₦airaland Forum

ballabriggs: lol Firstly, you are talking to a Chartered Accountant with 5 years industry experience.

So did Cosmos analyse the financial position of Capital Oil before agreeing to do business with him? Did he examine the corporate structure of Capital Oil before agreeing to the deal? These are the things you look at before making your decision. To agree to take a loan of such magnitude without examining these issues is in itself criminal. A mere peep into Capital Oils books will tell you this is not an organisation you help secure a loan of over 25 billion naira!

I don't know what the corporate governance regime is in Nigeria. However, in my base here it is against best practice that a Director will obtain a loan from the organisation which he is a part of. I also find curious that Sanusi and the CBN have not modified regulations to meet global best practice. What the hell do we think we are doing? Gambling with peoples pension and savings? It should not be that a Director will be allowed to obtain a loan from an organisation which he directs.

lol (I am really laughing at the chartered accountant with 5 years experience and who wants me to believe the window dressing financial statements of most companies. Locally made and impaired like most goodwill of companies claiming they have brand name. Your 5 years, which is considerably small, must have been gained remotely. I will ignore your ignorance probably you did not read Cosmas Maduka's interview with ThisDay. The loan was a product finance loan (short-term loan), they were not disbursing a capital finance loan (as we dey call am sharp sharp money). Please go and read the interview and come back to me. What do you know about Corporate Governance? Nlanders running mouths (in my base). All director (Executive & NEDs) borrow from the organisation that they work for. You claim to be a Chartered Accountant and yet do not understand the BUSINESS ENTITY CONCEPT. Sorry I forgot you have 5 years experiences.

sunnyeinstein: "seek that which makes her became a lesbian and do your best to creat an impact positively in her instead of condemning"! My ass! Guy, go suck a dick!!! U r fucking wasting ur gayish time

A true lesbian never changes because she enjoys her sexual orientation. What you have been associating yourself with are bisexuals and frustrated ladies (sorry).

ballabriggs: Should a Non-Executive Director even obtain a loan from the bank which he ought to have a scrutinizing role on the board? Is that best practice?

They deserve whatever they got.

Now when people tell you to go and study accounting you will refuse. Business-wise Cosmas did not borrow the money, Coscharis Capital Oil did, regardless of the fact that he sits on the board of both companies. True, directors and non-directors can borrow and where they have an interest in another company, this should be declared. No CBN Act refuses any director or NED not to borrow but there must be scrutiny (for example, Management Credit Committee cannot advance a loan greater than its approval limit). FYI, banks do not lend to you based on security but based on the nature of business. However, it is a regulatory requirement under BOFIA 1991 (revised 2009) that banks should ensure there is security for any loan advanced to customers. Negative pledge is a world-wide practise (a lot of blue-chip or what you call multinationals borrow based on that). Dangote borrows on Negative Pledge. Cosmas Maduka has not said he cannot paid, the issue on ground is that the vessel (consignment) is missing?

If you do an independent review of the transaction, you will see that in all genuineness, it is a business worth doing for the growth of all interested parties. However, certain persons decided to be smart as they always are, which to me is just plain stupidity. Ifeanyi is running his mouth, he has forgotten that he did a personal guarantee for Cosmas Capital Oil. Such a foolish man.

Sealeddeal: Are u in support of Maduka and Acess bank? Ifeanyi Uba is a lucky billionaire who got his wealth from hardwork and luck. Do u know anything about Maduka(Coscharis)? Dont let me say it here. This is what is called 'eating of brother's flesh'. Maduka is greedy and being motivated by Politics especially those that are bent on destroying Ubas reputation.

If you don't know anything about someone why say stuff about the person. Cosmas Maduka has a book about himself, go and get yourself a copy. The Ifeanyi Ubah I know is nothing but a crook. He has been blacklisted from loan receipts and that alone should tell you about the nature of such man.

ballabriggs: Why should they not takeover Capital Oil? An organisation that is highly geared and is struggling to fulfill its obligations to its creditors. If they want to takeover it they should. He was unable to get further credit from Banks due to his poor rating and then he connived with Maduka, a Director at Access, to front for him to secure loans.

Sincerely, if truly he defrauded Maduka, Maduka deserves it. Such mistakes are inexcusable.

