₦airaland Forum

omenka:
"Truth slapping" me? How??. What exactly have you succeeded in explaining Honestly I'm confused here.

The aim of your thread has been completely defeated. No amount of dry raking will change it. Next time do some due diligence before opening your mouth.

poiZon:
abeg make I bring my notebook n joystick, I dey come

datolee:
You get mouth ooh bro.. I hope say the fresh air train is air-conditioned.. last bustop nah 2019

omenka:
And atlwireless resorts to spamming. Smh.

The truth is now slapping you.

By the way, Mr Ubah will be at high table tomorrow as Goodluck ebele Jonathan announces his reelection.

Eyah, una don suffer die for this country with bad belle.

OP open your next thread, make we help carry enter front page.



The fresh air express is riding high to 2019. You either get in or you will get crushed.

http://www.thenigerianvoice.com/news/127019/1/why-we-took-over-capital-oil-8211-amcon.html


IN what seems like an effort to clear the air on the controversies generated by the recent takeover of Capital Oil and Gas Industry,

The Assets Management Corporation of Nigeria (AMCON) has offered explanation on why it took over the operations of Capital Oil and Gas Industry.

oil firm for the next two years. Based on the takeover, owner of the company, Dr. Ifeanyi Ubah, who is the governorship candidate of the Labour Party candidate in the November 16, 2013 election in Anambra State, has been greatly criticized in a section of the media for his 'inability to manage his establishment.'

Head of Corporate Communications of AMCON Kayode Lambo, explained that the corporation did not seize Capital Oil, but is managing it for a two year period to enable it recover the debt the company owes and, thereafter hand back the company to Ubah.

The take over came at inauspicious time for the owner of the company, Dr. Ifeanyi Ubah, who is the governorship candidate of the Labour Party candidate in the November 16, 2013 election in Anambra State.

His opponents in the election have latched on this development to portray as an ineffective leader who could not manage even his own company.

Lambo explained that Capital Oil is not the only company where AMCON is involved in a rescue operation.

'AMCON is involved in the operations of most of the banks, manufacturing companies and airlines operating in Nigeria,' he claimed.

Giving an overview of AMCON's interventions, the Managing Director and Chief Executive Officer of AMCON Mustapha Chike-Obi, said that AMCON have had to think about the consequences of its interventions, not just on one group of people, but on the economy as a whole.

'AMCON considered unemployment of young people in its activities; the corporation is conscious of anything that will create employment opportunities for young people, as well as promote business that has chances of survival.

He said that AMCON's style of intervention ensured that security is provided for performing loans of companies.'

According to Chile-Obi, Arik Air, for instance, owes AMCON N70 billion but because it has aircrafts worth N75 billion, AMCON decided to come in and assist in its operations.

'If AMCON had refused to come into the picture, which would not have made any good business sense, the airline which does 65 percent of the country's domestic air travels, may not have been in operation today. AMCON is aware that Arik Air has a credit from NEXIM Bank, and any attempt to handle her case without care would be disastrous to the country's image, and the situation could lead to a job loss of between 10,000 and 20,000 directly and indirectly.'

He also said that in the manufacturing sector, for instance, out of the 15 biggest companies, AMCON is involved in 10 of them, and in the downstream oil sector, out of the 10 biggest depots, AMCON is involved in eight.

AMCON Takes Over Management of Capital Oil and Gas Industries

The Asset Management Corporation of Nigeria (AMCON) which was established as a resolution vehicle to help stabilize and revitalize the Nigerian banking system and economy acquired Capital Oil and Gas’s (COG) outstanding facilities from various banks.
Following discussions with COG, a resolution was reached which was subsequently adopted as terms of settlement in suit number FHC/ABJ/CS/714/2012 at the Federal High Court. One of the key conditions of this settlement is that AMCON takes over executive management of COG for a period of two years.
Dr. Patrick Ifeanyi Ubah, The erstwhile Managing Director/Chief Executive Officer has consequently relinquished his role as head of the organization. In the interim, AMCON has appointed an acting Managing Director to ensure accountability and continuity of operations.
AMCON’s takeover of the executive management of COG within the two year time frame will:-
1. Stabilize COG. AMCON plans to ensure seamless operations at COG thereby facilitating optimal performance.
2. Support and drive the turnaround of the company’s operations in order to meet various timelines and goals set by COG’s board of directors and AMCON.
This change of management was effected on June 21, 2013.

http://amcon.com.ng/MediaCenter/AMCON-Takes-Over-Management-of-Capital-Oil-and-Gas.aspx

omenka:
Now it is coming down to semantics!

