₦airaland Forum

okpaniokpani: This case throws up more questions than answers. But 1st I will like to establish some things-i don't support those who got rich through subsidy scam.
1- Is Nigeria not a sovereign nation with the Supreme Court as our highest court?
2- Why is a UK based court passing a judgement on a business transaction by two Nigerian corporate entities,and financed by a Nigerian bank?
3- Does this mean if a Ghanian court should pass a judgement on. a dispute in Nigeria, then Nigeria will obey?
4- is Ifeanyi Uba the only person among the 419 individuals their assets are held by AMCON? Is already an open knowledge how some companies indebted to AMCON bidded successfully for some of the national distribution companies (DICOS).
The truth- Ifeanyi Uba is a business front for some top PDP politicians. This faction of PDP is angling to remove Jonathan come 2015. Jonathan is fighting back by seizing all Uba's asset to crumble this faction. It is 2015 politics in play. How they will respond is what keen observers are waiting to see.
I wish Nigerians knew how their resources are been toyed with.

He is not a business front for politicians. Ifeanyi has been in the oil and gas business for long. Stop making stupid utterances. HABA. He is a dubious man that should pay his debt

BALLER ON: 1st fact of the matter is that cosmas maduka saved ifeanyi from sinking earlier than now, as at the time he was bailed out by cosmas he was indebted to union bank and others up to the tune of about 15bn naira.
2nd fact is that cosmas maduka was greedy , he himself said it ,he said " my emotions led me" instead of his brain, he ignored all the red signs, ifeanyi ubah used the facilities he had on ground to trick him, cosmas level of greed can be estimated from the fact that he didn't request for ubah to gaurantee him until after a year.
Ubah said cosmas made 1.6billion within 6months of the joint venture with the first $30m that was borrowed. That's what motivated him to go secure the $120million. Greed , greed and more greed.
3rd fact is that ubah was making money by defrauding the government , this was revealed when the vessels of crude oil didn't come to nigeria and 5.7billion naira was paid to ubah by federal government.
4th fact is that ubah didnt buy a liter of oil from the $120million, he instead diverted the money to purchase a Privated jet , abuja mansion, dubai and canada palace , lavish birthday party etc. He had planned to pay access bank by defrauding the government.

5th fact is that - its is not a new thing in nigeria.

BULLS EYE. JUST SO ON POINT. People coming around and saying the man is innocent should be ashamed of themselves but they possess the same dubious character of Ifeanyi Ubah

What is happening to the Power Project and who is the new minister for Power?

[quote author=truelove.com]The more they hate, the more we keep making money..He has every right to take the oil, besides his from an oil producing area[/quote]I hate it when I read post that sound like my neighbour's 8 years old son. I hope you ain't him.

General Garicks: Follow follow AMCON. Why is this coming after a british court froze his global assets

Nigerian officials and fear of ''Bigmanism''

Nah his case has been in court. It was just a matter of time.

BALLER ON: Well said , you have got a good knowledge of the individual involved in this whole mess, ubah was borrowing money for a different purpose- instead of trading , he was doing capital project. He himself said it on AIT . That's the simple reason why his loans where not performing, he was not trading.#gbam

I didn't watch his interview on AIT. I just saw a preview on Channels TV. The man is a shame to Corporate Nigeria. Let me tell you a little story. A loan was structured for Femi Otedola (Access Bank was the bank) for trade, I think around late 2008/2009. Within few days there was foreign exchange increase (the value of the dollar went up) and the bank went ahead with the deal. I guess Femi did his analysis base on current market price of the dollar (or presumably adding a little increase to cover for foreign exchange risk - that is the normal practice). However, the odds were against him and the bank do not intend to pipe down. He threatened and swore never to pay. Aig told him he must pay. There were accusations and counter-accusations and even the threat of lives to the extent that both parties doubled their security team. However, like a wise business man (although I heard a big party intervened) decided to re-negoitate the deal and everything was back to normal.

Ifeanyi is just plain stupid (well I heard he dropped out of secondary school). You cannot come on TV and tell the whole country that you owe a bank and you will not pay. I listened to him on Channels TV and I was nodding my head in negation. He should be having meetings with all interested parties and seeking ways to bail himself out. He was claiming they want to take over his business (what a man). From the look of things, I think all parties are now aggrieved and intend to deal with him copiously.

vanunu: The govt. is to be blamed for this, for such a company that accounts for more than 30% of our fuel import and employs a lot of Nigerians to just go under like that, is very bad. Let the government pay Ubah his money.

