My Ifeanyi Ubah Odyssey, by Cosmas Maduka

Dr. Cosmas Maduka

By Davidson Iriekpen

Managing Director, Coscharis Group of Companies, Dr. Cosmas Maduka, has vowed to ensure that he collects back all the money due to him that Managing Director, Capital Oil and Gas Industries Limited, Mr. Ifeanyi Ubah, has allegedly fraudulently appropriated through a failed business transaction between the duo.

Maduka, in a statement Sunday  from the Coscharis Group, which he owns, detailed his encounter with Ubah, saying he had entered into partnership with Ubah in response to his request for ehe entrepreneur to assist the oil dealer grow his business.

He also denied the allegation Ubah made last week that he and Managing Director/Chief Executive Officer of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, who chaired the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments, were plotting to take over Capital Oil.

According to Maduka, the stage for the failed business transaction between him and Ubah was set during the celebration of his (Maduka’s) 50th birthday when the oil marketer, in the company of others, sought him out to assist with his business, explaining that he had been victimised by competitors and the banks.

“In spite of the numerous warnings against having anything to do with him, Maduka felt the urge to assist the young man because he felt no one could be as bad as he (Ubah) was being portrayed and after all Ubah is his kinsman from Nnewi,” the statement said.

The Coscharis Group highlighted some of the warnings its chairman, Maduka, was given against dealing with Ubah to include his failure to remit sales proceeds to the Nigerian National Petroleum Corporation (NNPC) after selling petroleum products stored in his tank farm; failure to remit sales proceeds to Mrs. Uju Ifejika, who had a through-put-arrangement with Ubah, after he had sold the petroleum product in his care; alleged refusal to settle his indebtedness to several banks; and his exposure to Asset Management Corporation of Nigeria (AMCON), which has taken over his bank debts.

Maduka said because of Ubah’s reputation, no bank was ready to grant him credit and he had sought his assistance to help him access credit for his oil business.

“On the strength of this, Dr. Cosmas Maduka entered into a joint venture business agreement with Capital Oil (Ifeanyi Ubah) for the importation and sale of Premium Motor Spirit (PMS).

“The basis of the joint venture agreement was that Dr. Cosmas Maduka would provide the funding for the importation while Capital Oil would be responsible for the logistics, for the importation as well as handle the sale of PMS.

“Capital Oil’s role was therefore to provide its Petroleum Import Permits from the Petroleum Products Pricing Regulatory Agency (PPPRA) and The Department of Petroleum Resources (DPR) which are required to import PMS into Nigeria.

“Capital Oil would also source the products, open Letters of Credits to the supplier who must deliver the product to Capital Oil storage tank in Nigeria, arrange for the sale of the product in Nigeria, and pay the proceeds and subsidy element into the joint venture account to repay the loan obtained by Dr. Maduka,” the statement added.

Maduka’s greatest mistake was to believe that Ubah was a reformed character despite his track record of allegedly defrauding several persons, as shortly after the business transaction was sealed, he revealed his true character, the group said.

According to the statement, based on the agreement, Capital Oil covenanted that Coscharis Motors would be entitled to immediate possession of the products while the oil company would lease the tanks in which the products would be sold to Coscharis, as part of measures to ensure that Coscharis had proper storage for the products that Capital Oil had pre-sold to it, based on the agreement.

“This agreement provided for an account to be opened into which Capital Oil would domicile proceeds of subsidy collected by way of Sovereign Debt Notes for the products imported, which together with proceeds of the sale of the products would be used to repay the bank’s credit facility,” Coscharis said.

The company explained that given the fact that all the banks approached to finance the deal refused to have anything to do with Capital Oil, Maduka approached Access Bank for a facility to fund the importation of petrol.

The bank, the company added, consented and later raised the facility granted to Coscharis Motors to $164 million to accommodate additional requests by Ubah and Capital Oil for additional importation, leading to the opening of 10 Letters of Credits (L/Cs) that were established and fully negotiated.

“However, shipments were made and products were partially received for six out of the 10 Letters of Credit while products for the remaining four Letters of Credit established for the importation of 130,000 metric tonnes of petrol were not delivered at all,” it explained further.

