Despite owing a debt of over N65 billion, the Asset Management Company of Nigeria (AMCON) yester day reinstated Mr. Ifeanyi Ubah as the Managing Di rector/Chief Executive Of ficer (CEO) of Capital Oil and Gas (COG), nearly 17 months after it took over the assets and management of the oil firm following a con­troversial loan deal involving Access Bank and Coscharis Group.

The reinstatement of Ubah puts to rest the close to two years management of the com pany by AMCON.

AMCON, in a statement an nouncing the return of COG to Ubah and signed by its Spokesman, Kayode Lambo, said it has reached an ami cable settlement with him of all pending legal disputes be tween the parties.

‘‘Consequent upon this settlement, Ubah will be re suming his role as the Man aging Director/CEO of COG. His resumption as MD/CEO of COG brings to an end the management of COG by AM CON.

“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.

“This settlement is in line with AMCON’s roles as a resolution vehicle to help stabi lise and revitalise the Nigerian banking system and econo my,’’ AMCON assured.

The oil marketer incurred AMCON’s wrath after the Chairman of Coscharis Group, Mr. Cosmos Maduka, ex plained that his foray into fuel business with Capital Oil was necessitated more by compas sion to bail the young Ubah out of a credit crunch crisis as most Nigerian banks had refused to advance him any more facili ties for his business due to his failure to honor outstanding obligations. Vibrant Venture Limited was subsequently ap pointed as a warehousing agent for the joint venture partner ship.

Maduka claimed after the joint venture deal was sealed, that both companies were able to secure a loan from Access Bank for the importation of Premium Motor Spirit (PMS), but alleged that Ubah and his company breached the terms of the deal by engaging in the diversion of the imported products and other fraudulent activities which had marred the ability to execute the joint venture deal as a profitable es tablishment.

Recall that AMCON had in 2012 shut the premises of Capital Oil and Gas follow ing an Abuja Federal High Court ruling that it should take over the company’s proper ties and assets over an alleged N48.014 billion debt. Though the change of management by AMCON was not effected un til June 21, 2013

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


http://sunnewsonline.com/new/?p=89517

O my goodness,is that so?

Travails of the Managing Director of Capital Oil and Gas Industries Limited, Mr Ifeanyi Uba, took a fresh dimension yesterday, as the Asset Management Corporation ofNigeria, AMCON, sought leave of a Federal High Court sitting inAbuja to sell all the petroleum products within the disposal of the embattled firm.

AMCON, through its lead counsel, Mr Kemi Balogun, made the oral application on a day the Managing Director of Capital Oil, Uba, also pleaded with the high court to go ahead and vacate the forfeiture order it earlier issued against the company.

http://www.vanguardngr.com/2012/12/amcon-urges-court-to-okay-sale-of-capital-oil-assets/

Few months ago december 1st 2012 to be precise, AMCON SEEK LEAVE OF COURT TO OKAY SALE OF CAPITAL OIL LIMITED ASSETS. Few months after he has decamped to the PDP and is using our stolen SUBSIDY MONEY to campaign for the commander in thief, he is forgiven and can now go back to business as usual.

And some illiterate dumb and unpatriotic Nigerians wants GEJ to continue.

God has heed the prayers of Nigeria and a change is coming in 2015

Please,is Uba TAN cordinator?.Is it not Mazi Udenta.O.Udenta,that is TAN cordinator?.Just asking?.

Donmarrius:
Please,is Uba TAN cordinator?.Is it not Mazi Udenta.O.Udenta,that is TAN cordinator?.Just asking?.

It is Ifeanyi Ubah that is the chief coordinator and chief financier . God will heal this nation and all who fed on the blood of the masses will pay in due time.

Very sad, this can only happen in Nigeria. And this same Ifeanyi Ubah's TAN bought the nomination form for GEJ

I'm sure the saTANists just realized that they were used, after being given some cheap jersies and promised some cash, by Ifeanyi Uba to call for the re-election of Jonathan just for AMCON to give him back his company. If only the saTANists were reasonable they would have realized that it is this same Uba that was indicted in 2011 over non-importation of petroleum which he was paid for. I'm currently watching the woman wrapper on NTA in the entourage of Patience Jonathan in Ilorin to "empower" some women.

garsul:
Very sad, this can only happen in Nigeria. And this same Ifeanyi Ubah's TAN bought the nomination form for GEJ

Few days ago, we hear from the minister of finance that our economy is facing challenges and now they are gleefully handing over assets to economic saboteurs.

Who in his right senses do this? If not a government that celebrates and honour rogues exconvicts and fugitives of law.

