SENATOR IFEANYI UBAH TOPS LIST OF MOST INDEBTED AFRICAN-The Coast Co.

Senator Ifeanyi Ubah, the Chief Executive Officer of Capital Oil and Gas LTD, also a Senator of the Federal Republic of Nigeria representing the good people of Anambra South Senatorial zone is in the news again but for the wrong reason. A consulting company, The coast Co. based in Johannesburg, South Africa recently conducted a survey that profiled "Most Indebted Companies in Africa With the Biggest and Insolvent Debts " in which Capital Oil and Gas LTD owned by Senator Ifeanyi Ubah came first as the most indebted company in Africa.

Capital Oil and Gas LTD is solely owned by Dr. Ifeanyi Ubah, a business man and politician from Nnewi, a town in Anambra State in the Southeast region in Nigeria. It is estimated that Ifeanyi Ubah owes the Federal Government of Nigeria the total sum of One hundred and fifteen billion, Nine Hundred and Fifty Two Million, One Hundred and Fifty Thousand Two Hundred and Sixty Five Naira, Ninety Two Kobo. (N115,952,152,265.92) excluding calculated accrued interests.

In addition, he is owing his staff in Capital Oil and Gas LTD, his newspaper company, Authority Newspapers and other companies under his conglomerate the total sum of One Hundred and Five Billion, Seven Hundred and thirty Million, Three Hundred and Forty Thousand, Two Hundred and Seventy Five Naira. Naira (105,730,340,275.00) representing two and half years of non payment of salaries in all Companies owned by him

This is not a good news for Nigeria. The Coast Co. also awarded to Senator Ifeanyi Ubah the owner of the most insolvent Companies in Africa. What this means is that Senator Ifeanyi Ubah is adjudged not capable to manage businesses successfully for a certain period of time. It is confirmed that capital Oil and Gas LTD since after its establishment has been surviving on oil round tripping business which characterised the modus operandi of doing oil business during the previous government in Nigeria under former president Goodluck Jonathan. Since the return of sanity in the Oil sector in Nigeria under the present government of President Muhammadu Buhari, companies like Capital Oil and Gas LTD could not remain afloat and cannot meet running cost obligations and can't pay salaries because there is no sleezy business anymore.

Presently, Senator Ifeanyi Ubah, the owner of Capital Oil and Gas LTD is under intense pressure to sell off some of his companies so as to raise money and pay off accrued debts. It is clearly evident that the desperation been shown by Senator Ifeanyi Ubah in planning to run for the post of the governor of his state, Anambra in Southeast Nigeria is because he hope to pay his huge debt with Anambra State's funds.

It is true that the Vice President of Federal Republic of Nigeria has set up a Taskforce on the recovery of debts by some chronic debtors in Nigeria. It is also true that Senator Ifeanyi Ubah tops the list of debtors in Nigeria. See the below link for confirmation of the debt profile of Senator Ifeanyi Ubah:
https://www.thecable.ng/full-list-ifeanyi-ubah-jimoh-ibrahim-kashamu-20-amcon-biggest-debts/amp

As the country Nigeria continues to deepen it's democracy, laws that will stop chronic debtors like Senator Ifeanyi Ubah whose interest of going into active politics is to siphon public money to pay his huge debts should be enacted.

News Channel
South Africa.

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