Now I don't understand your post. Ifeanyi is a bad businessman just like Kenneth Lee Lay of Enrol. This has nothing to do with the Govt.

Where are the guys claiming Ifeanyi Uba is innocent and it is just a set-up. This is the same cheap politics people use to smoke screen issues (Nah.... it is just a set-up). When this news came out (Ifeanyi Uba and Cosmas Maduka). Prior to the take over of bad loans by AMCON, if you look at the books of banks, Capital Oil loans were never performing. The level of noise Ifeanyi is making shows the level of illiteracy he has. I would also blame Cosmas for also blowing up the issue and making it public. Ifeanyi should be thinking of paying his loans rather than taking to public stunt. The moment I saw him on Channels I just knew he has compounded his issues. He is wanted for Subsidy Fraud, AMCON has not succeeded in restructuring his loan, he is indebted to Access bank via proxy. Yet he is running his mouth. Even if he survives this fight which I doubt, Capital Oil will never be the same. Its reputation is on the line, whatever goodwill that has been established over the years is ruined. Creditors will shun the company, even customers might not want to relate with the company. How would Capital Oil trade? Meanwhile, did anybody take a look at the assets of this man/capital oil. Why are they buying lands and properties everywhere. Money Management problems. Little wonder the indebtedness (Short-term loans for long term projects). You cannot cheat nature (life is mathematics).

In this country, there are 2 banks you cannot owe and feel comfortable about it without paying - GTBank and Access Bank. I guess Aig learnt that model from GTBank (I remember an experience). Honestly, if you have had an opportunity to work with Aig (regardless of your personal feelings) - you will have to respect the man and his meticulous and discipline behaviour.

PointB: Education management has always been one of the core strength of Rochas judging from his well known educational philantrophism across the country. Education incidentally has also been one of the silient feature that stood Imo State aside from several states in Nigeria. Rochas and Imo State are meant for one another - educationally at least. Now if there is anyone in Nigeria who can tell for sure, whether this policy of free education is sustainable - the first person that come naturally to mind is Rochas.

This is not free education. It is disbursement of funds to student.

[quote author=MostIncredible.DFirst]MISPLACED PRIORITY! 100000 naira X 30000 students for 4years is enough to b used 2change dat university's status 2a top institution in Nigeria- if not West Africa! Most male students wud used dat money to pursue women.[/quote]I don't know about chasing women but I agree with you on Misplace Priorities. Such monies should be used to create jobs for the students who will eventually graduate and need jobs for survival. How is the Imo Govt going to fund this project or continue to fund the project? I think the governor just wants to be loved and this love will cost Imolites.

shymexx: I'm not campaigning for a bloody revolution... All I'm saying is that, if you want Nigeria to survive this decade - it's either a revolution happens now, or the inevitable disintegration happens... Nigeria is a sinking ship and it's sinking faster than ever.. Perhaps, that's why we need to either rock the boat and steer it back in the right direction - or watch it sink to a point of no return...

My Nigeria is not a sinking ship. I don't know about yours. Every nation has its peculiar problem, the country is not different. Disintegration will never solve any issue rather multiple corrupt countries will spring up and create more problems to global economy. Our diversity is actually a blessing but we have fail to see it as such. Nigeria will be great and I truly believe in this country. The least you can do (because all I see is you typing on your keyboard) is to pray for great men to have the stomach and take up the challenge. We have great men but they are scared.

Can someone tell our president that things cannot be perfect. I believe they have a deadline to deliver on this power project. We do not have the luxury to be reviewing contract processes like its taking the president a whole year to resolve subsidy issue. Nigeria needs power, its economy needs power. Lets get this stuff done and later we can review the process or ask questions. The question I want them to be asking is - if they (manitoba) are capable enough and have the experience required. If we had kept reviewing contracts I don't think the success we are enjoying from the telcoms would have existed. Let the President get his priorities right!!!

shymexx: However, how long are the people going to wait for, for things to change? Nigerians have waited for 52 years and for 52 years it has been the same vicious cycle of poverty, death, corruption, destruction etc. I don't think Nigerians want to wait any longer - and it's either we do something now, or the inevitable disintegration happens... Can't you see that all the different ethnic groups in Nigeria have started campaigning for autonomy? - and the longer things continue the way it's, the louder their voices are going to get...