One sticking question remains: Where did AMCON say the company would be returned to IFEANYI UBA after two years??

Come on guys, you gotta do better than this.

You can't read or what?

within
[with-in, with-] Spell Syllables
Examples Word Origin
adverb
1.
in or into the interior or inner part; inside.
2.
in or into a house, building, etc.; indoors:
The fire was burning on the hearth within.
3.
on, or as regards, the inside; internally.
4.
inside an enclosed place, area, room, etc.:
He was startled by a cry from within.
5.
in the mind, heart, or soul; inwardly.
preposition
6.
in or into the interior of or the parts or space enclosed by:
within city walls.
7.
inside of; in.
8.
in the compass or limits of; not beyond:
within view; to live within one's income.
9.
at or to some point not beyond, as in length or distance; not farther than:
within a radius of a mile.
10.
at or to some amount or degree not exceeding:
within two degrees of freezing.
11.
in the course or period of, as in time:
within one's memory; within three minutes.
12.
inside of the limits fixed or required by; not transgressing:
within the law.



http://dictionary.reference.com/browse/within

AMCON said its takeover of the executive management of the COG within the two-year timeframe would stabilise the company, adding that it planned to ensure seamless operations at the company.

The agency added that it would, within the two years, “drive the turnaround of the company’s operations in order to meet various timelines and goals set by COG’s board of directors and AMCON.”



What is the meaning of within two years?


http://www.punchng.com/business/business-economy/amcon-takes-over-ifeanyi-ubahs-capital-oil/

Achievement so far


http://amcon.com.ng/About-our-work.aspx

omenka:
We should ask a lawyer in this case, but you never asked anyone to ask a lawyer when the question about Fela's sentencing came up. What wonderful logic!

The judge involved answered whatever question you might have. Abi, na lie I talk?

datolee:
Don't mind this people, what is the relationship between AMCON and subsidy fraud? I really don't know what it profits this people to keep deceiving the public with their lies.

This is a quote from AMCON when they took over Capital oil



They won't get their priority right other than spreading lies and cheap propaganda

What will they do without cheap propaganda?

egift:
Two investigative Panels by the Ministry of Finance and the President himself. The Question here is why is he not in jail, instead of getting rewarded in multi-billions?

And if you cite "Amicable Settlements" what are they. What happen to the initial offense of defrauding Nigeria, collecting subsidy money for Oil he did not import and for using his company as a Front to Scamming Nigeria?

What is the punishment in that Amicable Agreement?

This is not a computation analysis question!!! alias our last thread. You are a master of the English language, why not engage your thought process and seek out the legal meaning of Amicable agreement. It will do you some good.

Nigeria attracted $59bn pipeline local and foreign direct investments within three years, while her economic base diversified significantly in the same period, Olusegun Aganga, minister of industry, trade and investment has said.

Aganga said this feat was possible because the far-reaching industrial policies initiated by the ministry, in line with the Transformation Agenda of President Goodluck Jonathan, had made the country a destination of choice for investment.

The minister made the observations at the 4th Annual Seminar for Industry, Trade and Investment Correspondents and Business Editors, in Abuja at the weekend.

He further said the report of the United Nations Conference on Trade and Development had ranked Nigeria as the number one destination for investment for two consecutive years, with the country maintaining its top three position last year.

He added, “If you look at pipeline investments that have come into the country within the last three years, we have a minimum of $59billion coming into the different sectors of the economy over the next five to eight years.

“This does not include the investments that are coming into the power sector. If you look at the value chain, we have about $60billion in investments going into the power sector.

“Out of the $59billion that I talked about, about, $12bn is going into the integrated petrochemical plant.

“This means that if that petrochemical plant comes on stream as planned by 2018, there will be no need for the country to import refined petroleum products, and that will be a big boost towards the economic diversification of the country.”

He added, “Also, a lot investments are going into fertilizer and ethanol plants and agribusiness, such as sugarcane to sugar, rice mills and cement, among others.

“We have new investments going into the automobile sector, due to the implementation of the Nigerian Automotive Industry Development Plan, which is a major component of the Nigeria Industrial Revolution Plan.”

The minister said the increased investment focus on Nigeria, as well as sound policies across all sectors of the economy, had helped to create more employment and increase the capacity utilisation of key manufacturing sectors.

He added that unlike in the past, when there was no comprehensive and co-ordinated industrial policy for the country, the Nigeria Industrial Revolution Plan had been developed to co-ordinate government’s plans in this direction.