What message are we sending to the international community? And we say we are not developing. God punish anyone who wish and pray jonaTAN stays beyond May 2015

[size=14pt]Op, before, is Capital Oil not his Company?
Was it supposed to be returned to you?[/size]

There are some categories of people that highly placed political office holders should not be associated with, obviously, this Uba is one of them. Unfortunately, our big men in power do not seem to care. So sad!

The head of SaTANist group the saTAN himself.

OrlandoOwoh:
I'm sure the saTANists just realized that they were used, after being given some cheap jersies and promised some cash, by Ifeanyi Uba to call for the re-election of Jonathan just for AMCON to give him back his company. If only the saTANists were reasonable they would have realized that it is this same Uba that was indicted in 2011 over non-importation of petroleum which he was paid for. I'm currently watching the woman wrapper in the entourage of Patience Jonathan in Ilorin.

You mean the wife of president uses official seal of the federation in an official state function? This country and presidency has really gone to the dogs. Even the wife of the strongest president in the world won't go this far.

God will save nigeria from this people.

pendy79:
Despite owing a debt of over N65 billion, the Asset Management Company of Nigeria (AMCON) yester day reinstated Mr. Ifeanyi Ubah as the Managing Di rector/Chief Executive Of ficer (CEO) of Capital Oil and Gas (COG), nearly 17 months after it took over the assets and management of the oil firm following a con­troversial loan deal involving Access Bank and Coscharis Group.

The reinstatement of Ubah puts to rest the close to two years management of the com pany by AMCON.

AMCON, in a statement an nouncing the return of COG to Ubah and signed by its Spokesman, Kayode Lambo, said it has reached an ami cable settlement with him of all pending legal disputes be tween the parties.

‘‘Consequent upon this settlement, Ubah will be re suming his role as the Man aging Director/CEO of COG. His resumption as MD/CEO of COG brings to an end the management of COG by AM CON.

“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.

“This settlement is in line with AMCON’s roles as a resolution vehicle to help stabi lise and revitalise the Nigerian banking system and econo my,’’ AMCON assured.

The oil marketer incurred AMCON’s wrath after the Chairman of Coscharis Group, Mr. Cosmos Maduka, ex plained that his foray into fuel business with Capital Oil was necessitated more by compas sion to bail the young Ubah out of a credit crunch crisis as most Nigerian banks had refused to advance him any more facili ties for his business due to his failure to honor outstanding obligations. Vibrant Venture Limited was subsequently ap pointed as a warehousing agent for the joint venture partner ship.

Maduka claimed after the joint venture deal was sealed, that both companies were able to secure a loan from Access Bank for the importation of Premium Motor Spirit (PMS), but alleged that Ubah and his company breached the terms of the deal by engaging in the diversion of the imported products and other fraudulent activities which had marred the ability to execute the joint venture deal as a profitable es tablishment.

Recall that AMCON had in 2012 shut the premises of Capital Oil and Gas follow ing an Abuja Federal High Court ruling that it should take over the company’s proper ties and assets over an alleged N48.014 billion debt. Though the change of management by AMCON was not effected un til June 21, 2013

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


http://sunnewsonline.com/new/?p=89517

What is the meaning of the highlighted statement. Seems to me that A court ordered the return.

desgiezd:
There are some categories of people that highly placed political office holders should not be associated with, obviously, this Uba is one of them. Unfortunately, our big men in power do not seem to care. So sad!

Truth is, he does not give a damn. Impunity of the highest order. We will show him we give a damn next year.

They will vomit all they stole. Let them go ask Umaru Dikko who Buhari is.

shift15:


What is the meaning of the highlighted statement. Seems to me that A court ordered the return.

When the prosecutor and his lawyer seek withdrawal of charges against a defendant, you expect the court on its own to pursue a case the person who brought up the case in the first case wants withdrawn.

BTW,why are you people dying over another man's business?.where were you low-lifers,when Uba built that business empird?.if AMCON says that he has met the requirements,for him to take back his business that took him years to build,who are you rats to envy him?. If you have any issue with that,why not write to AMCON for clearification,or institute fresh legal action against AMCON or Uba?.BTW,are you a witch/wizard,that wouldn't want another man succeed?.

Dragging Gej into this,will be the most stupid thing ever!

pendy79:


You mean the wife of president uses official seal of the federation in an official state function? This country and presidency has really gone to the dogs. Even the wife of the strongest president in the world won't go this far.

God will save nigeria from this people.

I don't blame her and her husband that much but the stvpid Nigerians who don't see anything wrong in all they do.

Donmarrius:
BTW,why are you people dying over another man's business?.where were you low-lifers,when Uba built that business empird?.if AMCON says that he has met the requirements,for him to take back his business that took him years to build,who are you rats to envy him?. If you have any issue with that,why not write to AMCON for clearification,or institute fresh legal action against AMCON or Uba?.BTW,are you a witch/wizard,that wouldn't want another man succeed?.

