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Victims of Ifeanyi Ubah’s mischief are not only limited to the Banks he has blatantly refused repay the loans owed them and reputable individuals he has defrauded in the course of business dealings, also a business Journalist has earned suspension as a result of publication of malicious and false information propagated by the devious businessman.
Last weekend, the social media was awashed with report that Dr. Cosmas Maduka, a Non-Executive Director at Access Bank Plc was sacked by the Central Bank of Nigeria (CBN) on the ground of a petition forwarded to the apex Bank on the N21 Billion obtained from Access Bank through Dr. Maduka. The loan was obtained to finance the importation of petroleum products worth $133million under a Joint Venture Agreement with Dr. Cosmas Maduka in 2012.
Shockingly, neither the petroleum product nor the proceeds of the sale of the imported petroleum product has been remitted by Ifeanyi Ubah and his Capital Oil. This anomaly in business transaction perpetrated by Ifeanyi Ubah has become a subject of litigation both in Nigeria and abroad with the foreign Judges expressing disbelief at Ifeanyi Ubah’s conduct.
During one of the Court sessions in London, our investigation revealed that Access Bank presented some documents to the court to evidence the responsibility of the Nigerian financial system and the effectiveness of its regulators. These documents, which we learnt, were shared with Ifeanyi Ubah’s legal representatives have now found their way into the media for the wrong reasons. Unfortunately, the mischief makers did not have a full understanding of the content of the document as forcefully yoke together unrelated events and activities to smear the reputation of Dr. Cosmas Maduka who Ifeanyi Ubah swindled to the tune of N21 Billion and Access Bank who financed the petroleum product fraudulently diverted by Ifeanyi Ubah and his Capital Oil.
In demonstration of professionalism that should characterise the practice of Journalism, the Nation Newspapers published an apology in today’s edition, set the fact about the retirement of illustrious Dr. Cosmas Maduka from the Board of Access Bank and consequently suspended the business reporter that lent himself to the propagation of falsehood typified by Ifeanyi Ubah and his Capital Oil.