The statement said even for the six L/Cs for which shipment was made, not all the products were delivered to the tank farm as expected by Capital Oil while there was no delivery of products for the remaining four L/Cs.
It said when the petrol that was expected to be discharged into Capital Oil’s tank farm at Ibafon, Lagos, did not arrive as scheduled and the company could not satisfactorily explain the delay, Maduka knew that Capital Oil in collusion with shippers had diverted the product.

“This belief is strengthened by the fact that under Letters of Credit, the products covered by the Bills of Lading were supposed to have been delivered within three weeks from the date of the Bills of Lading (on or before January, 2012) but till today, the products have not been seen,” the statement said.
“Capital Oil’s diversion of these products in collusion with the shippers has made the repayment of the facility scheduled to come from the sales proceeds impossible.

“Accordingly, the exposure to Access Bank Plc stands at about N21 billion while interest accrues. Also, Capital Oil has refused to release the 56,568,587.11 litres of PMS in the designated tank for this transaction under the management of our warehousing agent in its tank farm for disposal to facilitate the payment of our financial obligation to Access Bank,” Coscharis added.
The perceived fraud, Coscharis explained, compelled Maduka to petition the Special Fraud Unit (SFU) of the Nigerian Police Force (NPF), which invited the duo to give statements and was followed by interrogations. 

Maduka, the company said, has vowed to collect every farthing owed by Ubah, adding: "Ifeanyi Ubah may have defrauded the Federal Government and other individuals and gone free but given the fact that I earned every kobo through my sweat, I will collect my money to the very last kobo.

“Allowing a fraudster of this magnitude off the hook will send wrong signal to the international community about the sincerity of the government’s prosecution of the anti-corruption campaign. I vow to pursue this matter to the end.”
The company’s chairman observed that the alleged fraud perpetuated by Ubah was similar to the destruction of Banco Noroeste, the Brazilian bank that was defrauded to the tune of $242 million by Mr. Emmanuel Nwude, Mrs. Amaka Anajemba and other accomplices in a space of three years.
“I and my family will fight with everything to ensure that Ubah repays all the money he owes me. God is my witness,” he said.

ThisDay

25,000 Pedestrians Penalised For Not Using Pedestrian Bridges, Zebra Crossing

A lot of Lagosians against the Lagos traffic law have said the laws are too strict on the common man. However, Lagos is not the only city in the world where traffic law offenders are fined.
According to a Dubai police officer, around 25,000 traffic fines have been issued to pedestrians who cross the roads from non-designated areas since the beginning of the year.
It is a crime for a pedestrian to cross a road from an inappropriate area, and the offence will attract a fine of Dh200 (₦8,573.38), said Lieutenant Colonel Jamal Al Ameri, head of Public Relations at the Directorate of Traffic and Patrols, quoting the Federal Traffic Law.
“Pedestrians are advised to cross roads from the zebra crossing only or from the pedestrian bridges, otherwise they will face fines,” he said.
Al Ameri said that police have stepped up patrols on the roads and have issued fines to jaywalkers.
Last year, 333 pedestrian accidents took place in Dubai roads and 46 people died in those accidents.
Lieutenant Colonel Hamoud Saeed Ajedan Al Ameri, Director of Deira Police Patrols at the General Traffic Department at Dubai police, told reporters that last year 17 pedestrian deaths took place on Deira roads while 14 deaths happened on the Bypass Road. Another 15 deaths took place on Emirates road last year.
“We have this year, a traffic plan to reduce the number of deaths of pedestrians on roads and we have teams of police patrols who are monitoring roads, mainly on those roads which witness large numbers of such deaths,” he said.
Al Ameri said one of the main roads in Deira that witness pedestrian deaths or accidents is Oman Road and Damascus Road and Al Khaleej Road.
“Pedestrian deaths also used to took place on the highways were there are labour accommodations in the area,” he said.
He added that police campaigns to raise the awareness of the public, especially among labourers, have helped in reducing the deaths.
But he warned of blood money payments to families could be affected in cases of pedestrian deaths on the roads.
“In cases of deaths of pedestrians, if investigations have revealed that the traffic accident took place because the pedestrian violated the traffic law, then the court could not sentence the driver to pay blood money to the victims’ family or the amount of blood money will be reduced greatly,” he said.
Al Ameri said Dh200 (₦8,573.38) fines will be given on the spot to offending pedestrians.
“Police will ask for the ID of the offender and will take all their details, the fine will be issued and they will be asked to visit traffic police departments to pay the fine,” he added.
InformationNigeria.org

