:: Cover Story...

Tuesday, November 11, 2013.

President Jonathan's Campaigner & Controversial Businessman, Ifeanyi Uba Maintains Quiet Profile Over Report AMCON Returned Company Taken Due To Mega Bad Debt, Capital Oil. growing questions caress move

President Gooduck Jonathan ‘s  re-election campaigner and defeated Anambra gubernatorial candidate, Ifeanyi Ubah  is back at the helms of affairs of the his company and claim to fame taken over due to gargantuan debts.


But unlike antics that thrust him into public consciousness, the in your face player has maintained a low profile over this development.


The Assets Management Company ( AMCON) had taken over  management of Uba’s Capital Oil on June 21, 2013 as part of arrangement to  offset a N65b ( sixty five billion naira) debt hanging o it’s neck.

Ifeanyi Uba

The move- backed by court seal - was initiated to ward of liquidation attempts by creditors – and multiple court actions against Uba and his capital Oil.


According to disclosed terms of agreement, at the time of takeover initiation, the arrangement would lapse for 2years ( 24months).


But, 17 (Seventeen) months into the understanding,  AMCON has returned Capital Oil to Ubah citing reasons of ‘amicable settlement of all pending legal disputes between the parties ( involved )’.


The statement credited to spokes person, Kayode Lambo reads in parts ‘Cosequent upon this settlement, Chief Patrick Ifeanyi Ubah will be resuming his role as the Managing Director /Chief Executive Officer of Capital Oil and Gas Group.


‘His resumption as the MD/CEO of Capital Oil/Gas brings to an end the management of Capital Oil/Gas by AMCON...’


The statement did not provide details of how the development came to be.


However the fact that Uba secures his claim to fame 7months ahead of schedule, at a period he is at the forefront of President Goodluck Jonathan’s re election campaign has raised growing questions.


Especially given the ‘terse ‘announcement that the effected the change- and Uba’s unusual attitude of maintaining a low profile on the development.

Mr Ifeanyi Uba swept into public consciousness via attention drawing antics and lavish reportage.


His fame transformed not soo good with indictment and arrest and incarceration by police for alleged multibillion naira subsidy fraud, based on affirmation of indictment by presidential probe panel.


Messy public altercation over a reported $130m deal gone with decorated Nigerian, Cosmas Maduka didn’t help his reputation.


( here is a link for background -


But he waded through all these to contest in the Anambra gubernatorial election - which he lost.


He had gone low profile after the election defeat, only to emerge as an influential stakeholder in Transformation Ambassadors of Nigeria (TAN), the organisation vigorously campaigning for the re- election of President Goodluck Jonathan.


TAN has emerged the singular ferocious movement that has created the most buzz ( home and abroad) for the re election of Mr President, even in the face of international infamy of cashing in, on national tragedy of missing school girls to achieve it’s aim with slogan #bringbackgoodluckjonathan# - a rip off the #bringbackourgirls# ash tag that earned the girls forcefully taken by insurgent group, Boko Haram world wide sympathy.

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