Cosmas gets the last laugh now.

I'm sure the joker was building that stadium with money that should have serviced his loans, or worse via TAN money. We may still see him in armsgate

samobo:


Is he the only one owning?

Is otedola not indebted?,what of adenuga and dangote? Infact dangote is the biggest debtor in africa

See forget this shit, yes he is indebted but there are other ways to handle it.......to me he is being witch hunted, why have they all of a sudden remember him...somebody must be eyeing his asset...

The same way Sanusi dealt with oceanic and intercontinental banks only for it to be discovered later that saraki, sanusi and former access bank MD(cant remember his name) were behind the deal to take over those bank assets by proxy. Till today those banks that bought those asset, ask yourself how well they are doing? Considering the number of jobs that has been lost....

Well make I dey my corner dey look, Nigeria mata don tyre me...

Stupidity would not allow you to reason, CBN and AMCON release an annual list of bad debtots in Nigeria, those are people who are not meeting their debt obligations, while Adenuga was once in that list, it would seem he has corrected things and gotten out of it, Otedola I don't remember being there, Dangote has never been known to be a bad debtor and he also usually accesses capital from the international banks.

Capital oil like Bi-Courtney however has been the biggest defaulter in the history of Nigeria, these guys just borrow money and never pay back, these are the actions that forced Sanusi hand in liquidating those banks years ago, many of them were drained and could not operate effectively.

effty:
What do you really know? You call that jetty in Onitsha a port? Mind you, SS/SE companies do not account for 70% of imports. I wonder where you got all this figure you are "sharing". BTW, attend a crash course on Logistics and Transport, it will help you.

Leave the dunce, the spare parts business and fake Chinese goods import is what he is using as a measure of economic activity

tankara1010:


A lot of Nigerians are oblivious of the systematic marginalization of SE and SS. There is a reason why Onitsha, Calabar, Port Harcourt and Warri ports are not in operation or fully functional as Lagos ports despite SE and SS/energy companies accounting for nearly 70% of all imports. There is a reason why Enugu, Port Harcourt, Calabar, Asaba Airports are not as functional as Lagos, Abuja and Kano despite SE and SS accounting for nearly 75% of all international travels. Something is not right if you have conscience and ability to reason!

Guy, I bow for this your conspiracy theory o. You no even address the koko of the matter, which is that Uba has failed to repay his loans

harmony940:
Good move....but is he the only person oweing......all of them should be investigated and those found wanting should face the wrath of the law....it is only then that Buhari administration will be very transparent....

He is not the only one in the AMCON net, go ask Wale Babalakin what he has passed through(deservedly)

tankara1010:
I warned about this to SE people....they will make sure that Billion worth of Sport Complex in SE doesn't happen. They are out to cut this Igbo man to size as the largest oil distributor in Nigeria...they have been plotting this! THERE YOU HAVE IT!

A lot of Nigerians are oblivious of the systematic marginalization of SE and SS. There is a reason why Onitsha, Calabar, Port Harcourt and Warri ports are not in operation or fully functional as Lagos ports despite SE and SS/energy companies accounting for nearly 70% of all imports. There is a reason why Enugu, Port Harcourt, Calabar, Asaba Airports are not as functional as Lagos, Abuja and Kano despite SE and SS accounting for nearly 75% of all international travels. Something is not right if you have conscience and ability to reason!

It is either the governors I those states u mentioned are dead or the people that voted them in are damm stupid and silly. If your state governments cant develop ur state ,whose fault? If your governors cant lobby federal assistance for federal projects in your states but they are aggressive in lobbying and fighting for security votes which they will pocket so be it . Dont disturb us with all the marginalisation trash

fejicruz:
Soon they'll start saying "they hate us". They will choose to ignore the part of N100 billion debt.
It is the statutory duty of AMCON is buy bad debts from banks and go about recovering such debts.

There was no place in the write up where it was mentioned it was a bad debt, You have concluded it is bad debt. How much is Dangote owing in Nigeria banks??

tankara1010:
I warned about this to SE people....they will make sure that Billion worth of Sport Complex in SE doesn't happen. They are out to cut this Igbo man to size as the largest oil distributor in Nigeria...they have been plotting this! THERE YOU HAVE IT!

