CASE OF DOUBLE JEOPARDY FOR IFEANYI UBAH HAS HE IS SUSPENDED BY PDP

Ifeanyi Ubah

Not only was he annihilated despite his humongous wealth and sagacity at the recent Governorship primary of the PDP in Anambra State, which was won by Oseloka Henry Obaze in an outstanding manner, the MD/CEO of Capital Oil and Gas Limited in the person of Ifeanyi Ubah, owner of the eponymous football club has also attracted a penalty for his unneccesary outburst of claims of irregularities.

Rising from their very recent sitting, the 'National Caretaker Committee of the PDP' has suspended forthwith in the interim, Chief Ubah for what they have termed "anti-party activities".

While the suspension is ongoing, he has also being referred to the disciplinary committee for further action also. The issue with Ifeanyi Ubah arose from the fact that he openly disparaged and casted aspersions on those who conducted the governorship primary, where he came a distant 3rd. He alleges irregularities and when he was queried for his outburst, he was said to have totally ignored the committee that reached out to him.

With this conduct of the newly revamped PDP, this might be a way of sending out a clear cut message to everyone, that the real change has come to the PDP, that matters are no more the usual way. 

UPDATE ON THE UPCOMING NOVEMBER 2017 ANAMBRA ELECTION- THE ANDY UBA FACTOR AND THE PDP SURPRISE PACKAGE- OSELOKA OBAZE

Now that the APC has backed Dr. Tony Nwoye has her candidate for the upcoming battle of the titans in Ndi Anambra come November 18, 2017 what would the moneybag known as Senator Andy Uba, who had taken not less than 40 senators to go pick up his form to participate at the primary then, in a power show to intimidate others now do?

It is obvious somewhat that the days of blatant money politics in the state (ANAMBRA) seems to have ended. For if it was money that should have decided who should be the flag bearer of the APC and even PDP in that state, none of the many candidates who vied to be chosen as the sole candidate of the APC & PDP could match have matched the likes of Senator Andy Uba, Oil and Gas mogul Ifeanyi Ubah and former Aviation Minister and SPG boss Stella Oduah.

But even with all of their capacities and capabilities, they were still totally annilated by those without their kind of staggering wealth, but who were loads more influential and rightly connected.

Dr. Tony Nwoye, who is  now the confirmed candidate of the APC, got 95% of the votes amongst the 12 that took part in the primary and left the remaining 5% to be shared by all the other candidates, which included Senator Andy Uba.

Dr. Nwoye, is a medical doctor by profession and a House of Representatives member and also a well respected politician, who is the youngest of the aspirants vying for the post of Executive Governor of Anambra State. At 43, he and Chief Osita Chidoka of UPP who is 46 are the young men, who wants to bring in a lot new energy into running the affairs of the South East's most urban state.

More after the break.

ANAMBRA STATE GEARS UP FOR THE BATTLE OF THE TITANS (PDP VS APC VS LABOUR VS APGA)

SENATOR ANDY UBA

SENATOR (DR) CHRIS NGIGE

IFEANYI UBAH

CHIEF WILLIE OBIANO

DR CHIKE OBIDIGBO

Anambra State, also known as ''the Light of the Nation'' where Governor Peter Obi reigns supreme as we speak as the action Governor, is gradually getting ready for what some have tagged- a battle royale. 

Now that Governor Peter Obi has successfully done 2 terms, meaning he cannot run again, the coast is now open for such heavyweight combatants the likes of the following-

Billionaire Senator and man of great influence- who tasted what it was like to be a Governor sometime back for just a few days, in the person of beleaguered Senator Emmanuel Nnamdi Uba, 54, but better known as Andy Uba who is currently the Senator representing Anambra South Federal constituency.  For now the powerful & highly connected Senator, is battling to be chosen as the candidate of his party the PDP. There had been a parallel congress at the PDP primary a while back, which had produced 2 candidiates from the party. While the PDP machinery supports the other candidiate, in the person of Comrade Tony Nwoye. INEC on the other hand seems to support the PDP faction that produced Andy Uba. 