There Is Enough In The Ribadu Report To Shake Up The Industry – Agbakoba (SAN)

Former NBA president and maritime lawyer, Olisa Agbakoba (SAN) has thrown his weight fully behind the Nuhu Ribadu Petroleum Revenue Task Force, despite Mr. Steve Oronsaye and Ben Otti’s opposition.
Agbakoba who was a member of the task force said, “The report hasn’t been undermined by anyone even though issues have arisen but as I said, there’s enough in the report to shake up the industry.”
Though, he admitted that the committee encountered “procedural challenges”, he said, “Nonetheless it is my view that the report recorded sufficient credible information for a robust review of the oil and gas industry.”
He said, “Having fully participated in the work of the committee, I can confirm that the management of Nigeria’s hydrocarbon assets requires a radical transformation.
“We should focus on substance and request the government to take urgent steps to implement the report, subject to any further action that may be necessary.”
Agbakoba decried the “wrong media interest” the report has so far generated even as he reiterated his confidence in it.
“Let’s focus on substance. We need action and not distraction,” he said.
The Senior Advocate of Nigeria quoted Jonathan as saying, “If there are errors of calculation or misinformation in the report, that will be filtered out and corrected. Issues of corruption will go to the EFCC,” he concluded.
 InformationNigeria.org

Property Owners Along Lagos Highways Directed To Paint Them

The Lagos State government has advised property owners along major highways, high streets and roads in the state to commence immediate paintings of such structures/properties to complement the ongoing state wide beautification projects and the seasonal decorations in preparation for the yuletide season celebrations.
The commissioner for the Environment, Mr. Tunji Bello, gave the directive during the monitoring of state projects across the state.
Bello expressed displeasure over the neglect and derelict state of most buildings along major Highways and High streets, like Ikorodu Road, Agege Motor Road, Funsho Williams Avenue, Isolo Road, Mushin, Oshodi, Victoria Island, Apapa , Ikoyi among others.
He also observed that the other category of neglected buildings noticeable on Lagos roads are those he referred to as “Abandoned Properties” which are prevalent in areas like Ilasamaja, Apapa, Creek Road, Ikoyi, and Victoria Island Axis.
Properties along this corridor were abandoned by their owners, who have relocated and left such properties at the care of their security guards who have converted them to “okada parks” and hideout for miscreants.
Bello further advised owners of the neglected buildings to come up and take ownership of their buildings, ensure they are put in proper shape and painted to complement the state government effort on its massive environmental regeneration programmes.
The commissioner noted that task of building a new Lagos that is adorned with beautiful Highways/High streets, recreational parks /gardens and lush green lawns is the ultimate goal of this administration and collective responsibility of all and sundry.
He therefore urged individuals, groups and corporate bodies to join hands with the state government in its current effort and drive to attain a cleaner and sustainable environment in the state.
InformationNigeria.org

Ifeanyi Uba talks tough; attacks Okonjo-Iweala, mocks Cosmos Maduka

The Managing Director of Capital Oil and Gas, Ifeanyi Uba on Monday accused the Coordinating Minister of the Economy and Minister of Finance, Ngozi Okonjo-Iweala of using her position to engage in local politics.
Uba said this while speaking as a guest on Channels Television’s programme, Sunrise Daily. He was responding to the inclusion of his company in the list of oil subsidy defaulters.
He said the Minister had assumed the position of a god, adding that her attitude was unbecoming of a high ranking office holder.
“She’s playing Anambra state politics with her job and reputation. She is assuming to be god; but she’s not god,” he said.
Uba also denied claims of offer of a lifeline by the Chief Executive Officer of Cosharis Group, Cosmos Maduka.
Mr Maduka had in an interview claimed that when Uba’s company, Capital Oil and Gas was labelled by most commercial banks in Nigeria as “unbankable”, he helped the oil merchant to obtain a loan of $180 million from Access Bank to finance the importation of Premium Motor Spirit (PMS).
Maduka also alleged that 10 letters of credit were opened and that of the 10 expected cargoes, only six were delivered.
But in responding to the claims, Uba asked rhetorically: “Is it by his pure water business that he’ll be able to come and help me. Everything he (Maduka) said about that story is false.”
On the question of his alleged debt to Access Bank to the tune of N21 billion, Mr Uba said “you can’t eat your cake and have it.”
“The loan from the bank was what we used to import petrol and we are yet to receive subsidy payment. The money is sitting in Access Bank.”
“Access Bank is the consignee of all the vessels imported. Therefore,if they are accusing me of fraud, then it is all of us together,” he
added.
DailyPost

