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
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