Stella Dimoko Korkus.com: Nigerian Govt Allegedly Takes Over Capital Oil CEO Ifeanyi Ubah’s Assets....

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Saturday, 3 June 2017

Nigerian Govt Allegedly Takes Over Capital Oil CEO Ifeanyi Ubah’s Assets....

The protracted business disagreement between Nigeria National
Petroleum Corporation (NNPC) and Dr Ifeanyi Ubah, the director of Capital Oil and Gas has taken a new twist, as the Nigerian government through the Directorate of Security Services (DSS) has forced Ubah to sign away some of his assets, denouncing being owed by NNPC and paying billions of Naira to unconfirmed bank account(s).




In telephone inquiries Hope For Nigeria was informed about clandestine agreement Ifeanyi Uba was forced to endorse
stating that he or his company are no longer owed N16 billion by the NNPC and N26.5 billion by AMCON. In a consent judgement delivered by a Federal High Court in 2013, Capital Oil was awarded the above sum against AMCON.


The DSS also forced him to transfer N2 billion to a yet to be
ascertained bank account, Hope For Nigeria is still digging to find out if this fund was transferred to NNPC, DSS or into private pockets.Ubah was also forced to signed documents transferring some of his businesses and assets to the Nigerian government.


The media shy and self-made billionaire, according to Hope For
Nigeria, was arrested on May 05, 2017, by the DSS on accusation of selling the Premium Motor Spirit (commonly called petrol) stored in his Tank Farm to upset some of the funds owed to him by the NNPC and allegedly inciting members of the Petroleum Tanker Drivers to embark on strike because of his disagreement with the NNPC.

In a swift reaction, Comrade Mohammed Abulkadir, the Media officer of Petroleum Tanker Drivers (PTD) an offshoot of the National Union of Petroleum and Natural Gas Workers faulted the DSS allegation that Ifeanyi Ubah infiltrated the ranks of the PTD in order to induce a strike over his face-off, describing the accusation as inaccurate and regrettable.

On DSS's second allegation, which stated that Dr Ifeanyi Ubah
illegally diverted about 84 million litres of PMS that was kept in his custody by the NNPC, valued at N11billion. Capital Oil and Gas has clarified that they were constraint to sell the products, as NNPC has refused to pay their over due debt including rent, which has lingered for over 18 months.

Capital Oil after failed efforts to recover their debts from the NNPCRetail Services, petitioned government agencies including the national Assembly and the EFCC for them to pressure the NNPC to pay the debt, as some of the funds in question were financial obligations and the interests and capital repayments are weighing much on the cash flow and operation of their business.

In simple terms, according to Hope For Nigeria, the commercial
transaction is between NNPC Retails Services and Capital Oil and Gas, not NNPC Retail Services with Ifeanyi Ubah. Arresting Ifeanyi Ubah makes nonsense of the fact that a company is a legal entity and different from its owners. Capital Oil is a legal entity on its own right that NNPC or DSS (a no interest party in this case) can sue, not Ifeanyi Ubah, a director or anyone working with Capital Oil. Capital Oil and Gas is an Going Concern and it is only in the event of the contrary, that is if Capital Oil is no longer trading, then the directors or any high profile staff can be sued in relation to the
activities or individual stewardship while working for the company.


The Capital Oil CEO, Dr Ifeanyi Ubah in one of his interviews before his illegal arrest, narrated that, the NNPC failed to tell the public that they were owing Capital Oil from their mutual business transactions. 

“It is normal for parties in businesses to owe each other in business relationships and that if reconciliation is carried out with the NNPC, the firm will find out that there may be very little or nothing for Capital Oil to pay the corporation.” Ubah added that, “In the last four months (Christmas and New year period), NNPC has borrowed products running into millions of litres from Capital Oil to meet their demand and wedging off any scarcity at that celebration period.


“We have an ongoing relationship and we need to sit down and reconcile our accounts,” “NNPC has a subsisting contract with our company which is on throughput basis. The corporation has consistently been in breach of our contractual agreement by owing us money for services
rendered.

“Payments from NNPC for services rendered by our company has 
consistently been delayed for periods spanning over one year and remains unpaid till date.
“Currently, NNPC owes us for services rendered to the corporation at very critical periods to salvage nationwide fuel scarcity since 2015 (more than two years now), amounting to millions of dollars and billions of naira.

Sequel to a telephone interview by Hope For Nigeria to NNPC officers at their corporation's headquarter, they confirmed the suspicions of Nigerians that the arrest and detention is not related to their business transaction, but politicians who are not comfortable with Ifeanyi Ubah, especially his ownership of a Strategic Petroleum Reserve (Tank farm) facility that supplies more than half of Nigeria's fuel need. They went further to state that Ifeanyi Ubah's captors best option is to level frivolous allegations of fraud on him and to dispose him of the ownership of the facility using the DSS as the
intimidating agent.