A lot of Nigerians are oblivious of the systematic marginalization of SE and SS. There is a reason why Onitsha, Calabar, Port Harcourt and Warri ports are not in operation or fully functional as Lagos ports despite SE and SS/energy companies accounting for nearly 70% of all imports. There is a reason why Enugu, Port Harcourt, Calabar, Asaba Airports are not as functional as Lagos, Abuja and Kano despite SE and SS accounting for nearly 75% of all international travels. Something is not right if you have conscience and ability to reason!

U peoplee are having serious problem with been a traibalistic boigot wht has this got 2 do with SE SS SW or The whole Northern Nigeria now he is facing AMCON so keep ur mouth shut if u don't have better things 2 comment or u rather pray 4 ur so called father uncle or grand pa

Otudeko and Dangote's assets should be next.

Generalyemi:
as of 2008,Ifeanyi ubah said that his account in Nigeria bank is only 15 percent of his net worth in his offshore ACCTS.. so FG pls don't waste your time on Easterners that are billions..they have learnt there lessons after the civil war...if Nigeria is for sale,7 Igbo men can buy her

Chest beating is in your dna. The rich men dont make noise, keep disgracing your tribe online.

tankara1010:
I warned about this to SE people....they will make sure that Billion worth of Sport Complex in SE doesn't happen. They are out to cut this Igbo man to size as the largest oil distributor in Nigeria...they have been plotting this! THERE YOU HAVE IT!

A lot of Nigerians are oblivious of the systematic marginalization of SE and SS. There is a reason why Onitsha, Calabar, Port Harcourt and Warri ports are not in operation or fully functional as Lagos ports despite SE and SS/energy companies accounting for nearly 70% of all imports. There is a reason why Enugu, Port Harcourt, Calabar, Asaba Airports are not as functional as Lagos, Abuja and Kano despite SE and SS accounting for nearly 75% of all international travels. Something is not right if you have conscience and ability to reason!

hope you are not in Lagos complaining about what is happening back home.

victorazy:


While Dangote should be walking on the street freely! My brothers, my sisters, this is purely fight against a particular ppl.

Its just 100 billion, let the particular people contribute the money and help him out since he took the loan to help the people.

tankara1010:
I warned about this to SE people....they will make sure that Billion worth of Sport Complex in SE doesn't happen. They are out to cut this Igbo man to size as the largest oil distributor in Nigeria...they have been plotting this! THERE YOU HAVE IT!

A lot of Nigerians are oblivious of the systematic marginalization of SE and SS. There is a reason why Onitsha, Calabar, Port Harcourt and Warri ports are not in operation or fully functional as Lagos ports despite SE and SS/energy companies accounting for nearly 70% of all imports. There is a reason why Enugu, Port Harcourt, Calabar, Asaba Airports are not as functional as Lagos, Abuja and Kano despite SE and SS accounting for nearly 75% of all international travels. Something is not right if you have conscience and ability to reason!

learn to be objective in your analysis. Your mixing issues with politics will not take you anywhere. Ifeanyi Ubah is owing banks to d tone of billions and hasn't paid. Amcon has acquired his debts which is a normal duty of Amcon. Instead of you to advise him to pay up his debts you are on nairaland throwing thrash. Most billionaires in this country are chronic debtors and take advantage of d bad policies and weak judiciary to defraud Nigerians through these banks by taking loans they don't intend repaying.

sweetgala:


Stupidity would not allow you to reason, CBN and AMCON release an annual list of bad debtots in Nigeria, those are people who are not meeting their debt obligations, while Adenuga was once in that list, it would seem he has corrected things and gotten out of it, Otedola I don't remember being there, Dangote has never been known to be a bad debtor and he also usually accesses capital from the international banks.

Capital oil like Bi-Courtney however has been the biggest defaulter in the history of Nigeria, these are guys who, these guys just borrow money and never pay back, these are the actions that forced Sanusi hand in liquidating those banks years ago, many of them were drained and could not operate effectively.

If Adenuga was once on the list, Was his company account frozen.? If you freez the company account, how will the company pay you....?

