision to re-open the company’s depot, another temporary relief had earlier on Thursday came the way of the oil marketing company when a Federal High Court in Abuja vacated an earlier order it made granting the AMCON immediate possession of properties belonging to the company and Ubah.

http://www.thisdaylive.com/articles/capital-oil-re-opens-amcon-to-oversee-finances/131549/

Finally,d depot is opened... Cos if they had continued d closure of d depot d fuel scarcity dat cud av happened in d country wud av been UNIMAGINABLE.

So this country depends on this guy primarily for petrol distribution

Na waoo !
That means he must be doing something right

O BOYYY capital oil depo can put the country on stand still,ifeanyi no na bigger level..

Nigerian big businessmen and their borrow-and-run habit. No wonder the country is in a big mess.

bushwailo: So this country depends on this guy primarily for petrol distribution

Na waoo !
That means he must be doing something right

Yes, he said it on the interview he had with channels television a week ago...a lot of people thought he was grandstanding.

"The company said in a statement that Nigerians would be worse for its predicament in view of the strategic importance of the company to product distribution in the country, as its storage facilities accounted for 35 per cent of petrol used in the country."

Fearless business man. How he was able to surpass Conoil(Adenuga) and Zenon(Otedola) in a short span of time, still baffles me. He doesn't fear to invest in expensive capital projects...depots. Ifeanyi Ubah, if you could upgrade that depot so as to account for 50% of the petrol used in Nigeria. With this, you can hold us all to ransom, if not, hostage

he is a good business man but he is a thief.

macjive01: he is a good business man but he is a thief.

He is a Thief because Cosmos Maduka alleged so? And you are so foolish to believe it when the court is yet to establish that? Don't be so stup$id and uneducated. Yes there are allegations against him but the matter is in court.

NOW I SEE THE REASON WHY THE BAD BELLE PEOPLE ARE TRYING TO BRING HIM DOWN USING COSMAS TO MAKE US FEEL THE GUY IS A BAD GUY..

THEY SHOULD LEAVE THE YOUNG BUSINESSMAN ALONE.

IFEANYI UBA PLEASE WATCH YOUR BACK.

From what i know of him personally he is a very good business man that ONLY takes well calculated business risk!

agiboma: From what i know of him personally he is a very good business man that ONLY takes well calculated business risk!

looks like he miscalculated a lot of simultaneous equations which have now caught up with him.

This is a check mate. Now we kno d king of cabal. Kudos to our one and only beloved fearless iron lady for using financial impropriety to tame him.

This country, the more I read news from different angles the more I get confused and the more the truth seems to be FAR from me.

This is inreresting

ak47mann: O BOYYY capital oil depo can put the country on stand still,ifeanyi no na bigger level..

If it was possible for AMCON to just acquire capital oil it would have been nicer cos uba is just too corrupt to run a company that can cripple the country like that.

Ifeanyi uba is a nice bizman but come to tink of it,is it possible for nigeria to move forward with selective judgement as d oda of d day? I suggest a national pardon to all instead of crucifying few while d major thieves walks away gallantly.

HOW THIS GUY COULD USE HIS BRAIN TO THIS LEVEL IS WHAT I APPRECIATE

What makes IFEANY UBA a thief? I haven't seen anything that makes him a thief. He is not the only business man owing some banks. He hasn't absconds with the money he owes these banks. He is still in Nigeria. Does it mean that when you owe some banks you automatically become a thief?.

drnoel:
If it was possible for AMCON to just acquire capital oil it would have been nicer cos uba is just too corrupt to run a company that can cripple the country like that.

ok pls what makes him a thief?

I personally believe Cosmos is the thief, everyday he steals from people with the mad rates he charges for his cars and repair. He's a broad day light thief and the empire built on exploitation will crumble soon.

Honestly, everything about this hell-hole Nigeria befuddles me. I don't know if I am more confused by the courts and the crooks, or by the irony on show with your comments. How could y'all be praise a crook thats indebted to a tune of N48.014 billion? Borrowed so much, not able to pay. Isnt fuel importation/distribution a profitable business in Nigeria. If he had the acumen,as y'all suggest, he wouldn't be in this mess.
Did you hear of capital oil years back? It goes to prove that this Uba dude attained this height by working with the crooks in power in Abuja to loot us dry, be it fuel subsidy etc. Meanwhile some foreign fuel marketers are selling off their assets to leave Nigeria.

blink182: I personally believe Cosmos is the thief, everyday he steals from people with the mad rates he charges for his cars and repair. He's a broad day light thief and the empire built on exploitation will crumble soon.