We are talking to Boko Haram – Presidency confirms

 by Hauwa Gambo

inShare

The Presidency on Monday confirmed that it had commenced dialogue with the violent Islamic sect, Boko Haram. It however said that the dialogue was not the type envisaged by Nigerians.
“I can confirm to you that talks are ongoing at the background. But the talks are not the kinds being envisaged by Nigerians,” the Special Adviser to the President on Media and Publicity, Reuben Abati, told our correspondent in Abuja.
Abati added, “I know that some Nigerians are expecting that a venue should be chosen and a banner will be placed there indicating that the Federal Government is holding dialogue with the group there.
“That is not the kind of talks we are talking about here. The ongoing talk is a back channel one in which those who know members of the group are talking with them on behalf of the government.”
Boko Haram which has been prosecuting a bombing campaign against the Nigerian state recently gave conditions for ceasefire and talks with the government.
The sect, among others asked for compensation for its killed members; that its demolished mosque be rebuilt; that its members in custody be released; and that the dialogue venue should be in Saudi Arabia.
It spoke through Abu Mohammed Ibn Abdulaziz, the second-in-command to its leader, Abubakar Shekau.
Abdulaziz named a former Head of State, Muhammadu Buhari; Dr. Shettima Monguno; a former Yobe State Governor, Bukar Ibrahim; Ambassador Gaji Galtimari; and Aisha Alkali Wakil, and her husband, Alkali as “trusted” Nigerians it would be ready to negotiate with.
YNaija.com

CBN Blames Rising Inflation on Governor’s Ostentatious Spending

CBN Governor, Mallam Sanusi Lamido

The Central Bank of Nigeria (CBN) has called on State governors to watch their spending habits, as their extravagant spending habits is responsible for inflation in the country.
This warning was issued by the deputy governor, financial system stability of the Central Bank of Nigeria (CBN), Kingsley Moghalu during the presentation of a paper at the 5th Annual Banking and Finance Lecture of the Nnamdi Azikiwe University, Awka.
Moghalu added that according to a survey conducted, state governors without cause spend money extravagantly in display of self and class, adding that they do this without knowing that their actions cause inflation and devaluation of the naira.
Moghalu who represented the CBN governor Mallam Sanusi Lamido Sanusi spoke on the topic, “The Contributions of CBN to the Economic Development of Nigeria,” said, that was why the CBN should have independence.
“When the CBN loses its independence to the level that a state governor or a top politician can call the CBN governor and say, ‘Mr XYZ is coming for loan, please give him at 6%’, and then you know that the fall of the country is imminent,” he added.
Muoghalu argued that if the country must continue to move ahead, the CBN needs autonomy to make its budget and determine its own expenditure, this, he said will hinder interference from politicians.
“In Nigeria, people have continued to challenge our independence, but it is so because we are in a democracy, and people can talk. This is a policy battle that is still being fought, but the politicians cannot continue to dictate for the CBN what the interest rate should be.”
He stressed the importance of the autonomy lamenting the plot of those opposing the autonomy and independence of the bank, saying that, they are either doing so as a result of ignorance or clearly do not want the growth of the nation’s economy.
He said the economy will be more viable if CBN is not answerable to politicians who would manipulate it at will to suit them.
“Imagine a CBN where the governor is answerable to another personality who is the chairman of the board, and that chairman happens to be a committed member of a political party and his party is standing for election, the tendency is that he will want a lot of favour from the bank, at the detriment of the nation’s economy,” Muoghalu said.
In a reaction yesterday, the director-general of the Nigeria Governors’ Forum, Dr. Asishana Okauru, said they secretariat cannot react without reason, adding that it would look into the condition under which the statement was made, adding that the CBN is a credible institution, so he does not expect such statements from it.
“I don’t want to react in a vacuum. I will check it up with the CBN. The CBN is a credible institution and so we will look into the matter. We do not expect the CBN to make such statements,” he said.
BusinessNews