Aganga stated, “President Goodluck Jonathan in February 2013, launched the Nigeria Industrial Revolution Plan as a major game-changer. This was based on the principle that no nation has successfully moved from being a poor to a rich nation without a robust industrial and services sector.

“In 2011, we did not have a comprehensive automotive policy on the ground. Today, in the automotive sector, over 22 companies have signed technical commitments to manufacturing or assembling cars in Nigeria.”

He added that the manufacturing capacity utilisation for the automotive sector had also increased by 40 per cent, while investment in sugar cane had risen from $100m in 2011 to N3.2billion today.

In the cement sector, the minister said MITI, under President Jonathan, had made significant progress, with installed capacity currently at 39.5million metric tonnes, up from 16.5million metric tonnes per annum in 2011.

Aganga said, “In 2011, the installed capacity in the cement sector was 16.5 million metric tonnes per annum. Today, it is 39.5 million metric tonnes. When we came in, there were about $9 billion investment in the cement sector, but today, it is more than $15billion. “In 2011, the direct and indirect jobs from the cement sector were less than 600. Today, the sector provides about 2.2 million direct and indirect jobs.”

According to him, unlike in the past when there was heavy importation of cement, since 2013, the administration of President Goodluck Jonathan has not issued any import licence. “Our main focus for the cement sector, going forward, is to improve the standard of cement and to bring the price down. Cement manufacturers must do it because we do not do price regulation.

“There was an announcement a few days ago that one of the cement manufacturers is bringing down the price of its 32.5 by 40 per cent from N1,700 per bag to N1,000. The 42.5 is coming down from around N1,800 to about N1, 150 per bag”.

He added, “There have been complaints about what is happening in the sector. But Nigerians should not worry because we know what we are doing. We have a competition policy, we have anti-trust law that we are looking at and we have a competition Bill that is going to the National Assembly.

“We will make sure that industrialists and investors across the country continue to have the confidence that everyone will play on a level playing ground.”



http://businessdayonline.com/2014/11/nigeria-attracts-59bn-investment-in-3-years-as-economy-diversifies-aganga

omenka:
Oga, your kite isn't flying, too many holes on it. My question remains unanswered.

It is a damn shame Seun has yet to take this to the fp. Damn shame.

You have no question.

egift:
Did the [b]"amicable settlement" [/b]include PUNISHMENT for his role in the Subsidy Scam?

The investigation panel set up by the Ministry of Finance on Fuel Subsidy payments indicted Mr Uba, Jonathan ignored it refused to take action. Then constituted another panel headed by Mr Aigboje - they too came to the same finding that Mr. Ifeanyi Uba defrauded this nation.

I therefore find it very had to understand why someone is trying to exonerate Jonathan's endorsement of Corruption and continuation of his Stealing-Is-Not-Corruption policies.

Ask a lawyer to explain what "amicable settlement" means in Nigeria's legal jurisprudence.

omenka:
Now look at this:



Where was he absolved of fraudulently receiving subsidy payments in the report you quoted above??

Don't be silly boy.

An earlier statement by Lambo announcing the return of Capital Oil Group to Ubah, linked the development was sequel to “amicable settlement of all pending legal disputes between the parties.

shizzleStar:
you even bothered yourself...i swear the op is one pathetic and frustrated loser

idiiott!

There are gullible children reading threads on this forum, they need the other side. The OP is not worth my time.

Nigeria: Jubilation As AMCON Returns Ownership of Capital Oil to Ubah


By Chuks Collins
Awka — IT was all wild jubilation and excitement all over major cities of Anambra State yesterday when news of the return of the oil giant-Capital Oil Group to its owner and proprietor, Dr. Patrick Ifeanyi Ubah, was broken.

According to information made available to journalists in Awka, the Assets Management Corporation of Nigeria (AMCON) has formally announced the return and restoration of all rights, privileges, management and ownership of the oil company to Ubah with immediate effect.

A statement by Chairman of AMCON, Alhaji Aliyu Kola Belgore and signed by the group's Head of Communications, Strategy and Research, Kayode Lambo, said the positive development was sequel to "amicable settlement of all pending legal disputes between the parties."

The statement said: "Consequent upon this settlement, Chief Patrick Ifeanyi Ubah will be resuming his role as the Managing Director /Chief Executive Officer of Capital Oil and Gas Group.

"His resumption as the MD/CEO of Capital Oil/Gas brings to an end the management of Capital Oil/Gas by AMCON..."

While a call to Ubah was answered by one of his aides who declined comments but politely said that his boss was in a "crucial management meeting" in Abuja, telephone calls to both Belgore and Lambo rang out without any response.