You are of sound mind. He did not tell us why AMCON is after him and why CBN blacklisted him. All he was saying was a company strategize for national interest (something he crammed. if he truly knows what national interest means). He should be thinking of paying his debts because the Aig I know will chase him to the last.

ballabriggs: Now look at Maduka. A Director at Access bank, also able to get a loan of about 25 billion naira. Where is corporate governance? Where is corporate ethics? I hope the guys at CBN have their eye open to this.

If you are a shareholder of Access Bank and you have not started dumping your shares in the market, I pity you. Such a bank where ethics is lacking is bound to go down.

My friend shut up if you don't know anything about banking. Stop making silly comments.

omosexy1: “Access Bank is the consignee of all the vessels imported. Therefore, if they are accusing of fraud, then it is all of us together,” he added.

Ifeanyi haba, that means you are fraudulent

Cyberknight: Depending on the field of activity in question. And the so-called vocational trades are not really generally well-remunerated, are they? My tailor (or fashion designer, if you will) makes money,but do tailors generally do so? My mechanic (or automobile technician) is good, and has been in the business for amlost 20 years, and I believe he earns a decent income, but how many of them do you see affording the cars they repair? my barber (or hair grooming specialist) rips me off at 400 bucks a cut, but I don't think that all barbers do that well. My plumber (or piping specialist) is very, very good, but despises plumbing and went to part-time university to get a degree (in agricultural engineering). I think that the vocational trades are not as well remunerated in Naija as they are abroad.

It all depends on the individual. Many of them are comfortable with the income they make. Some ain't and they tend to do better. Your barber can actually own 4 barbing salons if he chooses to. Its all about the entrepreneur spirit in the individual

Is there any video clip. I need to watch the dubious guy talk. First he needs to pay his debt. I wonder why he is not in jail and he is granting interviews

Arrrrgh..... this guy is my friend oh. I am on my way to St. Nicholas. Thank God he is not dead. Such a nice guy. What is wrong with the Police

lovetterrison: First to comment dancing gana stlye

You must be a kid

omosexy1: This practice is common in Nigeria. Greed and Selfishness. Now I hear Capital Oil is selling Kerosene at N50/litre. I guess to pay his debt.

Ubah should pay his debt and hide his face

geeez: Ifeanyi Ubah is just like Anajemba, Nwude and the rest of them but Cosmos Maduka was greedy in this deal and doesn't sound like the Mr. Maduka I know

Well it's a Igbo thing. These guys can never be trusted

Will I say Cosmas Maduka was greedy? Like he admitted his emotions got a better part of him and he felt he was helping his kinsman. Well if you have ever gone to Capital Oil at Ibafon you too would be convince at the infrastructures there. Cosmas did not do enough homework. He would have called Funke and Uju. Uju is still threatening to close capital oil down

I got interested in this story for a lot of reasons. I recently watched an interview on AIT on the Aig-Imoukhuede Oil Subsidy report and one of the presenter specifically said that Aig intend to take over Capital Oil and thus indicted Ifeanyi Ubah as part of the subsidy thieves. However, from this interview with Cosmas Maduka, the details are just so precise. I also read the story with interest and asked myself - While would a man like Ifeanyi Ubah blow up an opportunity people would even kill to have. To obtain facility from a bank in this country is hard, and to have someone like Cosmas Maduka stand behind you, JESUS he would have gone places. Greed is really a disease.

Your brother dey enjoy for dream oh

Gracious10: Please read my post properly.

Yes this started 36 days ago but I have also had the ability to see things in my dreams since I was a child although the things I see are impending danger about to occur so I stopped informing people of what I see in dreams. I have never being confused of my dreams but this new one is scaring.

Now this one started clearly, I don't need to sleep to see it, I just see through that person as long as that individual is insight and close by, I also get to see people with beautiful hearts as well.

What happened to the diverse gifts written in the bible? I hate being in the spotlight and this isnt just welcoming.

