The world of
billionaire mogul behind Capital Oil, Ifeanyi Ubah is getting more
complicated by the day...and his assets in Nigeria and across the globe
are under threat of seizure and sale!
While
Asset Management Corporation of Nigeria (AMCON), which sued him over
N28 billion indebtedness, is asking the Federal High Court in Abuja to
sell his assets, the London court has made a major breakthrough.
Last
week, one of the ships under surveillance belonging to the 41 year-old
business was located in the Netherlands, and seized. The ship, Mongolia
was listed in the order of the London court, which contained wide
ranging demands, including the itemization of Ubah's worldwide assets.
Three
ships, belonging to business associates of Ubah (who are defendants in
the london case with claim No. 2012 folio 1300- ROFOS NAVIGATION
LIMITED, HELI NAVIGATION LIMITED and TUTBURY MARTIME LIMITED) had
earlier been seized, while the search for Mongolia intensified across
the globe. And Mongolia was seen last week(but the ship"s insignia had
been removed, and located by radar and identification details).
The
case in london, instituted by Access Bank, which through Coscharis
Motors' Cosmas Maduka had advanced capital oil a loan totalling N21
billion for PMS importation last year, was again heard on Monday
December 3, 2012.
Reportedly
admitting that the said Mongolia was his, Uba was quoted as saying that
the product on the ship does not belong to his company. On Monday,
December 3, the court was to decide what should happen to the content of
the ship.
Meanwhile,
in Abuja where justice Abdu Kafarati is presiding over the case (Suit
NO. FHC/ABJ/CS/714/2012) between AMCON and Ubah, the next point of
determination is either to allow AMCON go ahead and sell the assets of
Capital Oil or grant Capital Oil access to its premises so as to
continue its business unhindered. This new condition came as a surprise
last week when many had thought that the parties were discussing peace
and how to ensure that Capital Oil's operations was restored. The peace
meeting reportedly broke down, and both parties are maintaining opposing
views.
The
trouble of Capital Oil's Ifeanyi Ubah began on October 9, 2012, when he
was a guest of special Fraud Unit, Nigeria Police (on Milverton Road,
Ikoyi, Lagos). The businessman was detained on allegations of being
involved in subsidy scam totalling of N22.4 billion. A report by Aigboje
Aig-Imoukhuede led committee on Presidential Committee on Verification
and Reconciliation of Fuel Subsidy Payments, had indicted him, alongside
many oil marketers. And the committee had forwarded details of its
findings to the Special Fraud Unit. Ubah spent about 11 days in
detention, and was released on October 19, 2012.
His
problem multiplied at Special Frauds Unit when Coscharis Motors' Cosmos Maduka
submitted a petition against Ubah, alleging a N21 billion default in an
oil deal. Promising to seek justice by all legal means to recover the
loan (granted through Access Bank), the matter took a different turn
when the case was instituted in London. And the London Court granted a
freezing injunction, among which was listing Ubah's worldwide assets,
and only permitted him a $10,000 allowance per week (which was later
varied to $15,000). The intention of the applicants is to get all Ubah's
assets across the globe, to eventually use them to offset the loan.
As
the case in London raged, AMCON got an interim order from the Federal
High Court in Abuja permitting it to take over Capital Oil premises and
many of its assets, including his Omole Phase 2, Lagos home. Ubah is
fighting back to rescue his empire and save his business.
Ubah,
who came into the public attention in 2011, with lavish adverts in
pages of newspapers and a fabulous gig at Eko Hotel and Suits, has two
private jets ( an Embraer 650 legacy and another smaller plane) with two
grand Rolls Royce marques. The Nnewi (Anambra) born businessman has
scores of properties in Nigeria and across the globe.
Source: Encomium Magazine
Eyyah. Sorry. Check ur villaGe.
ReplyDeleteThere is more to what meets d eyes
ReplyDeleteIfeanyi ubah thief, ole, barawo, onyi shi. See his head like grinding stone.
