Ifeanyi Ubah's missing ship located, seized by London court | Welcome to Linda Ikeji's Blog

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Wednesday 5 December 2012

Ifeanyi Ubah's missing ship located, seized by London court

The world of billionaire mogul behind Capital Oil, Ifeanyi Ubah is getting more complicated by the day...and his assets in Nigeria and across the globe are under threat of seizure and sale!
 
While Asset Management Corporation of Nigeria (AMCON), which sued him over N28 billion indebtedness, is asking the Federal High Court in Abuja to sell his assets, the London court has made a major breakthrough.
 
Last week, one of the ships under surveillance belonging to the 41 year-old business was located in the Netherlands, and seized. The ship,  Mongolia was listed in the order of the London court, which contained wide ranging demands, including the itemization of Ubah's worldwide assets.
 
Three ships, belonging to business associates of Ubah (who are defendants in the london case with claim No. 2012 folio 1300- ROFOS NAVIGATION LIMITED, HELI NAVIGATION LIMITED and TUTBURY MARTIME LIMITED) had earlier been seized, while the search for Mongolia intensified across the globe. And Mongolia was seen last week(but the ship"s insignia had been removed, and located by radar and identification details).
 
The case in london, instituted by Access Bank, which through Coscharis Motors' Cosmas Maduka had advanced capital oil a loan totalling N21 billion for PMS importation last year, was again heard on Monday December 3, 2012.
 
Reportedly admitting that the said Mongolia was his, Uba was quoted as saying that the product on the ship does not belong to his company. On Monday, December 3, the court was to decide what should happen to the content of the ship.
 
Meanwhile, in Abuja where justice Abdu Kafarati is presiding over the case (Suit NO. FHC/ABJ/CS/714/2012) between AMCON and Ubah, the next point of determination is either to allow AMCON go ahead and sell the assets of Capital Oil or grant Capital Oil access to its premises so as to continue its business unhindered. This new condition came as a surprise last week when many had thought that the parties were discussing peace and how to ensure that Capital Oil's operations was restored. The peace meeting reportedly broke down, and both parties are maintaining opposing views.
The trouble of Capital Oil's Ifeanyi Ubah began on October 9, 2012, when he was a guest of special Fraud Unit, Nigeria Police (on Milverton Road, Ikoyi, Lagos). The businessman was detained on allegations of being involved in subsidy scam totalling of N22.4 billion. A report by Aigboje Aig-Imoukhuede led committee on Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments, had indicted him, alongside many oil marketers. And the committee had forwarded details of its findings to the Special Fraud Unit. Ubah spent about 11 days in detention, and was released on October 19, 2012.
 
His problem multiplied at Special Frauds Unit when Coscharis Motors' Cosmos Maduka submitted a petition against Ubah, alleging a N21 billion default in an oil deal. Promising to seek justice by all legal means to recover the loan (granted through Access Bank), the matter took a different turn when the case was instituted in London. And the London Court granted a freezing injunction, among which was listing Ubah's worldwide assets, and only permitted him a $10,000 allowance per week (which was later varied to $15,000). The intention of the applicants is to get all Ubah's assets across the globe, to eventually use them to offset the loan.
 
As the case in London raged, AMCON got an interim order from the Federal High Court in Abuja permitting it to take over Capital Oil premises and many of its assets, including his Omole Phase 2, Lagos home. Ubah is fighting back to rescue his empire and save his business.
 
Ubah, who came into the public attention in 2011, with lavish adverts in pages of newspapers and a fabulous gig at Eko Hotel and Suits, has two private jets ( an Embraer 650 legacy and another smaller plane) with two grand Rolls Royce marques. The Nnewi (Anambra) born businessman has scores of properties in Nigeria and across the globe.
 
Source: Encomium Magazine

53 comments:

Anonymous said...

Eyyah. Sorry. Check ur villaGe.

Anonymous said...

There is more to what meets d eyes

Anonymous said...

Ifeanyi ubah thief, ole, barawo, onyi shi. See his head like grinding stone.

Anonymous said...

Eyaaa, why are they doing this to a whole Governing Council of the Nigerian Chamber of Shipping,my brother for that matter, Ify!!! God will see yu thru

Anonymous said...

Ifeanyi Uba,is a big criminal,his cup is full now dat he's met his match in coscharis,imagine someone owing multiple banks.
Dat Uba family wheda Na curse,if its not okija shrine issue,its being gay and pimping for presidency or Ifeanyi on d run with pple's money.hehehe
They need deliverance!

Anonymous said...

If he's not careful he's probably going to lose all his assetss! U don't fuck aRound with 29billiion naira loan frm any bank and u still call him a billionaire? What a joke!

Anonymous said...

