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Nigeria’s celebrated fraudster and businessman of questionable character, Dr. Ifeanyi Patrick Ubah, the Managing Director of Capital Oil and Gas Industries, has resorted to calumny to avoid settlement of N21Billion debt to Access Bank Plc.
The latest antic of the self-styled businessman with a debt profile of over N90Billion hanging on his neck is the propagation of falsehood against his benefactor turned victim Dr. Cosmas Maduka, one of Nigeria’s most successful entrepreneurs, who seats atop the Coscharis Group.
In a fresh wave of attack launched against the person of Dr. Cosmas Maduka, Ifeanyi Ubah and his cohort attempted to misinform the public that Dr. Cosmas Maduka was sacked by the Central Bank of Nigeria,(CBN) on the strength of a petition forwarded by some of his agents to the apex Bank.
Coscharis Boss, Cosmas Maduka
In his conjecture, the unlettered debtor-businessman did not realise that the tenure of Bank executives in Nigeria is guided by the Central Bank of Nigeria (CBN) policy hence the retirement of Dr. Cosmas Maduka from the Board of Access Bank after serving diligently for the maximum period of 12 years allowed by the CBN Code of Corporate Governance.
Ignorantly, Ifeanyi Ubah and his portmanteau-consultants went to town with falsehood in the bid to dent the glittering reputation of Dr. Cosmas Maduka, the Access Bank brand and the bank’s Board of Directors because of the unwavering demand for settlement of his debt to the Bank.
Unfortunately, the onslaught turned into a disgrace for Ifeanyi Ubah and his mercenaries as the Central Bank of Nigeria (CBN), stated clearly that Dr. Cosmas Maduka was not sacked from the Bank’s Board nor was the Bank fined N3million for any transaction with either Ifeanyi Ubah or Capital Oil and Gas Industries Ltd.
Industry watchers are of the opinion that this is the last card in Ifeanyi Ubah’s arsenal of debauchery as ongoing developments in the actions instituted against him in courts in Nigeria, South Africa, Netherlands and the United Kingdom have pointed to the fact that he would soon become a jail bird especially because of his obvious disrespect for the judicial systems of these countries through his conducts.
According to Barrister Ukoh “I have followed the Access Bank, Dr. Cosmas Maduka and Ifeanyi Ubah’s case and the facts are clear to everyone that someone is trying to outsmart the other by walking away with depositors funds because of the ineffectiveness that characterises our judicial system. In other climes, this matter would have long been decided. It is either Ubah brings out the money, tells the court the whereabout of the disputed petroleum product or proceed on a journey to jail”.
This statement seems to be yet another testament to the palpable protection of Ifeanyi Ubah by a segment of the Nigerian judiciary or an amplification of the existing inefficiency in the Nigerian judicial system.
This view becomes inevitable because of the several legal summersaults that have inhibited the conviction of Dr. Ifeanyi Ubah, the Managing Director of Capital Oil and Gas Industries Ltd for his numerous offences ranging from outright stealing to economic sabotage.
It would be recalled that Ifeanyi Ubah’s Capital Oil and Gas Industries Ltd was among the companies listed for fuel subsidy fraud. Similarly, Ifeanyi Ubah through his Capital Oil swindled Mrs. Uju Ifejika’s Brittania-U Nigeria Ltd and the NNPC of several billions of naira, an issue which is still a matter of litigation.
Also, his multi-billion naira debt to AMCON is yet unsettled even after AMCON had temporarily taken possession of his whole worth except for his life before a court of law brokered a repayment agreement between the chronic debtor and creditor.
The latest of his adventure which has attracted so much attention is the N21billion debt owed Dr. Cosmas Maduka/ Access Bank Plc. It was alleged that he fraudulently diverted $133million worth Petroleum Products financed by the Bank for a Joint Venture Agreement between Dr. Maduka and Ifeanyi Ubah.
Till date, Ifeanyi Ubah has feigned deafness by not responding to questions asked by security agencies, courts, the media and well meaning Nigerians about the whereabout of the Petroleum Products or the proceed from the sale.
Even though this is a clear case of stealing, Ifeanyi Ubah still shamelessly involved the national assembly in the ploy to elicit undeserved sympathy from Nigerians until the law making body discovered that the case at hand was not just that of an imposter seeking protection but a deliberate plot by a saboteur to launder his stinking image by associating with credible Nigerians.
With all these tricks gone, Ifeanyi Ubah looking for who to go down with him and has resorted to lying to mend his image but the facts are too glaring. He should just go and pay up his debts!