In a reaction over the development, a political icon in Anambra, Mr. Maduka Okoye, who spoke with journalists in Awka, described it as a welcome development, saying that no one can manage a project that emanated from years of sweat, hardwork and systematic planning better than the owner/ visioner.



He pointed out that the latest move by AMCON will allow the Capital Oil and Gas group get better attention and positioned to take its pride of place in the down stream sector of the industry.

Okoye said that thousands of individuals who were relieved of their jobs because of the face-off can now heave a big sigh of relief because of the renewed hope of getting recalled back to the oil company.

Also, an Onitsha-based businesswoman, Mrs. Edith Anukwu, urged all parties to crises to maintain a cordial relationship after a peaceful and permanent resolution of all the pending issues in the true spirit of patriotism and brotherliness so that the giant oil company will not be made to suffer again.

The young business contractor commended Ubah who she described as a personification of a useful industry who has become a mighty Iroko tree that provides shades to many.

She said: "All the good people of Nigeria, particularly the youths, are very happy for this development because we fully appreciate the net effect of the empowerment of a single individual on his immediate and extended family as well as the entire society. It is our hope and prayer that this peace initiative would be allowed to see the light of the day. We are indeed very happy and words will not be enough to express our happiness." Anukwu enthused.

An Okada rider said he was personally happy because he now looks forward to the usual free petrol all Capital Oil sales outlets supply to commuter okada riders and buses.

An executive of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Adeyemo Ojo, told journalists in Awka that it has restored the trust his organisation has in the Federal Government and her agencies as agents of positive development.

http://allafrica.com/stories/201411060879.html

06 November 2014, Lagos - The Asset management company of Nigeria, AMCON, has handed over of Capital Oil Group to Ifeanyi Ubah, after amicable settlement of all outstanding issues between both parties.

The has also debunked what it described as “some false statements,” including sacking of some staff.

In a terse statement, by Kayode Lambo, AMCON’s spokesman, said “the insinuation that AMCON may have laid off staff is incorrect. Capital Oil may be referring to possible loss of jobs down its own supply chain that may have been affected when there was a stand-off while the court order obtained by Amcon was being contested by Capital Oil itself.”

An earlier statement by Lambo announcing the return of Capital Oil Group to Ubah, linked the development was sequel to “amicable settlement of all pending legal disputes between the parties.

“Cosequent upon this settlement, Chief Patrick Ifeanyi Ubah will be resuming his role as the Managing Director /Chief Executive Officer of Capital Oil and Gas Group.

“His resumption as the MD/CEO of Capital Oil/Gas brings to an end the management of Capital Oil/Gas by AMCON… “, the statement added.

http://www.sweetcrudereports.com/2014/11/06/amcon-returns-capital-oil-to-ifeanyi-ubah/

erico2k2:
Good attitude.Till they realize they re killing themselves

Don't mind the ediot, he wants my brother/sister to come protect his sorry asss in his village. After 4 years, this mugus cannot decapitate all these maggots in their mist. He's online crying for government to come save his coward asss,

sucess001:
the eediot cannot read sef...

wasting my time trying to educate the illiterate...

get anoda job...living on defending a clueless politician is a sad way to waste the prime of your youth...

i could help rehabilitate you if you show enuf humility...

Come to my village and explode a bomb, I don't need the Nigerian police, army or politicians, to settle scores with you and your entire household forever

Again, kill yourself, Nigerians don't really care.

sucess001:
Yet again..I marvel at your glorified idiottcy.

4 ur 411, am a yoruba man. and trust me, i got more brains dan your whole lineague combined...cos i notice you dont have a lot of it.

And ho are the "Nigerians that have moved on already"? people are dying and you say "Nobody really gives a crap?...

If anyone has told you you are brainless, he is lying, you are worse dan dt...you r beyond insane...

Bla, bla, bla, kill yourselves for how long you want. You people are very good with noise. Nigerians don waka commot. Come to my village and explode a bomb, you will see the difference.

bushdoc9919:


I just dey laff.

You know nothing about life in the North!

Look....there is armed robbery in the North, there are terror attacks in the North. There is kidnapping in the North. Murders happen on the North. And so on.

And to face all this...we need a well armed , equiped state Police, not a morals code police!

(Infact, the Hisbah cannot enforce criminal laws.They cannot investigate crimes. They cannot inestigate a murder , or a terror attack ebncause they are not equiped to do so....or even empowered to do so...in case you did not know.So they are not a police force.!).

I guess the cost implications of the State police are sinking in....that is why you are trying to pass off Hisbah as state Police. Nonsense.

