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WATCH: “I am like a diesel engine… and I have started” – Ifeanyi Ubah lets loose

Ifeanyi Uba

by Isi Esene

“You can’t ask me to tell you how Jesus Christ was born?” – Hold your sides, with comments such as this, the next few minutes will leave you dumb-founded.

The managing director of Capital Oil and gas, Ifeanyi Ubah on Monday denied claims by the chief executive officer of Cosharis group, Cosmos Maduka that he offered him (Ubah) a lifeline when his business was at the brink of collapse.

According to him, Maduka does not do a business large enough to compare with his own. “Is it by his pure water business that he’ll be able to come and help me,” Ubah, who was a guest on Channels TV’s Sunrise asked.

“Cosmas Maduka that I know, does he have 10 per cent of employment I have created in this country? The only business I know that my uncle, Maduka does is to be an agent of motor dealers.

“I have never known him to be in a major business like oil and gas,” he said.

Ubah said he believes politicians were influencing the Cosharis boss, whom he referred to as an uncle, to engage in the media war with him.

Watch part 1:

Maduka had claimed that since Ubah and his company (Capital Oil and Gas) were 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).

The Cosharis boss also alleged that 10 letters of credit were opened and that of the 10 expected cargoes, only six were delivered.

Disputing Maduka’s claims, Ubah said “everything about that story is false.”

When asked if it was true that he is indebted to Access Bank to the tune of N21 billion, Ubah said “you can’t eat your cake and have it.”

Ubah accused Access Bank of attempts to forcibly take-over Capital Oil.

He said, “Access Bank is the consignee of all the vessels imported. Therefore, if they are accusing of fraudulent practices, then it is all of us together,” he added.

He accused the Minister of Finance and the coordinating minister of the economy, Ngozi Okonjo-Iweala, of bias saying he will sue her even in New York if she does not take the issues seriously.

Uba said, “The ministry of finance is playing politics. What is she hiding? This is a plot for her to cover up her budget implementation.”

He concluded his argument saying, ” I have warned them not to pull me, I am like a diesel engine – I take time to start, if you pull me and I start… once I start I’m unstoppable… and they know it.”

Watch part 2:


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Comments

  • I watched Maduka’s interview and I have watched this one and it is obvious who the guilty party. I feel really sorry for Coscharis. He should never have done business with this incoherent crook.

    Daniel November 13, 2012 7:12 pm
  • YNaija you missed some of the funnier comments. See him quoting the bible and saying “touch not my anointed” -Ubah fancies himself as a preacher now.. Hear him also say that the lawsuit against him in the UK is a sign that those suing him are unpatriotic. No Ubah, its a sign that the judicial system in the UK will nail you. How can he also Maduka’s business is “pure water business”. Clearly arrogant but I can see through the facade, he did not answer any question always adding more parties and issues probably to confuse people. I am not confused and he does not deserve anyone’s sympathy.

    Fola November 13, 2012 8:52 pm
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