Capital Oil Boss, Ifeayin Ubah In N65 Billion Debt Mess ***As AMCON Takes Over Business

Forget whatever bravado Ifeayin Uba, the boss of Capital Oil and Gas Industries is pulling in Anambra State, as the gist making the rounds is that the man’s fortunes has dropped.

Information available to www.theoctopusnews.com has it that his company, Capital Oil and Gas was recently taken over by the Asset Management Corporation Of Nigeria (AMCON), for its in ability to pay up debts it incurred.

Findings by our reporter revealed that the organisation of Ubah is so disorganised that his foot soldiers can hardly differentiate their left from their right.

In a recent advertorial signed by the head of Coporate Communication, AMCON, Mr. Kayode Lamido, he said the management has taken over the down stream sector of the company for two years.

Digs by www.theoctopusnews.com revealed that the takeover became necessary when AMCON paid up several monumental debts of Capital Oil and Gas from various financial institutions.

AMCON we learnt had dragged Uba to court in a suit with number FHC/ABJ/CS/714/2012, holding at the Federal High Court, but as a means of settlement he later agreed that AMCON should take over the executive management of his business for the next two years.

With this agreement, Ubah, the erstwhile Managing Director/ Chief Executive Officer subsequently relinquished his role as the head of the organisation.

AMCON shut down the premises of Capital Oil and Gas in 2012, following an Abuja Federal High Court ruling that the agency should take over the. Company’s properties and assets over an alleged N48.014 billion debt.

According to the Managing Director of AMCON, Mr. Mustafa Chike-Obi, Ifeayin Uba’s indebtedness as at December 2012, is 65 billion naira.