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Published On: Mon, Dec 17th, 2012

Business Terrorism against Capital Oil &Gas Is Inimical To Economic Growth: By Rev. Dr Okechukwu K. Anozie


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Anozie Served Three Governments In Anambra State, A Pdp Chieftain, Author Of Goodluck Nigeria Needs, Co Convener, Political Summit Group, Executive Secretary Move Nigeria And A Public Affairs Analyst

Business Terrorism Against Capital Oil And Gas Limited And Chief Ifeanyi Ubah Is Inimical To Attracting Foreign Direct Investment And The Transition Agenda Of President Goodluck Ebele Azikiwe Jonathan

One of the cardinal programs of President Goodluck Jonathan, GCFR is the provision of employment to Nigerians. Those of us who supported and campaigned for the President throughout Nigeria marketed such programs; and we even highlighted it especially in our book; THE GOODLUCK NIGERIA NEEDS, which was published and circulated more than 200,000 copies all over the country during the Presidential campaign.

Capital Oil and Gas Limited is one of the major oil marketers in Nigeria that has brought innovation and style in the downstream sector of the Oil industry in Nigeria; and has demonstrated tremendous capacity in the downstream structure of the oil industry. The company started its’ operation in Nigeria in 2007 and within a space of less than six years it became a major player in the industry; accounting for more than 35% of importation, storage, trading, retailing and distribution network in Nigeria of PMS, AGO and DPK.

One of the outstanding innovation of CAPITAL OIL AND GAS LIMITED is the DIRECT KERO project it launched with the collaboration of NNPC to ensure that millions of Nigerians enjoy Kerosene at the government controlled price of N50.00 per litre. This program has gone round the 36 states of the federation and has wiped the tears of women who find it difficult to obtain this important product at controlled price.

The company has a state-of-the-art facility, which has an excellent deep water berth, enabling the company to discharge products from up to 4 large mother vessels, either to their own tanks or any of other 20 depots that use the Ibru Jetty. The company’s loading facility is fascinating and can load 18 trucks of 33, 000 litres capacity within an hour; or 360 trucks in a 24 hour shift. This is just mind boggling. This is what Capital and Gas is capable of, and suddenly!

The company is building simultaneously 6 state of the art Depots in Suleija, Niger State; Funtua, Katsina State; Kano, Kano State; Emene, Enugu State; Onitsha, Anambra State; and 4 others are on the pipeline with a target of covering the entire states within the next 10 years. This is just amazing and happening in Nigeria, developed and managed by a young Entrepreneur with a knack for innovation and excellence, Chief Patrick Ifeanyi Ubah; with 20,000 direct and indirect employees.

These are what some business terrorists want to wipe out in a matter of weeks. Terrorism is not only when bombs are planted; but when a conspiracy is hatched to destroy the livelihood of thousands who are just struggling to make it; and strangulate the company who has made it possible for such people to enjoy happiness. These are people Capital Oil and Gas gave opportunity to take care of their lives and those of their families by giving those opportunities to work hard; which is the hallmark of the average Nigerian.

Now that the court has directed AMCON to defreeze Capital Oil and Gas business, vide the court’s judgement of 11th December, 2012 it is trite at this point to call on all interested parties to come to the negotiating table and work out an acceptable mode of repaying whatever is an obligation on the part of either Capital Oil and Gas Limited or the Federal Government, which is owing Capital oil almosy 20 billion naira in subsidy payments through the DPR; which to all intents and purposes Capital oil and Gas can handle given the volume of their business.

Your more than passing interest on Nigeria Political and Economic development have necessitated that we bring this issues to your attention. The Nigerian government for 13 years now has mounted spirited efforts to attract foreign direct investment to ensure solid economic growth; which in turn will generate massive employment that the nation badly needs at this point in time. Capital Oil and Gas Limited has done a lot in providing employment to more than 20 thousand people directly and indirectly. Families are happy, the Nigerian economy is benefitting from their state-of-art facility even other major marketers are using to ensure constant flow of petroleum products into the country.

 

The English court gave order freezing the assets of Capital Oil and Gas Limited and Chief Ifeanyi Ubah for the reason of a petition by Asset Bank, a Nigerian wholly owned bank. From all intents and purposes, Mr Cosmas Maduka, President of Coscharis Motors, a Nigerian company and a director of Asset bank used his influence over the bank to obtain a loan of 20 Billion Naira on 7th of September, 2012. Mr. Maduka decided to enter into a business deal with Chief ifeanyi Ubah/ Capital Oil and gas Limited for their mutual benefits; a relationship Mr Maduka has tremendously benefited from in his past business relationship with Chief Ubah which he, (Mr. Maduka) copiously admitted at various interviews.

 

Mr Maduka is accusing Chief Ifeanyi Ubah and Capital Oil and Gas Limited of not using the money properly or for the purpose for which Mr. Maduka originally obtained the money and entered into business deal with Chief Ifeanyi Ubah. However, this could just be summed up in what we call Vulture culture. A lot of interests have suddenly risen in this transaction and other interests have manifested including political issues as there is a strong rumour that Chief Ifeanyi Ubah wants to run for the governor of Anambra State in 2014. His strides in this venture are already creating political ripples and have unsettled some political deities. This is ridiculous.

 

How can a loan obtained just in September of 2012, barely 4 months ago suddenly be termed a bad debt or be “called” when the maturity period of the loan is 10 years. Whose interests are being served in this terrorist act against Capital Oil and Gas Limited and Chief ifeanyi Ubah? Is Capital Oil and Gas Limited look like a company going under; when in actual fact it is enjoying tremendous growth and has the capacity to pay off its obligations?