ReplyDeleteEyaaa, why are they doing this to a whole Governing Council of the Nigerian Chamber of Shipping,my brother for that matter, Ify!!! God will see yu thru
ReplyDeleteIfeanyi Uba,is a big criminal,his cup is full now dat he's met his match in coscharis,imagine someone owing multiple banks.
ReplyDeleteDat Uba family wheda Na curse,if its not okija shrine issue,its being gay and pimping for presidency or Ifeanyi on d run with pple's money.hehehe
They need deliverance!
If he's not careful he's probably going to lose all his assetss! U don't fuck aRound with 29billiion naira loan frm any bank and u still call him a billionaire? What a joke!
ReplyDeleteThis country sha....hmmmmmm!
ReplyDeleteHmmm....rich pple tins. abeg jor! Mtcheeew
ReplyDeleteCriminal. Just hated wat he did to coscharis and I like wetin coscharis do am too,he go london straight cos naija judiciary lacks credibbility.
ReplyDeleteThe problem of this Young Man started when he declare his intention to come out as a governor and some strong men in Anambra are trying to stop him and the only way they can succeed is to frustrate him but have it in mind that No wicked should go with out punishment.
ReplyDeleteGovernment should leave this Man alone.
Sopfurnitures@rocketmail.com
Hmmm..na this kain wealth girls like..the one wey no get full stop..and na this kain wealth dey come with wahala...Mumu girls, I hope you've heard..all many of you are interested in is money, money. money.. - Tonto's Tattoo
ReplyDeleteMake una leave dis boy alone. Make them go catch d rest first. He is d least of the guity ones.all dis is becos he leaked the subsidy business scam and now government can't protect him again but to destroy him due to pressure frm some cabals and his friends.he is not innocent of all but he is d least of them. You cannot trust dis government at all.
ReplyDeleteRich dude, yeah, but seems the money he makes through the back door is coming to bite him in the ass.
ReplyDeleteI so hate this Ubah of a man. How can one be so opportuned and rich yet be a total devil and a scammist. He should be sent to jail for life so that he does not enjoy a dime of that ill-gotten wealth-via my typewriter
ReplyDeleteHmmmnnn...........
ReplyDeleteaddysmomsdiary.blogspot.com
My Brother is going through hell.... ¶ pray he cones outta this mess...smh
ReplyDeleteGood 4 him!!! U won't come out of it IJN. Oleee
ReplyDeleteNa wa ooo. Without God, huge wealth will only bring huge problems.
ReplyDeleteThe ship has since been released, that was on friday last week, and its not true that the ship belongs to Ifeanyi Ubah the true owners of the ship are SEATANKERS MANAGEMENT COMPANY LTD. its a company located in Bermuda Cyprus. Its good to verify your facts b4 posting. You r doing a nice work. cheers
ReplyDeleteIfeanyichukwu, you know you brought all these problems to your self. When you were flaunting your 40th birthday advert in all the newspapers and throwing parties, i knew they would come after you! In Nigeria, you go low, when you are loaded. Lots of evil eyes operating. You are dealing with principalities. You are just a small fry to them. I feel for your wife and kids
ReplyDeleteIfeanyi Ubah is a thief,money miss road,should be in jail now at least serve in Nigeria prison,guinea prison for defrauding their country and finally Uk.
ReplyDeleteWhy do these nigerian billionaiires only rise to fall? Something is not right with their attitude to money. I have heard a lot of ifeanyi ubah and the way he does business and I can only say karma is abitch. I wish som$e of these oil moguls wud invest in agriculture and agro allied busnesses and stop dependence on oil money.
ReplyDeleteHey ya, make them leave this man na. I never chop em money but I can tell he's a good philanthropist. A lot of poor people depends on this man. Though I only know of his nnewi people but half bread is better than puff puff. After all a lot rich nigerian men chop alone and all of them re also corrupt.