Dragging Gej into this,will be the most stupid thing ever!

Go look up what STOCKHOLM SYNDROME means that is the malaise that you and other idiots who reasoned and think like you suffer from.

So it was a marvellous biz idea to roundtrips and rip off the nation with fathom subsidy claims for petroleum product he never brought in?

I'm sure Mohammed Abacha deserves the billons of naira that he was told to go away with since it was his and his father's sweat and he will use it to capture Kano state for your lord and master.

You must be daft to have written what you wrote.

pendy79:


Go look up what STOCKHOLM SYNDROME means that is the malaise that i and other idiots who reasoned and think like me suffer from.

So it was a marvellous biz idea to roundtrips and rip off the nation with fathom subsidy claims for petroleum product he never brought in?

I'm sure Mohammed Abacha deserves the billons of naira that he was told to go away with since it was his and his father's sweat and he will use it to capture Kano state for your lord and master.

You must be daft to have written what you wrote.

Haven amended the post,i want to ask you,is AMCON an ant-graft agency?.

Do you know the meaning of AMCON,and what it does?.

Donmarrius:

Haven amended the post,i want to ask you,is AMCON an ant-graft agency?.

Do you know the meaning of AMCON,and what it does?.

For a person who doesn't know Ifeanyi Ubah owns and coordinates TAN and called Udenta its coordinator, it will be foolish and degrading for me to engage you in further conversation or argument.

Go read your books bro. Asking me what AMCON is, shows you're not intelligent because if you do, you will see I created this thread. You need to improve and develop your IQ.

This thread is about AMCON and IFEANYI UBAH, if you want lesson on AMCON. Create a thread for it. Last time I check Seun does not charge a dime to create one

Goddex:
[size=14pt]Op, before, is Capital Oil not his Company?
Was it supposed to be returned to you?[/size]

Yes it ought to be returned to me and every reasonable and patriotic Nigerian who was ripped off by his scam subsidy fraud despite collecting billions of naira as loan to fund a non existing petroleum product importation.

Morons like you celebrates rapist of your commonwealth simply.cos they.speak same language as you.

It pays to dine with winners then, OP are you pained ? Abeg take Panadol, and buy enough to cover the next 4yrs.

Billyonaire:
It pays to dine with winners then, OP are you pained ? Abeg take Panadol, and buy enough to cover the next 4yrs.

Going by the pictures posted on nairaland of you and the miserable life you lead, trust me.you ought to be crying and wailing for the fact that your poverty stricken life cannot and will not change in the next 4 years if JonaTAN continues in office.

It is the likes of you I pity because your situation will move from desperate to total despair and suicidal if this continuous daylight robbery continues.

Have a rethink so your situation and those like yours will improve

najoke:
Breaking News.

Got a case with EFCC, are you fraudster,scammer etc and you want your case swept under the carpet

Join TAN or come up with your campaign slogan and wholla you are a FREE MAN

If in doubt....................ask FFK

My brother that is the reality in JonaTAN Nigeria of today o. And some stupid and slavish slowpoke are celebrating rather than crying. From ffk to Mohammed abacha to ifeanyi ubah now . How long more does this Nation bear this impunity and clear r.ape of its resources?

Corruption taken to a whole new level... And we have people celebrating here? SaTANist are on a mission to destroy this country...

patrickmuf:
Corruption taken to a whole new level... And we have people celebrating here? SaTANist are on a mission to destroy this country...

Patrick quite a while. Pastor Bakare warned that this fisherman is on a mission to bankrupt Nigeria. Truly it is manifesting now. How will you justify the pardon and patronizing of known crooks and thieves for mere political patronage?

Why is this nation so cursed with bad leadership over the years? You can't count 5years of purposeful and development minded leadership out of the 54years of our existence.

..And Nigerians will continue buying kerosene per litre for 140naira. All thanks to Jonathan,Ifeanyi Ubah and his cronies .

Goddex:
[size=14pt]Op, before, is Capital Oil not his Company?
Was it supposed to be returned to you?[/size]

I tire!

pendy79:


Patrick quite a while. Pastor Bakare warned that this fisherman is on a mission to bankrupt Nigeria. Truly it is manifesting now. How will you justify the pardon and patronizing of known crooks and thieves for mere political patronage?

Why is this nation so cursed with bad leadership over the years? You can't count 5years of purposeful and development minded leadership out of the 54years of our existence.

The problem lies with the masses...People chasing crumbs rather than stand for excellence...

Is bcox of fvcktard lik dat poor ibo dat do claim to b a bilionaire,I pray nigeria divide next year.we are not united at all in dis country.

>:Oh my God! JonaLaTAN has finished Us! Smh!