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MADUKA IS AFTER MY LIFE CRIES IFEANYI UBAH

The last as not being heard from this unfolding drama, that has on one side the CEO of Coscharis Group, Mr. Cosmas Maduka and on the other side, the boss of Capital Oil & Gas. 

IFEANYI UBAH

The latest news in town is that Ifeanyi Ubah, has cried out to whoever cares to listen that the man behind Coscharis Group is after his life. To even show that he is not taking the threat to his life lightly, he has petitioned the top police boss in the country, the Inspector-General of Police, IGP Mohammed Abubakar.  According to the petition, said to have been signed on his behalf by his solicitors, as represented by a Mr. Robinson Akpua, it says as follows-

 “We are solicitors to Mr. Ifeanyi Ubah of Capital Oil and Gas Industries Ltd.
and on whose behalf and mandate we write this petition.

“We write to formally inform you about the libellous publications against our client and also threats to his life by Chief Cosmas Maduka of Coscharis Group.
“Our client informed us that sometime in 2011 he entered into a business transaction with Maduka. The business was flourishing until Maduka became dissatisfied with the outcome of the business, consequent upon which he has filed a petition to your office.

“While your men are investigating the matter, which is purely a civil contractual relationship with its attendant rights and liabilities, Maduka went on air – Channels Television and AIT – to slander our client.
“He called our client all sorts of names ranging from a thief to an international fraudster. As though that was not enough and still not allowing your men to do their job, Maduka took four pages in some national newspapers libeled our client and repeated his slander.

“Our client’s life is now being threatened as he receives anonymous calls urging him to pay those he owes, while also receiving text messages from unknown persons demanding that he must share the ‘loot’ apparently in reference to Maduka’s allegation that he (Ubah) duped him of billions of Naira.
“May we point out that our client has neither been convicted of any crime by any law court nor has he been adjudged liable for any breach of contractual business relationship with anyone, including Maduka.”

Ubah’s counsel asked the IG to order for the arrest of Maduka, investigate the libelous publications and ask him to write a letter of apology within seven days or face legal action.
Apkua also asked the IG to warn Maduka to desist from further libelous publications against his client pending the conclusion of the police investigation and court case or he risks contempt of court.

COSMAS MADUKA'S INTERVIEW ON HIS FIGHT WITH IFEANYI UBAH

COSMAS MADUKA

 For the past 38 years he has operated quietly behind the scenes, only visible in the press when absolutely necessary and in that space of time, he has built the Coscharis brand from an upstart with little or no capital into a colossus with tentacles spread across major auto luxury brands – Range Rover, BMW, Ford, Jaguar, etc. And with a reputation that opens doors and access to mega funds both locally and internationally, Cosmas Maduka was on a roll.

According to him, it took hard work, sweat and focused determination, in the process, riding through rough times with a dogged tenacity to get to the very pinnacle of business success. Maduka appeared to have all going for him until one bright summer morning when fate chanced a meeting between him and Mr. Ifeanyi Ubah, chief executive and founder of Capital Oil and Gas Industries Limited in an aircraft.  It is not unlikely that he will curse that day forever going by what he knows now. It set the stage for the biggest mistake of his business life. As is often the case with that element called trust, one party is left bruised and bloodied while the other party has run away with the loot.

Maduka is a wounded man right now having been dealt a fatal blow by his own kinsman, he calls his ‘kid brother’, Ifeanyi Ubah. It is a business deal between them that has gone sour and a usually careful Maduka is left holding the short end of the stick.
The contrast between the two principal actors in this unfolding saga in age and lifestyle couldn’t be more stark. While Maduka, who is in his 50s lives an austere and modest lifestyle unimpressed by the grandeur of riches, Ubah, who just turned 41, is fascinated by the grandeur of wealth and lives an ostentatious lifestyle with the full trappings of money and power – private jets, luxury cars, multi-million dollar homes scattered across the big cities of the world, lavish parties, etc, are all prefixes to his name.

