AMCON Returns Capital Oil To Ifeanyi Ubah

Ifeanyi Ubah, Chief Coordinator of Transformation Ambassadors of Nigeria, TAN, a campaign group for President Goodluck Jonathan re-election ambition, has returned as the MD/CEO of Capital Oil and Gas, nearly 17 months after the company was taken away from him.

Following an alleged debt of about N65 billion, the Asset Management Company of Nigeria, AMCON, seized the company from him and ran its affairs.

Ubah was involved in a controversial loan deal involving Access Bank and Coscharis Group.

He was accused by Coscharis Group boss, Cosmos Maduka, to have breached an agreement both of them signed when he (Maduka) used his influence to secure a loan deal from Access Bank for Ubah, after most banks in Nigeria had refused to give more loans to the oil marketer due to his failure to honour earlier loan deals.

But a statement issued by the body and signed by its spokesman, Kayode Lambo, disclosed that after AMCON and Ubah sorted out the issues, it was decided that Ubah should be allowed to run the company again.

“Consequent upon this settlement, Ubah will be resuming his role as the Man aging Director/CEO of COG. His resumption as MD/CEO of COG brings to an end the management of COG by AM CON,” Lambo said.

He explained that, “This is in accordance with the terms of settlement as agreed by both parties that the loan be serviced as per the judgement of the Federal High Court.

“This settlement is in line with AMCON’s roles as a resolution vehicle to help stabilise and revitalise the Nigerian banking system and economy.”