How? You have options! There are other companies to try if you wanna fix your car.

ak47mann: ok pls what makes him a thief?

Sorry u r d one that called him a thief not me...

confusion247: What makes IFEANY UBA a thief? I haven't seen anything that makes him a thief. He is not the only business man owing some banks. He hasn't absconds with the money he owes these banks. He is still in Nigeria. Does it mean that when you owe some banks you automatically become a thief?.

A person that imports cheap fuel to a fuel-hungry nation like Nigeria with enduring fuel scarcity, enjoys fuel subsidy benefits; and he isn't making enough profit to settle his investors..... He must be a greedy crook...a thief!!!

coolted: HOW THIS GUY COULD USE HIS BRAIN TO THIS LEVEL IS WHAT I APPRECIATE

No brains required... Just have one of your guys in Aso rock

This boy is intelligent. what i read in every post about him is the typical pull anambra excellent people down by people of imo state. i thought they should remain at lindas and let nigerians read some useful information at nairaland. these idle minds will prefer indians and chinese people to distribute fuel in nigeria while we continue to resent result oriented people. africa will never see the light until they begin to admire God given talents and give them their place in our society. In the US ifeanyi uba will b awarded an honourary doctorate in economics or management

doukno: This boy is intelligent. what i read in every post about him is the typical pull anambra excellent people down by people of imo state. i thought they should remain at lindas and let nigerians read some useful information at nairaland. these idle minds will prefer indians and chinese people to distribute fuel in nigeria while we continue to resent result oriented people. africa will never see the light until they begin to admire God given talents and give them their place in our society. In the US ifeanyi uba will b awarded an honourary doctorate in economics or management

..........ubah and Capital Oil are indebted to AMCON to the tune of N48.014 billion and the order of the Federal High Court came on the [b]heels of a worldwide order (mareva injunction) granted by a London High Court also last week against the assets of Ubah [/b]and his company.

post.email:


..........ubah and Capital Oil are indebted to AMCON to the tune of N48.014 billion and the order of the Federal High Court came on the [b]heels of a worldwide order (mareva injunction) granted by a London High Court also last week against the assets of Ubah [/b]and his company.

and which major business man in d country doesn't owe banks...
Capital Oil's case is jst dat of WITCH HUNTING,b'cos first of al he's nt d ONLY one who was indicted by d committee and secondly his depot was commissioned in 2007 before he even started collecting dis subsidy of a thing

post.email:

No brains required... Just have one of your guys in Aso rock

... And If he had one of his guys in Aso Rock as U claim,wud he be going through all these?
Guy think wit ur head n stop being Sentimental.

jesse8048: This country, the more I read news from different angles the more I get confused and the more the truth seems to be FAR from me.

Bwahahaha...o boy na wa o..

Danka7777:

He is a Thief because Cosmos Maduka alleged so? And you are so foolish to believe it when the court is yet to establish that? Don't be so stup$id and uneducated. Yes there are allegations against him but the matter is in court.

okay, if Maduka accused him falsely, does it change the fact that he owes AMCON N48billion or that he owes Access bank $148m These monies are depositors funds.

Are you also a thief If yes, ''Your left nyash there''.

GeJ79: NOW I SEE THE REASON WHY THE BAD BELLE PEOPLE ARE TRYING TO BRING HIM DOWN USING COSMAS TO MAKE US FEEL THE GUY IS A BAD GUY..

THEY SHOULD LEAVE THE YOUNG BUSINESSMAN ALONE.

IFEANYI UBA PLEASE WATCH YOUR BACK.

Gullible and stupid people. Your likes are the ones who accuse Dangote of monopolising the economy yet he isnt owing your fada.

Now this man is indebted to AMCON and Access bank, you are praising him.

Give me N48bn and $148m today and you think i will be posting trash with you on Nairaland.