It is like a fairy tale, a well scripted Hollywood movie that will make Anajemba and Emmanuel Nwude’s celebrated fleecing of a Brazilian Bank, Banco Noroeste of Brazil, between 1995-1998 of $242 million look a like child’s play. Only this time, all the dramatis personae are Nigerians including the bank. It is indeed a riveting story of trust and betrayal. Shaka Momodu and Davidson Iriekpen interviewed him at his Mazza Mazza office on how the business deal was struck and how it went from promise to bust. Excerpts:

Give us the genesis of your business relationship with Ifeanyi Ubah of Capital Oil?

 
I am sure you know who I am and what I do for a living. I run Coscharis Group, which is a company I nurtured from ground zero. I understand what credit is all about. I know what supplier credit is all about. I built an unprecedented credit standing in this country. Worldwide all my suppliers deal with me on a negative pledge open account including Ford, BMW, Land Rover and Jaguar. I don’t pledge anything for them to ship consignments to me. I sell and pay between forty and seventy days - it is not something I picked on the streets, I worked for it. That was my life’s ambition to get to a point where I could somehow be independent. This very good credit standing that I built got to a point that the American government guaranteed my goods coming here. Everything I buy from America is on credit. No other Nigerian company had got that. That is to say the Sovereign Nation Guarantee – that the US EXIM Bank will pay my suppliers in the US. Usually they will give you this guarantee if a local bank co-signs but nobody co-signed my own. They used Coscharis as a pet child in exhibitions in South Africa and the whole of sub-Saharan Africa. I am the highest single buyer creditor with the US EXIM Bank and attained this for over 10 years. They have used Coscharis as a model on how you can grow your business using US EXIM Bank facilities.

By the same virtue, banks in Nigeria have extended the same terms of credit to me. I borrow on a negative pledge. First Bank borrows me on a negative pledge, Fidelity borrows me on a negative pledge, UBA borrows me on a negative pledge, Zenith, GTB and all the banks basically. If you put it this way I have what you can call unlimited resources because the main inhibition for a businessman is capital but when you have capital there is a wide scope of business you can get into.

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ITS BATTLE ROYALE BETWEEN COSMAS MADUKA & IFEANYI UBAH

The drums of war that started sounding very recently between the Chairman of Coscharis and the boss of Capital Oil & Gas is not going to abate anytime soon from what we hear. The cause of this imbroglio from what we hear is a colossal amount, to the tune of 21 Billion. On one side, the Chairman of Coscharis Group and erstwhile director of Access Bank, Mr. Cosmas Maduka, claims that Mr. Ifeanyi Ubah has stolen his 21 Billion investment and that he would use his last drop of blood to get his money back, in his own counter claim, Ifeanyi Ubah, says he is being persecuted unjustly by a group of people, namely Minister for Finance & coordinating of the Economy, Ngozi Okonjo-Iweala, MD of Access Bank- Aigboje Aig-Imokhuede, Governor Peter Obi & Cosmas Maduka.

The aftermath of the battle royale is that Cosmas Maduka was able to get an injunction from an international Court to seize many of Ifeanyi Ubah's investments in different countries, following that Ifeanyi Ubah also went to a court in Nigeria and got an injunction stopping Cosmas Maduka from touching his properties or investments. Who would win this battle at the end of the day? No one knows.  Part of the down side of the whole unpalatable mess, is that Mr. Maduka has been forced to resign or was he removed as a director of Access Bank. Ifeanyi Ubah, claims that the MD of Access Bank is envious of him & would like to take possession of his company, he also claims that  the consignment expected from him, which is the major cause of the war was duly supplied and that the subsidy on it has been claimed and was even paid to Access Bank.

The sad part of the whole situation is that the warring parties are brothers kind of from the same place in Anambra State. We hear many important personalities have waded into the situation, including the presidency but both parties are yet to sheath their swords.

We believe there is still so much to this that both parties have not yet revealed. Each side from what we have observed seem to have an ace up their sleeves, that they want to release at the appropriate time. The media war from both sides is getting more and more revealing by the day. So we all are waiting with bated breaths to see as things unfold.

COSMAS MADUKA

IFEANYI UBAH