Princeizuu:
Business 101 "Business cannot strive without loans", all blue chip companies are in debt, even Nigeria, USA And UK are in debt too, even Dangote group ve it's own debt problem and ur big Europe clubs like Real Madrid, Barcelona, Man united etc, except capital oil dnt service their loan which I kn is a norm for blue chip companies. Buhari should stop all this rubbish.

Actually that is a lie, any blue chip which does not service it's loans anywhere in the world is inviting the assets management bureau of that nation, and it's owners may have to declare bankruptcy. If we all took loans we don't care to repay how would the banks function.

What do you think limited liability really means, Ubah is lucky AMCON are not coming for his private assets because even though his main source of wealth is in the red and not servicing loans, he continues to splurge at will.

If this was in Europe Capital oil would be in receivership and Ubah would be on a paltry monthly salary compared to his former wealth for at least 3 years, before he can start a business again

AntiWailer:


Thanks. Enlighten the illiterate.

Even if you enlighten them till next century,since Uba is their Brother everything goes.

Leopantro:


Its just 100 billion, let the particular people contribute the money and help him out since he took the loan to help the people.

Is obvious u lack the ability to comprehend bro.

******************Extract******************
While AMCON put the outstanding debt of Seawolf
at N160.09 billion, it listed Uwamu Adolor, Okunlola
Remi, Rasheed Mahey Rafindadi, Wessels Alwyn,
Odulami Remi, Waziri Ibrahim Dahiru and Oduntan
Adetunji, as directors of the company.


Also, the list showed that Capital Oil, which is
indebted to the corporation to the tune of N104.8
billion, has Mr. Ubah Ifeanyi Patrick, Ubah Uchenna,
Ubah Chidera Graciuos, Orji Joseph Anayo,
Chigbogu Fidelia Ezinwanne, Awodein Ayodeji
Tolulope, Usoro Nsikan Anthony, and Akerele
Oyinlade Mercy, as its directors.


Source: allafrica.com/stories/201602051007.html

Dunno why Igbos are just like this these days.

In all honesty, I've lived in the east (Enugu to be precise) and I know guys from there to be compassionate, non-sentimental and very accommodating in all ramifications. I hate to say this but I think the noise makers are those hail from the place between Enugu State and Delta State.

gretblue:

Even if you enlighten them till next century,since Uba is their Brother everything goes.

Since it is just 100 Billion.

They should contribute and pay back the money to shame AMCON.

demoore1:
There was no place in the write up where it was mentioned it was a bad debt, You have concluded it is bad debt. How much is Dangote owing in Nigeria banks??

It is a bad debt, It has been public knowledge for over 3 years that Capital oil has not been servicing it's loans as agreed with AMCON. This is not a new court issue, it has been dragging for a while and the company has been taken over more than once

fejicruz:
Being indebted doesn't make one crooked. Almost all countries in the world are indebted.

It makes you a crook if you don't service your loans but would rather splurge on other things.

Don't you think the banks deserve to have the money paid back?

AceRoyal:
Ummmmmmmm!
This is a very strong something
This is mainly political and business witch hunting.

so borrowed money should be paid back? Do you know how many people lost their life savings to bank shares disappearance that followed the crash of bankphb, afribank, oceanic etc that resulted in the creation of amcon by sanusi? Pls let's face facts.

demoore1:
If Adenuga was once on the list, Was his company account frozen.? If you freez the company account, how will the company pay you....?

AMCON don't just freeze the company account, if you've ever observed asset management, you'll know receivers are appointed to help adjust the debt repayments and if the company is just not making a profit they assist to correct that.

However with capital oil we have a company that just refuses to obey AMCON directives, does not service it's loans and has exhausted all it's alternatives. This court order is the consequence of over 3 years of disagreement with AMCON.

Once AMCON are sold your bad loans by the bank, they own you and you stop to have the full control of that company's assets and can not make a major decisions without their consent.

victorazy:


Is obvious u lack the ability to comprehend bro.

Do not use the bad business activities of a selfish individual who refused to honor his promises as a example of victimization of the Igbo people. If he wasn't from the east, nobody would make a sound. What have you as an individual benefited from him?

tankara1010:


A lot of Nigerians are oblivious of the systematic marginalization of SE and SS. There is a reason why Onitsha, Calabar, Port Harcourt and Warri ports are not in operation or fully functional as Lagos ports despite SE and SS/energy companies accounting for nearly 70% of all imports. There is a reason why Enugu, Port Harcourt, Calabar, Asaba Airports are not as functional as Lagos, Abuja and Kano despite SE and SS accounting for nearly 75% of all international travels. Something is not right if you have conscience and ability to reason!