 

AMCON should understand that they are not undertakers-that conduct funeral ceremonies for firms, rather it is an agency that revives dying ones. And they have done this very creditably in their rescue operation in what is now known as Mainstreet Bank, Enterprise Bank and Keystone Bank. Why do they want to keep terrorizing Capital Oil and Gas Limited? There must be a human face to their dealings with Chief Ifeanyi Ubah and Capital Oil and Gas Limited.

 

Chief Ifeanyi Uba strongly believes that there is a grand plan to take over his company through grand conspiracy of either his competitors or political opponents or both. Both forces are quite formidable. However, at this point there must be reason and understanding in the whole process. An Igbo adage says that when a man is encumbered by myriad of enemies, he seeks peace by taking drink to some while others will receive kola while others yet will receive oral pleas. I plead on behalf of thousands of employees in Capital Oil and Gas Limited, the masses of Nigerians who are enduring the pain of fuel scarcity caused by the continuous closure of Capital Oil and Gas facilities, and Chief Ifeanyi Ubah whose sweat and blood have being devoted in building this monumental company within a space of 5 years.

 

Sometimes I feel very terrible that it took a British Activist, Ms Juliet Breen to remind Nigerians that this altercation between these parties are very inimical to the nation’s quest to attract Foreign Direct Investment; and building of confidence in our economy by local entrepreneurs. Nigerians are worst off in these crises. AMCON and the Federal Government lose nothing if they both work out modalities of terms of settlement with Capital Oil and Gas Limited. Access Bank Plc should act as a good corporate entity that it is and not join the multitude to commit evil.

 

Every war at the end of the day ends at the negotiation level. It is time to do this. Continued business terrorism against Capital Oil and Gas Limited and Chief Ifeanyi Uba is a whirl wind that will blow nobody any good. We must never allow occupiers disrupt the good intentions and hard work of Chief Ifeanyi Ubah. At this point Mr. Aig-Imokhuede and the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments should treat Chief Ifeanyi Ubah and Capital Oil and Gas Limited as good and responsible corporate entity and not an opposition political party that must be crushed and defeated at all cost.

 

Why is it that with plethora and preponderance of evidence available that indicates that Capital Oil and Gas Limited is a responsible organization with the nation’s interest at heart; doing whatever is necessary to ensure the availability of petroleum products at government price; yet the company is being subjected to all sorts of business terrorism?

 

It is time President Goodluck Ebele Azikiwe Jonathan, GCFR personally intervene and call the government agencies fuelling these crises, and carrying on as garrison commanders to order. Our business environment will never thrive if this culture of impunity against a well-established, responsible company providing jobs to more than 20,000 people with gainful employment directly and indirectly is not abrogated forthwith. As the author of THE GOODLUCK NIGERIA NEEDS, with my convictions in a human, peaceful, progressive forward looking president, Goodluck Ebele Jonathan, GCFR, and a believer in this union called Nigeria, I and millions of Nigerians look forward to the immediate intervention of the President to end this mudslinging and terrorist acts against Capital Oil and Gas Limited.

God Bless the Federal Republic of Nigeria.

Rev. Dr. Kenneth Anozie

Executive Secretary

About the Author

Displaying 2 Comments
Have Your Say
  1. Olu Ade says:

    @ THE SO-CALLED REV.DR.OKECHUKWU K. ANOZIE BIG BIG SHAME ON YOU!! AND YOU DARE REFERRED TO YOURSELF AS REV. ANOZIE,I WONDER THE TYPE OF PEOPLE THAT ATTENDED YOUR CHUCH,I MUST THINK THAT YOUR CHURCH MUST HAVE BEEN BUILT BY MR.IFEANYI UBAH JUDGING FROM YOUR WRITE UP.DID YOU EVER READ IN OTHER PAPERS TODAY THAT MR UBAH AND ASSOCIATES WERE FOUND CUPABLE BY THE POLICE,OF MANY FELONIES INCLUDING FORJURY,STEALING,EMBEZZILEMENT OF N43.7 BILLIONS FROM THE FED GOVT THROUGH THE OIL SUBSIDY AND YET YOU HAVE THE AUDACITY TO PUT THIS KIND OF WRITE UP IN DEFENCE OF A BIG NATIONAL THIEF !!SHAME ON YOU AGAIN REV. OKECHUKWU CORRUPT ANOZIE.!!MAY THE ALMIGHTY GOD DEAL WITH YOU ACCORDINGLY FOR YOUR HYPCRACY !!

  2. Felix Oti says:

    I am not sure whose butt this writer is licking, but there is a butt-licking involved here.

    The fact that Capital Oil has done all of these things he listed does not give it carte-blanche to play fast and loose with loans obtained on set promises and written agreements. If banks are to allow such abracadabra as exhibited by Capital oil with its loan guarantees, many banks in Nigeria will be out of existence (in fact, many have been because of such games as played by Ifeanyi Uba).

    I blame Cosmas for getting into business, against expert bank and character advise, with Ifeanyi Uba. However, I hope and pray that he and the bank, do everything possible within the law to ensure that companies like Capital Oil -a one-man/family business- abides by its contractual and loan obligations. That is the environment under which foreign investment is attracted into the country; not buy playing fast and loose with other people’s money.

    Rev Anozie can wait for Ifeanyi Uba to be come governor of Anambra state, then he can connive with the young man and his ilk and bury the state that the other Uba brothers have already left comatose over the years

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