The NNPC informed Hope For Nigeria that there is an on-going
transaction reconciliation meeting going on between the NNPC Retail Services and Capital Oil which the DSS, the Nigerian secret police hosted. The two party have stated their indebtedness to other, although their are need for proper scrutiny to ascertain the actual debt.

They reconfirmed that the value of NNPC's PMS deposited in Capital Oil's facility is about N11billion and express displeasure on the fact that Capital Oil has being assisting NNPC during the high demand periods by giving them PMS which they usually pays them later and some payments my be outstanding and there is no need for the government or whatever interest group to have given him this kind of treatment.
Capital Oil's Right to Sell Petrol Stored In Their Tank Farm.


According to common law's rule of Warehouseman lien, Capital Oil and Gas has the right to sell the PMS stored in its facility by NNPC Retail Services, when they fails to pay for their use the storage facility and other indebtedness to Capital Oil (the Warehouseman).

When goods are delivered to a professional storage operator (Capital Oil) for safe keeping, they may become subject to a lien. A lien is a security right which gives the warehouseman rights over the goods that can take precedence over the rights of others, including the owner.
They are entitled to exercise the lien when services they rendered remains unpaid and in so doing will gain legal control over the goods.

For nearly a month, Ifeanyi Ubah is locked up by the DSS in a
commercial transaction between two entities. If NNPC feels that
Capital Oil defaulted in any of their agreements, their best option is to go to court, not intimidating the director of Going Concern company
with state security apparatus.

Hope For Nigeria still believe that Mr. Lawal Daura, the
Director-General of the Directorate of State Security (DSS), was not properly briefed on this development or was misinformed by
over-zealous government officials that wanted a pound of flesh from Ifeanyi Ubah. We are certain that now the DSS boss is fully aware of what transpired, the onus is on him is to ensure that Mr Ubah should be allowed to go home to give him and NNPC Retails Services to complete their reconciliation.



35 comments:

Anonymous said...

It is a good news. Criminals like ifeanyi Uba is reason country is stagnant.

Anonymous said...

Anon 18.34, Idiots like you are the reason we are still in the dark. Your mother criminal. Anuofia

Anonymous said...

Anon 18.34, Idiots like you are the reason we are still in the dark. Your mother criminal. Anuofia

Anonymous said...

This is witch hunt please continue to sponsor biafra sir they can never make u stop sir

Tiger H said...

Pple like you needs brain overhaul.
Or be used for an experiment in a lab...probably test a new chemical
Or locked up in a zoo with a tiger to capture step by step process on how a Tiger devours a prey.
After reading this piece which is so explanatory you still opened ur stinking hakes to fault Ubah.
Mehn, what kinda bitch with incomplete combustion are you?
You really to graduate from herding cows and get a part time tutor for ur sorry ass.
Wuss like you!
Noddles-filled brain
Scumbag of no economic important

GALORE said...

Very true.. And yes @Anonymous, you are not shouting.


Shaddy deals... .@Ananmbras political godfather



@Galore

Yori Yori Princess Loveme Jeje said...

Very long to read. Na wa

Anonymous said...

Hahahaha he should go and collect his money from Transformation Agenda (TAN). Shebi the money he would have used to develop the east, he used it to splash for Jonathan hahahahah again. Biafrans

Anonymous said...

They have got to this guy. What of the other thieves?

Anonymous said...

Nice one , they should also take the house she gifted the other blogger.

Anonymous said...

Nice one , they should also take the house she gifted the other blogger.

Anonymous said...

Yes, destroy the only Igbo man who has joined you Yorubas and Hausas in this oil business. Please destroy him. He is not a part of nigeria.

Anonymous said...

You have been crying about this house since. Nawa! Evil envious ppl. U ppl has not slept since you heard of the house this lady got herself. I thought it was dasuki before? Nw is Ifeanyi. Not political bribe again. Keep crying...

Anonymous said...

We have really been marginalised in Nigeria, no wonder the Biafrans really want to opt out

Anonymous said...

At anon 19.04. Are you serious? You must be kidding me. Where were you when he scammed Coscharis chairman- Cosmas and Access bank? Cosmas trusted him as a fellow town man and he messed him up big time and the man lost a lot. I remember the man said it then that he left him to God's wrath and karma then. Wow! Justice is being to him hot The truth might be gone for years but it will come true one day and this right here is God wrath

Anonymous said...

