TICKER: Ifeanyi Uba says Cosmas Maduka runs a “pure water” business, denies fraud

The Managing Director of Capital Oil and gas, Ifeanyi Uba on Monday denied claims by the Chief Executive Officer of Cosharis group, Cosmos Maduka that he offered him (Mr Uba) a lifeline when his business was in the brink of collapse.

“Is it by his pure water business that he’ll be able to come and help me,” Mr Uba, who was a guest on Channels Television’s breakfast programme, Sunrise Daily, asked.

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

Mr Maduka had claimed that since Mr Uba 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 Mr Maduka’s claims, Mr 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, Mr Uba said ‘you can’t eat your cake and have it’.

He said the loan he obtained from the bank was what he used to import petrol of which his company is yet to receive subsidy payment. “The money is sitting in Access Bank,” he said.

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

– Channels TV

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