Yes.... point fingers at everyone else without checking yourself first.

Don't you have representatives? What happened when your Man was in power?

You just pull out percentages from thin air in that side sha.

You have a point. But from the news, it was said that there have been negotiations.

blank:


It makes you a crook if you don't service your loans but would rather splurge on other things.

Don't you think the banks deserve to have the money paid back?

tankara1010:
I warned about this to SE people....they will make sure that Billion worth of Sport Complex in SE doesn't happen. They are out to cut this Igbo man to size as the largest oil distributor in Nigeria...they have been plotting this! THERE YOU HAVE IT!

A lot of Nigerians are oblivious of the systematic marginalization of SE and SS. There is a reason why Onitsha, Calabar, Port Harcourt and Warri ports are not in operation or fully functional as Lagos ports despite SE and SS/energy companies accounting for nearly 70% of all imports. There is a reason why Enugu, Port Harcourt, Calabar, Asaba Airports are not as functional as Lagos, Abuja and Kano despite SE and SS accounting for nearly 75% of all international travels. Something is not right if you have conscience and ability to reason!

You lack common sense.What does Andy ubah bad loan with amcon has to do with ss or se.Must u use regionalism or ethnicity on everything ? or is it because he is Igbo he will not pay back his loan ? mtsw

Those shouting witch-hunting should read this from Cosmos Maduka(an Igbo man)

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

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 establishment.

This has nothing to do with politics or ethnicity.

Leopantro:


Do not use the bad business activities of a selfish individual who refused to honor his promises as a example of victimization of the Igbo people. If he wasn't from the east, nobody would make a sound. What have you as an individual benefited from him?

My brother, am not expecting anything from him because he is not my father, even if he is.

There is a fight going on in Nigeria that most ppl don't know about, Buhari and co are not to be trusted.

Na wa o

tankara1010:
I warned about this to SE people....they will make sure that Billion worth of Sport Complex in SE doesn't happen. They are out to cut this Igbo man to size as the largest oil distributor in Nigeria...they have been plotting this! THERE YOU HAVE IT!

A lot of Nigerians are oblivious of the systematic marginalization of SE and SS. There is a reason why Onitsha, Calabar, Port Harcourt and Warri ports are not in operation or fully functional as Lagos ports despite SE and SS/energy companies accounting for nearly 70% of all imports. There is a reason why Enugu, Port Harcourt, Calabar, Asaba Airports are not as functional as Lagos, Abuja and Kano despite SE and SS accounting for nearly 75% of all international travels. Something is not right if you have conscience and ability to reason!

I don't know why people can't just say the truth as they see it. We always do this nonessential tribalism shit.
Obviously, the SS and SE youths are still savages that's why no private investor or even government would be willing to invest in such infrastructure.
How many times do u hear white people being kidnapped in lagos? And you see white guys living freely in vi, freely going for shopping at the palms et al. Try dat in ph or Warri and nobody needs to tell you how it will end.

The earlier the SS and SE youth wake up, the better. These areas are still prone to lots of community and wahala and all sorts of shit which can not allow any normal thinking individual invest there. Period!!!

tankara1010:
I warned about this to SE people....they will make sure that Billion worth of Sport Complex in SE doesn't happen. They are out to cut this Igbo man to size as the largest oil distributor in Nigeria...they have been plotting this! THERE YOU HAVE IT!

A lot of Nigerians are oblivious of the systematic marginalization of SE and SS. There is a reason why Onitsha, Calabar, Port Harcourt and Warri ports are not in operation or fully functional as Lagos ports despite SE and SS/energy companies accounting for nearly 70% of all imports. There is a reason why Enugu, Port Harcourt, Calabar, Asaba Airports are not as functional as Lagos, Abuja and Kano despite SE and SS accounting for nearly 75% of all international travels. Something is not right if you have conscience and ability to reason!

You need to read that article all over again and stop being over sentimental