Look.....if you want a state Police....you have to pay for it. And since you Nigerians don't like paying taxes because you think that you are sitting on a big pot of oil money.....you will either end up with a poorly equiped state Police....or you would prefer the Status quo ante.

Nigeria is not ready for state Police. Better accept the fact.

And if you want state police...then go and make your leaders develop our country into an industrial superpower like Japan and South Korea....and then we will have enough kudi for state police....and enough people in employment.

You are just making too much noise. Some parts of north has state police already. Fact.

sucess001:
How stewpid can you be?

For your 411...I live and work in Lagos.

and for your further 411, there has been a bomb blast in the past in Apapa, Lagos credited to Boko Haram

Jonathan is the president of Nigeria, not southwest you senseless morron!

its his duty to protest all and sundry.

Insults and inanity should be sent the way of Boko haram and their supporter like you. You people are not smart. Nigerians moved on already. if you like explode a nuclear bomb in your pants. Nobody really gives a crap.

cramjones:
He is much more than a coward

Look at this crass transgender, Nobi here your noise finish. Show face for Abuja tomorrow and make noise

bushdoc9919:


The Hisbah basically enforce things like the anti-alcohol code...and moral codes.

A proper police force investigates far more serious things than your local Hisbah force( That is why Saudi Arabia still has a proper police force, despite having a Sharia police).

And for a Police force to fight crime it needs arms (which the Hisbah cannot carry), forensic labs, specialists, vehicles, surviellance equipment, radios and very good training facilities (not the mess we saw in Ikeja some time ago). And decent salaries....paying a man who would face armed robbers less than 40000 naira a month is not going to make him motivated!

And all that costs money....and unless you want your state to tax everyone at ultra high levels...most states won't be able to afford a state police.

That is state police in northern Nigeria. They enforce moral code. What does the law regulate again?

sucess001:
you think there aint pple who want to bomb people in the US?

the difference is that the US or other countries dont have mugus as presidents! we have a security unit paid for my Nigerians and controlled by this same Mugu...so if you cant think because you wanna just suport him blindly...i can only wish you similar experience to these yobe victims...mad senseless e-psycophants!

Why are people not walking into schools and bombing themselves in Lagos, Oyo, Ogun, Rivers, Delta, etc? Why are people not waylaid in markets and roads in Osun, Edo, Cross river kwara etc and killed like goats ? Abi, the mumu President of Nigeria is only the mumu President of the Northern Alamiris?

The police in Lagos, where crime should be higher is doing a very good job protecting citizens, yet your 20 people villages in the north are more dangerous than a street on southside Chicago. You people need to stop smoking that cheap weed you guys smoke.

Nobody can stop you from killing yourselves, never happened anywhere in the world. When you are tired, you will stop.

bushdoc9919:
The Northern leaders are against state police because

1.They know they would be the ones to fund it...(and that is the same problem many Southerners too would realise when the bill for the State police comes in). State police costs a whole lot of money...and most states, including those calling for state police cannot afford it.

2.State police in a region with some of the worst religious violence over the last thrity years? That's asking for anarchy. In a Muslim-Christian fight in Plateau, would a Muslim feel comfy with a mainly Christian state Police? And if the same thing happens in Kano, would a Christian feel comfy with a Muslim state police?

Nigeria is not ready for State Police. Because we are an oil dependent society. We have to make our leaders work for us to become an industrial society so that we can have the GDP needed to fund and equip a state Police....and a large number of people in employment so that they won't have time for My religion is better than yours games.

Most Northern states have state police already, they are called Sharia enforcers.

voltron:
We all know what has happened after that.. NOTHING besides NDDC wasting 12% derivation from the Federal Budget and Asari Dokubo and his likes washing in millions of $$$$.. Ken Saro Wiwa will feel at home should he wake up today to see what has happened. NOTHING

How many trillions did you waste in your dump called Nigeria?

http://www.economist.com/news/middle-east-and-africa/21627646-africas-lodestar-nation-has-weathered-ebola-extremist-takeover-has-exposed

"If they were independent countries, some of Nigeria’s northern states would rank bottom globally in terms of development, even though the country is the seventh-biggest oil producer in OPEC. Nowhere else in the world are more children out of school. Fewer than 5% of women in some parts can read or write. Estimates put three out of four residents in the north-east below the poverty line, around twice as many as at the southern end of the country. “Boko Haram is a reflection of the deeper crisis in the"

BlackTechnology:
Keep killing yourselves for power you won't get till 2019

They think they can blackmail this country. Unfortunately, they are sadly mistaken.