I know! Thought the other blogger and sister will at least show their support to him same way he supported her at her birthday. After all he is her Godfather and the middleman that facilitated the deal then

Anonymous said...

Ifeanyi uba shd face d music! Hin cup don full already! Subsidy thiief!

Anonymous said...

@tiger, I still stand by the fact that ifeanyi Uba need to be caged. He is a fraud. He haven't seen anything yet. I think idiots like u are shaken by all this jumbo Rambo written by Hope my Ass. Where was hope my ass when Uba and co dealt with Nigeria using oil subsidy? Where were u guys when stupid Uba dealt with Cosmos maduka same Igbo as him? Or access bank he helped bankrupt. Foolish tortoise @tiger. As I earlier said, Uba need to be caged and Nigeria properties recovered from him. The problem with our Igbo brothers is that any of us that commit crime we cry fowl like other tribes are not being prosecuted. @Tiger, ur eyes need to be operated, your brain needs total surgery to enable the word thinking out of the box occupy it.
"Hope my ass" are hungry organisation. No amount of ranting from them will make present government let Uba go without paying part of the money he looted.

Anonymous said...

The root of Coscharis wealth was also based on scam, Cosmas Maduka scammed many traders in Nnewi of huge sums of money and eloped to Lagos to start his business, my uncle was affected and that folded his business and led to his untimely demise! Although when he made it he tried to come back to salvage the situation and repay a few but that was too late. Do not judge people it may have his own karma that visited him via Ifeanyi Uba. So do not even bring that matter here. Cos is no saint as many people may believe!!!

Anonymous said...

My friend was in Kirikiri because of this man over subsidy scandal. I don't have strength to type today. It's a storey for another day.

I am the queen and the boss of this blog(CHIEF) said...

Nigerians are the most wicked people in Africa especially the poor ones!!..,
They backbite!!..
Heartless and jealous more especially when a rich man is going down!!..,
Come and see them tomorrow in church...occupying the front row acting holy holy...
Na dem dey sing and speak in tongues pass...
See how most comments here are jubilating about another man's down fall!!...

What has Capital oil done that northern aboki Ike Nama milking this country dry have not done?...
All the allegations labelled against this man are false!!...
Damn!!...

Tiger H said...

Like your ancestors destroyed your small brain

I am the queen and the boss of this blog(CHIEF) said...

Thank you anon 20:30...
It's people like this that would do juju for someone because of jealousy!...
How will God bless you when you are jealous about someone's success?...
Anon 19:42,you are evil!!...

I am the queen and the boss of this blog(CHIEF) said...

So Cosmas is now an angel abi?...
Anakogheri!,..

Anonymous said...

At anon. 20.30 STFU Jealous ko jealous ni. You wait and see what is going to happen soon

sholetoga said...

Nigerian government should not ruin Ifeanyi the way they ruin the economy......They should allow him pay the money he's owing in installment now. Wetin....Even Nigeria is owing people.........there's God ohhhhhh

GALORE said...

Who are all these good for nothing @Anonymous "Orubebes "

Must you hate on someone else's success?


Have you ever pondered on while your life is at a stand still?

Why jealous?



Why shouting?



@Galore

Anonymous said...

Thank you for this,this criminal can't fool some of us. Paid write up,big debtor to NNPC Retail, here writing jargons . Time up for criminal.

Anonymous said...

Linda sometimes shame leave u catch me the way you support people who you know destroyed Nigeria starting from ur god father Jonathan. You support evil too much and you have young kids that re growing up. Not nice, pls learn to call a spade a spade.
A lot of Hausas and Yoruba are being prosecuted for wrong doing.

Anonymous said...

tashere queen with all ya mouth one go expect say u go take dis ya fight beyond sdk foolish cockroach

Anonymous said...

Who knows how rituals he did to become wealthy. Fucking married woman and young girls all over the place cos of money their pussy is crying for justice.

Anonymous said...

Married women that agreed did he rape them?is it not long throat?and please not all rich people are ritualist go and hustle and make money so your mentality can change

Anonymous said...

SMH even people that can not convince a child to buy sweet from them will come to social media to type shit. Do you guys think it's easy to do business ? We all know that this arrest is just plain politics.they are so many people that have done contract/business and government will refuse to pay just because they don't like your face. That was a smart move by him to sell them off, government is not for one person. One day some one will come and pay him back all that he is owed.What am I even talking about? Have they paid pensioners or salaries? Banana republic.

Shantelle said...

Keep hating on Linda ikeji while she makes more money! Be happy for other people's success so us can come

Tina said...

It dey pain u say him no give u house...u know why? Cos u aren't an entrepreneur. Get busy and make money like Linda..then maybe just maybe Ifeanyi uba might gift u too a house..orubebe

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