ReplyDeleteHey ya, make them leave this man na. I never chop em money but I can tell he's a good philanthropist. A lot of poor people depend on this man. Though I only know of his nnewi people but half bread is better than puff puff. After all a lot rich nigerian men chop alone and all of them re also corrupt.
ReplyDeleteI pray he is fairly investigated and judged. If found guilty let the law take its course and not the selective judgement I knw in Nigeria. Beside, I'm afraid if he's his assets are sold, the money will still disappear just like Gen. Sani Abacha's loot. The rulling class will will deff surmon a late night meeting over the money.. *cough*
ReplyDeleteI pray he is fairly investigated and judged. If found guilty let the law take its course and not the selective judgement I knw in Nigeria. Beside, I'm afraid if he's his assets are sold, the money will still disappear just like Gen. Sani Abacha's loot. The rulling class will will deff surmon a late night meeting over the money.. *cough*
ReplyDeleteChei, my Nnewi brother ooo. Well, no comment!!!
ReplyDeleteAndy Andy. He really didnt work 4 his money. buying evrything buyable, ROLLS ROYCE, JETSSS. HMMMM!
ReplyDeleteNO WONDER COSMAS SAID HE(IFEANYI) IS SPENDING MONEY LIKE AS IF HE ANTS TO COMMIT SUICIDE.
Whats the deal with taking our problems to London to solve na? Are we still under the English? Why can't our problems be sorted out at home, why abroad? Is our judiciary incompetent? I really dnt understand and won't object to being enlightened.
ReplyDeleteIf u v properties/biz there, u can be charged to their court. Besides, its always free and fair. See Ibori, do u know ow long they tried to get him here in naija?.dey there dey ask question if our judiciary imcompetent... U no knw? Hiss*
Deletehahahaha Your wahala just begin poor you.Start praying o becos any time the Brits and their met police and crown police gets involved in any case the sucker is going down ditto ibori ubah shine your eyes start night Virgil because your empire is going down
ReplyDelete@Chris Uba: Can run but you can't hide... Better free Coscharis im money before the guy turn you to pauper o... The guy sweat before e make im money o... unlike you wey nobody know your source but some don dey rumour say you guy some people for Congo..
ReplyDeleteThis guy wanted to name my estate omole phaze two after him self and told all landlords he would pay us money what a fool sweet dreams when you return to the ghetto ole.
ReplyDeleteYeah I heard of that gist. So na this uba? Come lagos one do that kind thing because he has money! Unfortunately money do not rule everybody like it rules him! Hahahahahahhahahaha! Chaiiii illiteracy and money no just join! Na real money miss road! Once this idiots have money they just start misbehaving and thinking of unreasonable things!
Delete@anon 11:03am, they take their problems to London cos our judiciary in Nigeria is corrupt. You dont get a fair hearing cos the judges are alerady biased or fear d moguls themselves. London does not know the parties involved so there will be fair hering. Imagine shrply they have located his ship sharply and impounded it sef considering he removed the name to disguise it. Can we do that here, they are still arguing if it to sell property or not or settle peaceably.
ReplyDeleteHmm, Cosmas too was greedy! Ifeanyi is a theif. These people never learn. Their is a piont in your life when you just have to stop! Money is a very bad spirit. May we never have money that would control us. We pray to control money.
ReplyDeleteOh shut up. Cosmos is a biz man. Who believes in taking risks. Its risk taking that grows a business! He trusted Ubah and only wnted to help. Julie omo pastor! Shior!
DeleteIts God punishing him what goes around comes around I remember praying to God say this ifeanyi should not ve peace cos he cos us a lot of trouble , he's a back stabber and a lousy idiot I really feel for his wife and kids .