We're more divided than ever and everyone has started aligning with their different ethnic groups and if things don't change, a bloody civil war would be inevitable...

Shymexx I believe you are not in this country and if that is the case, it would be very selfish of you to proffer bloody revolution as a solution. It is only the living that can tell stories. Nigerians are not scared to die but cautious. We still have a single belief (that we shall get to the promise land) and that belief is the only bond keeping the sovereignty of this country. Yes 52 years is a long time for change. However, change is coming. If you so passionately want Nigeria to move forward why don't you join a political group. At this stage, the talking should be over and the doing should start. GO AND JOIN A POLITICAL GROUP. YOU WILL BE AMAZED HOW YOUR IDEAS WILL BE APPRECIATED

shymexx: I wasn't in Lagos, however, don't you think something has to be done about Nigeria?

I was watching the documentary about the struggle of independence in Africa a couple of months ago - and the hopes of Africa/black race ever making it were placed on Nigeria.. Because it was the biggest(in terms of population and potentials at that time)... 52 years down the line, we're worse off - are you not ashamed and angry that Nigeria has failed the black race?? We're the pride of the black race, yet we continue to let everyone down!!

Certainly I am not happy about the State of our Nation. Its potentials are enormous even a day old baby can smell it. I know certainly that Nigeria will not survive a revolution because there is so much hate. People will seize the opportunity to express this emotion (either to the rich, the police, landlords, ethnic groups, religious fanatics e.t.c). The revolution will become a useless one. Corruption is not our problem, a lot of people think corruption is. Nigeria's problem is its inability to produce pragmatic, creative, positive-thought/idea provoking leaders or one charismatic enough to surround himself with productive individuals. Also, the citizenry is yet to demand good governance by mounting pressure on the government. However, our awareness is increasing as this has been demonstrated during recent elections. What Nigeria needs are leaders who can harness the potentials in these country and not the ones telling us they will build roads and power (those issues should not be the core of your election campaign). Corruption doesn't stop our leaders to provide jobs or social amenities.

For 52 years our fathers have failed us, their generation think more of themselves than the nation. Their greed has drowned Nigerian in the bottomless pit of corruption and economic stagnation. I just believe they should give the younger ones the chance to take over and change things. This can be done by infiltrating political parties and not by typing on computer/browsing the internet. I am already a member and I can't just wait for 2015, 2019, 2023. Change is coming but slowly and surely it will come.

I think the notion of Nigeria being the greatest in Africa should be dropped. Some African nations (driven by responsible leaders) are taking decisive measures aimed at growing their economy and improving the standard of living of its citizens

shymexx: It seems the unintelligent folks on the thread think revolution means civil war, or they're just feigning ignorance because they benefit directly or indirectly from the corrupt government... Arab Spring in Tunisia and Egypt = revolution... Islamic revolution of Iran, French revolution, Cuban revolution etc. is the type of revolution Nigeria needs...

The death rate in Nigeria is more then 10,000 annually, so Nigerians shouldn't be scared of dying... The roads might be rough at the beginning, however, the end will always justify the means... Someone needs to break this vicious cycle of poverty, corruption, nepotism, filth, underdevelopment, death, destruction etc. Nigeria should be representing the future of the black race, not the rubbish it's right now... I guess that's why I post with anger on NL everyday because we're too blessed and we've too much potentials to be as messed up as we're right now, to be honest...

Smh at the ignorance of nlers...

Where you in Lagos due the fuel subsidy protest? It was just a protest for 1 week and miscreants were having fun robbing, molesting and stealing. Now think of a REVOLUTION. I will give you a hints (looting, raping, killings e.t.c). Do you think miscreants possess a sound mind like you?

seechris: Omojuwa is not even within the shores of Nigeria.

Where is he? I hear the guy gets paid to tweet, am I correct? Gosh, if this is true then I believe he must be high on something.

This is a very funny post. I guess you eat 3 square meals or someone is providing it for you. Nigeria do not need a violent revolution, we are already tensed. We have religious breakout, we have communal fights, we have militants in Niger delta, we have boko haram. Just a week of strike alone, there was robbery chaos in lagos. Think of a revolution where no government exist, I can easily walk up to my neighbour and shoot her for not greeting me in the morning. The aftermath of a Nigerian revolution (if it can be resolved) would be drastic because every man would not want to let go off their guns.

