The buildup to the 2014 gubernatorial elections in the southeast Nigerian State of Anambra may have begun unveiling symptoms indicative of a return to trouble times in Anambra State. Information recently made available to 247ureports.com through sources close to the activities around the mechanizations towards the 2014 polls indicates that the shady oil mogul chief executive officer [CEO] of Capital Oil, Ifeanyi Uba effort to commandeer the political activities of Anambra State may have to do with the increasing financial instability within the oil mogul’s business empire.
According to the available information, a recent court decision given against the oil mogul, Ifeanyi Uba over a one-year old debt owed to Britannia to the tune of N3.1billion may have exposed the shady oil mogul’s business empire as increasingly facing insurmountable financial problems. The court had garnished the bank accounts of the oil mogul. Further investigation by our correspondent indicates that the shady oil mogul, Ifeanyi Uba’s Capital oil may indeed have a liability that has outgrown its liquidity – and that is to say that the oil mogul owes more money that he has. This information comes against the revelation that the shady oil mogul maintains a staggering debt profile with numerous commercial banks amounting to the tune of N70billion. Further worsening the financial instability of Ifeayi Uba’s business empire is the recent revelation by the oil subsidy probe report which indicated Ifeanyi Uba’s Capitol Oil received N30billion worth of oil subsidy monies for the importation of refined crude oil but failed import the said refined petroleum.
Capitol oil’s financial gridlock is reported to have descended embarrassing levels. Employees of Capitol Oil disclosed to 247ureports.com the workers at the firm have yet to receive their four month salary. Ifeanyi Uba has yet to pay salaries to his workers for four months.
The oil mogul who is an indigene of Nnewi in Anambra State has reportedly made known his intention to vie for the gubernatorial elections in Anambra State in 2014 under the party banner of the All Progressive Grand Alliance [APGA]. But his professed aspiration may have hit a dead road owing concerns within the leadership of the APGA. According to information received, some of within the leadership of APGA who are concerned about the undemocratic emergence and/or coronation of a candidate who may have not completed a secondary school education –and who may have near insurmountable debt profile in his business – opted to have the seemingly arbitrary selection of Ifeanyi Uba as the candidate of APGA quashed until a primary election is conducted within the party.
As gathered, the shady oil mogul, Ifeanyi Uba, in response to the concerns raised by the leadership of the party, moved to romance the embattled chairman of the party, APGA in the person of Chief Victor Umeh. According to reports, the oil mogul approached the APGA embattled chairman with financial enticement to the tuned of N250million in return for the party’s gubernatorial ticket and control of the party structure in Anambra State.