Guy you have been able to harness your gift. Use it for the good of mankind. Please and please don't form a church and start collecting money, your gift will diminish. I used to know a guy back in the university. He would tell you the name of your girlfriend by just looking at you and he doesn't know you. We all have these gifts but many of us don allow this world carry us away. Continue with the things you do normally and be more spiritual. I guess for you to start seeing these day dreams means you are maturing and with time your gift would grow and more will be added to you. However, the moment you go commercial just FORGET AM.

collinsfbi: I am sorry for replying late but to be sincere with you, there is high rate of unemployment in SA and it's a great disadvantage for foreigners seeking employment opportunities in SA except for some science professionals such as medical doctors/nurses etc. I don't want to discourage you but if you are so much interested in coming to SA, you can try GIBS business school of University of Pretoria if you are afraid of going to Cape Town. There is possibility of getting a job even while schooling but UNIP is very expensive (95% white) and there are various elements of racism, aside these, I can assure you that you will enjoy UNIP. On the other hand, if your major motif is coming to get a job, pls stay back because the story maybe the other way round.

Gbamm over n out

Thanks for your reply. However, GSB is the only African Business School in Financial Times Ranking for 5 years in a role. Anyways I want to increase my chances as a business leader. Business School are suppose to provide for Internship but I don't know about GSB. Collins guy you suppose know set man need better job. What do you mean about if I am afraid of going to Cape Town? My major motive is to attend a recognise business school that will not tear my pocket, meet people and network. Likewise, increase my opportunities for better jobs (honest truth)

@Collins (I wonder how you know so much about South African - very nice). Anyways I want to do an MBA program with GSB Cape Town but I am held back because of this "Nigerian Factor" - You know the negative things, Crime Rate and also the No Jobs in S.A. I want you to be truthful to me, what are the possibilities of me having a job in South Africa after the program. I currently have an ACCA Qualification. Be honest with me. I pray you reply on time so that I can kick start (initiate) the process. The school has been sending me numerous emails and SMS. Many thanks

mazaje: And where is her own respect for her husband?. . .Why the double standard?. . .He could have avoided it how?. . .The woman came down screaming and cursing. Next thing slap from no where. . .He called her by name and she slapped him again and asked him if there is anything he could do. . .What was she thinking?. . .If my wife does the same and she gets the same treatment then she FULLY DESERVES it. If I do the same and get the same treatment then I also FULLY DESERVE it. . .He wasn't trying to discipline here, he acted out of anger and he ended up teaching her a lesson. The husband did not go out of his way to fight his brother knowing the type of woman he has as wife. The lady and her BIL are not in speaking terms uptil now but her husband and his brother are very much as close as they used to be. He apologized to the brother after everything. . .I just don't get this nonsense double standard that a man should NEVER hit a woman no matter what, even if she hits him. . .What the hell is that?. . .If you don't want any body to hit you then don't go about hitting people. . .If you do you will be hit back. . .That is how the world we live in functions. . .

Very funny. The guy should have slapped rather than punch. The guy fit break something oh.

I need to correct some impression here. First and foremost, there are bankers and there are bankers. This is applicable to all occupations in the world. Even in Civil Service, a level 2 officer do not earn the same as a level 8 officer. The impression about loans is misconstrued, many bankers who take loans do so willingly. You should expect a junior bank officer or contract staff to be stingy with his money because he doesn't earn much. On the other hand, a senior banking officer can be a father xmas because his salary is big enough to cater for his expenses. So Peeps the situation is not the occupation but your Annual Take Home Salary. The ladies I have come across who make such statements are usually UNEMPLOYED and are already in a relationship and see you as an attachee (where they can make extra bucks from). However, serious minded ladies especially those who are working know that being in a bank is just an occupation and a hard working man would definitely grow.

chaircover: I think you should go back to your doctor, however it seems that your body is still recovering from a major illness and it will take time to get back to normal. Why are you resuming back at work so soon. You should be at home resting. The body is not a machine ans it needs rest and a recovery period.

Thank you very much. I will check back to the hospital. I went to the office because I thought I was well

Guys please I just need advice on what to do

Please is there any doctor in the house? Just last two weeks I was diagnose for malaria and typhoid and was admitted. I have completed my treatment. However, I still feel dizzy and weak. I resumed work yesterday, only for me to start sleeping in the office. I cannot do anything, I cannot concentrate, I cannot read. I just eat and sleep for long hours. I am tired and I want to resume back to work. Also my vision is a bit blur and I feel very slight internal pain in my head. Please I need medical advise.