ReplyDeleteIt's one thing to defraud govt and another case entirely. When you defraud an individual. That is the case of Ifeanyi Uba. And if he were to defraud, he choose a man who made his money from his sweat!!! Aint nobody who made his money from sweat that jokes with it. What amazes me is his size of GREED. Why on earth won't the profit of a N21bn business be enough for you? But you also want to take the N21bn itself?
ReplyDelete@anon 1;10pm, yea you take risks in business when you have done your due diligence stupid. You dont trust people on face value or visiting their "tank farm", ode. Neither do you trust an individual based on the fact that he comes from your village, Nnewi. I repeat Cosmas is greedy! period. And i trust my cowboys at Access Bank. They are definitely going to remove his ass from the board! There are lots of Ifeanyi's around. And they would continue with their"business". So my dear anon, think before you rant rubbish.
ReplyDeleteThe problem we have in Naija is people mixing legal businesses with 419, it can't work. So guys be careful
ReplyDeleteReports have it that Ifeanyi built a church in Nnewi worth N400,000,000million. Gave each attending governor, 20million as appearance fee. (shameless things)for his birthday. Without a doubt, Ifeanyi was quite generous for a purpose....to be the next governor of Anambra! i really don't respect all these money miss roads.We have lost our values in our society. Nobody asks questions any more about how people made their money. As long as we are in front of City People every monday and praised as "the big boys" we are fine
ReplyDeleteIt is Uba's turn to face the musik, other fraudulent billionaires your own is coming. It is easier for an elephant to pass through the needle's eye than to see a Nigerian Billionaire whose money is 50% clean. One way or the other they must have milked or are still milking Nigeria. (Adenuga and Dangote inclusive)
ReplyDeleteYou just can't trace the origin of their stupendous whealth! It's all covered in shaddy deals.Even Dangote said his uncle Dantata borrowed him 500k in those days na im con become all these money. when we know that successive governments have always been in his pocket and the whole nation at his mercy! Sometimes some policies are made for Dangote only! Sole importer of dis, sole importer of dat. Collect billions from bank, use it without paying until they start beggin u to negotiate repayment terms! Then you end up paying only principal or less after using the money for years! God is watchning in 3D.
It's one thing to defraud govt and another case entirely. When you defraud an individual. That is the case of Ifeanyi Uba. And if he were to defraud, he choose a man who made his money from his sweat!!! Aint nobody who made his money from sweat that jokes with it. What amazes me is his size of GREED. Why on earth won't the profit of a N21bn business be enough for you? But you also want to take the N21bn itself?
ReplyDeleteGREED,LACK OF CONTROL,IFEANYI ALLOWED MONEY TO CONTROL HIM AND NOT THE OTHER WAY ROUND,PEOPLE SHOULD NOT LINK THIS TO HIS POLITICAL AMBITION BECAUSE IT IS FAR FROM IT,HE GOT AWAY DEFRAUDING GOVERNMENT BUT HE WILL NOT GET AWAY DEFRAUDING A MAN WHO HAS MADE HIS WEALTH BY SWEAT....ASSORRY
ReplyDeleteAnon December 5, 2012 2:40 AM; the Uba brothers and then Ifeanyi Ubah. Note the difference?
ReplyDeleteGist Arena, what is or where is Bermuda Cyprus? You mean two different countries right?
ReplyDeletethat serves him right..i have friend that worked with him for almost a year no salary...
ReplyDeleteUba don't worry I no is because u won contest fo a Governor.dats y they are doing all this.but they don't no that who we be the king must be it
ReplyDeleteSo he has a wife and kids? But one Nneka is really enjoying dis man's wealth o! I hope dis will not affect Nneka pls? Cos dat girl is really on money.They should tamper justice with mercy.
ReplyDeleteSmh... Nneka'll go to Prison like Ibori's mistress...
ReplyDeleteNo mind dem na jealosy dey worry dem up ebubechukwu uzor
ReplyDeletemake una com talk again UBAH is the king of Nigeria now.
ReplyDelete