Joeadamu86: The only revolution we need in Nigeria is to change our orientation and mindset,anything short of that will lead us to anarchy,those calling for revolution are still dreaming Nigeria must remain one.

Perfectly said, we need to wake up from our slumber mentally and request for good governance not by violence but by the expression of our voting rights. Nigerians at the stage do not need a President that would come and start telling stories about building roads, provide water, housing and jobs without demonstrating how he would go about it and when he fails, he should think a second chance is automatically. Also Nigerians do not need to keep voting for a political party that they do not understand nor know what they represent. I also want to use this opportunity to challenge the Nigerian youths to step up and take their destiny into their hands by joining political parties and let their opinions be heard. OUR FATHERS HAVE FAILED US.

cheddarking: Trash talk from a Trashy Mind...

Are you willing to mortgage the future of your kids(born or unborn) simply to 'Revolutionise'?

Do you know the extent of widespread Weapon proliferation in Nigeria today?

Every last raggamuffin these days is armed with an AK, and is not afraid to use it even with our incompetent National Security Apparatus...

What then happens when Law and Order as we know it breaks down as a result of your 'revolution'?

Who will stop the gang of armed robbers from using their hardware to gain control of your Neighboorhood?

What will stop the OPC from declaring themselves kings of Lagos?

Who will serve as buffer between Hausa/Fulani and the Berom?

Even here on NL we see countless incidents of tribal attacks daily...

Imagine a situation where people are free to attack without fear of consequence..

You id1ots just tend to spout such BS without actually THINKING....

GOOD THINKING - GOOD POST. I think people requesting for this do not realise the breakdown of societal order and the hardship it would bring. Take a look at Egypt and Libya

I have been hearing about this guy (omojuwa). I don't know him nor understand him. What or who does he represent. If he thinks the president is inexperience and incapable of leading this country, he should kick start his campaign to run for president 2015. It is easier to criticise than to act. Perhaps the office of the president is too enormous and require a lot, he can run to become a chairman or councillor and teach the world how leadership should be. Calling for a revolution is a treason to the existence of the State and a criminal offence.

The Managing Director of Capital Oil and gas, Ifeanyi Uba on Monday denied claims by the Chief Executive Officer of Cosharis group, Cosmos Maduka that he offered him (Mr Uba) a lifeline when his business was in the brink of collapse.

“Is it by his pure water business that he’ll be able to come and help me,” Mr Uba, who was a guest on Channels Television’s breakfast programme, Sunrise Daily, asked.

Mr Uba said he believes politicians were influencing the Cosharis boss, whom he referred to as an uncle, to engage in the media war with him.

Mr Maduka had claimed that since Mr Uba and his company (Capital Oil and Gas) were labelled by most commercial banks in Nigeria as ‘unbankable’, he helped the oil merchant to obtain a loan of $180 million from Access Bank to finance the importation of Premium Motor Spirit (PMS).

The Cosharis boss also alleged that 10 letters of credit were opened and that of the 10 expected cargoes, only six were delivered.

Disputing Mr Maduka’s claims, Mr Ubah said “everything about that story is false.”

When asked if it was true that he is indebted to Access Bank to the tune of N21 billion, Mr Uba said ‘you can’t eat your cake and have it’.

He said the loan he obtained from the bank was what he used to import petrol of which his company is yet to receive subsidy payment. “The money is sitting in Access Bank,” he said.

“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.

http://www.ynaija.com/ticker-ifeanyi-uba-says-cosmas-maduka-runs-a-pure-water-business-denies-fraud/?utm_source=&utm_medium=twitter

oyb: this story may be more common in nigerian businesses than you think - businessmen etting cleaned out by their partners - who knows how many of our celebrity businesmen have not done this or worse - its because ubah fked with a bigger man and is in trouble of his own that all this is coming out

but see as the man was flossing last year - with that birthday and all

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.

PHIPEX: In my own country a Senator was caught on video collecting bribe and several months after he is still trying to convince me that it was a set-up, needless to mention that he is still a sitting Senator "making and amending laws". I almost forgot that our Police and the Judiciary are still searching for evidence to prosecute him and maybe our corruption fighting President has set-up a committee to help the Police search for evidence. My country's judicial syatem is a joke!

Farouk is not a senator - FYI

Ifeanyi Ubah has ruin his pedigree. I believe he has bitten more than he can chew. I feel for him because once a man's character is questionable he loses his worth. I watched Cosmas Maduka venting on Channels. I have never seen that man that angry before. Peeps please we should all learn from this story.

Hello Peeps, I just read this and was astonished by the details. I want to implore all to read this (quite a long story so I won't post everything, you can go through the link). The story here is for every young/upcoming entrepreneur. I learnt something from this. I don't know if this story can make front page (I am not asking for it but I believe the information is vital). Thanks.

For the past 38 years he has operated quietly behind the scenes, only visible in the press when absolutely necessary and in that space of time, he has built the Coscharis brand from an upstart with little or no capital into a colossus with tentacles spread across major auto luxury brands – Range Rover, BMW, Ford, Jaguar, etc. And with a reputation that opens doors and access to mega funds both locally and internationally, Cosmas Maduka was on a roll.

According to him, it took hard work, sweat and focused determination, in the process, riding through rough times with a dogged tenacity to get to the very pinnacle of business success. Maduka appeared to have all going for him until one bright summer morning when fate chanced a meeting between him and Mr. Ifeanyi Ubah, chief executive and founder of Capital Oil and Gas Industries Limited in an aircraft. It is not unlikely that he will curse that day forever going by what he knows now. It set the stage for the biggest mistake of his business life. As is often the case with that element called trust, one party is left bruised and bloodied while the other party has run away with the loot.

Maduka is a wounded man right now having been dealt a fatal blow by his own kinsman, he calls his ‘kid brother’, Ifeanyi Ubah. It is a business deal between them that has gone sour and a usually careful Maduka is left holding the short end of the stick.
The contrast between the two principal actors in this unfolding saga in age and lifestyle couldn’t be more stark. While Maduka, who is in his 50s lives an austere and modest lifestyle unimpressed by the grandeur of riches, Ubah, who just turned 41, is fascinated by the grandeur of wealth and lives an ostentatious lifestyle with the full trappings of money and power – private jets, luxury cars, multi-million dollar homes scattered across the big cities of the world, lavish parties, etc, are all prefixes to his name.

For the rest of the story. This is the link below.

http://www.thisdaylive.com/articles/maduka-how-ifeanyi-ubah-swindled-me-of-n21bn/130166/?utm_source=twitterfeed&utm_medium=twitter

ICAN is scared of becoming irrelevant and losing revenue to foreign qualifications. Already employers are accepting these same qualifications as par with ICAN. The move is a welcome development. However, I wonder what it would do to make ICAN relevant.

Guam: i still need this loan urgently, preferable from a private person that can give this loan privatley and not a company

Loan na loan whether private or incorporated. I think a company is better for you so that you cannot default

She survived the upper-cut!!! The lady strong oh............

I hope Chelsea drop the charges against Mark Clattenburg and focus on the business on playing football and winning games. I hear Premier Leagues referees intend to boycott Chelsea's matches if they continue to press charges. Even if they don't I guess Chelsea would always be on the radar of all EPL referees and they should expect more decisions going against them. I need to go watch Man City v West Ham, I hear the attacking options got Sky Sport commentator frightened.

Swansea were the better side, good passing flare, brilliance with the ball, good control and strong fan support. Chelsea were fatigued and weren't focused. The Swansea goal could have easily been saved by Cech and I just wonder why he decided to let the ball go in. Di Matteo is a good coach to me, always fancied the guy when he was still at West Brom but he made a fatal error on wednesday. I knew Chelsea wasn't going to win their next game even if they played against a League One team because you cannot cheat nature. Well I guess inexperience caught up with him.

jhydebaba: Man utd fans can display their foolishness, who cares Chelsea still competing in all competitions.

But they are topping the EPL, likewise Man City ahead of you (if they win against West Ham tonight)

Di matteo (I hope I spelt his name properly) was emotional over capital one cup. Fielding stronger players just to prove a point. Well he did prove a point (a drop from being the leader). Now the likes of Man City will be ahead of them. He forgot he had strong fixtures against Liverpool (next week) and Man City (next 3 weeks). I doubt Chelsea smelling the top of the league again, with Man City drooling out the ghana must go bags to go spend this January. Now the tie might be similar like last season (between Man Utd and Man City). Chelsea do have some top quality players and the team looks like title contender (except Torres) but the Manager got his priority wrong.