This country sha....hmmmmmm!

Anonymous said...

Hmmm....rich pple tins. abeg jor! Mtcheeew

Anonymous said...

Criminal. Just hated wat he did to coscharis and I like wetin coscharis do am too,he go london straight cos naija judiciary lacks credibbility.

Anonymous said...

The problem of this Young Man started when he declare his intention to come out as a governor and some strong men in Anambra are trying to stop him and the only way they can succeed is to frustrate him but have it in mind that No wicked should go with out punishment.

Government should leave this Man alone.

Sopfurnitures@rocketmail.com

Anonymous said...

Hmmm..na this kain wealth girls like..the one wey no get full stop..and na this kain wealth dey come with wahala...Mumu girls, I hope you've heard..all many of you are interested in is money, money. money.. - Tonto's Tattoo

Anonymous said...

Make una leave dis boy alone. Make them go catch d rest first. He is d least of the guity ones.all dis is becos he leaked the subsidy business scam and now government can't protect him again but to destroy him due to pressure frm some cabals and his friends.he is not innocent of all but he is d least of them. You cannot trust dis government at all.

★★PRINCE CHARMING™★★ said...

Rich dude, yeah, but seems the money he makes through the back door is coming to bite him in the ass.

Alora said...

I so hate this Ubah of a man. How can one be so opportuned and rich yet be a total devil and a scammist. He should be sent to jail for life so that he does not enjoy a dime of that ill-gotten wealth-via my typewriter

Anonymous said...

Hmmmnnn...........

addysmomsdiary.blogspot.com

June said...

My Brother is going through hell.... ​¶ pray he cones outta this mess...smh

Anonymous said...

Good 4 him!!! U won't come out of it IJN. Oleee

Unknown said...

Na wa ooo. Without God, huge wealth will only bring huge problems.

Gist Arena said...

The ship has since been released, that was on friday last week, and its not true that the ship belongs to Ifeanyi Ubah the true owners of the ship are SEATANKERS MANAGEMENT COMPANY LTD. its a company located in Bermuda Cyprus. Its good to verify your facts b4 posting. You r doing a nice work. cheers

Ebele said...

Ifeanyichukwu, you know you brought all these problems to your self. When you were flaunting your 40th birthday advert in all the newspapers and throwing parties, i knew they would come after you! In Nigeria, you go low, when you are loaded. Lots of evil eyes operating. You are dealing with principalities. You are just a small fry to them. I feel for your wife and kids

Anonymous said...

Ifeanyi Ubah is a thief,money miss road,should be in jail now at least serve in Nigeria prison,guinea prison for defrauding their country and finally Uk.

Anonymous said...

Why do these nigerian billionaiires only rise to fall? Something is not right with their attitude to money. I have heard a lot of ifeanyi ubah and the way he does business and I can only say karma is abitch. I wish som$e of these oil moguls wud invest in agriculture and agro allied busnesses and stop dependence on oil money.

Anonymous said...

Hey ya, make them leave this man na. I never chop em money but I can tell he's a good philanthropist. A lot of poor people depends on this man. Though I only know of his nnewi people but half bread is better than puff puff. After all a lot rich nigerian men chop alone and all of them re also corrupt.

Anonymous said...

Hey ya, make them leave this man na. I never chop em money but I can tell he's a good philanthropist. A lot of poor people depend on this man. Though I only know of his nnewi people but half bread is better than puff puff. After all a lot rich nigerian men chop alone and all of them re also corrupt.

Anonymous said...

I pray he is fairly investigated and judged. If found guilty let the law take its course and not the selective judgement I knw in Nigeria. Beside, I'm afraid if he's his assets are sold, the money will still disappear just like Gen. Sani Abacha's loot. The rulling class will will deff surmon a late night meeting over the money.. *cough*

Anonymous said...

I pray he is fairly investigated and judged. If found guilty let the law take its course and not the selective judgement I knw in Nigeria. Beside, I'm afraid if he's his assets are sold, the money will still disappear just like Gen. Sani Abacha's loot. The rulling class will will deff surmon a late night meeting over the money.. *cough*

Anonymous said...

Chei, my Nnewi brother ooo. Well, no comment!!!

Anonymous said...

Andy Andy. He really didnt work 4 his money. buying evrything buyable, ROLLS ROYCE, JETSSS. HMMMM!
NO WONDER COSMAS SAID HE(IFEANYI) IS SPENDING MONEY LIKE AS IF HE ANTS TO COMMIT SUICIDE.

Leerato said...

Whats the deal with taking our problems to London to solve na? Are we still under the English? Why can't our problems be sorted out at home, why abroad? Is our judiciary incompetent? I really dnt understand and won't object to being enlightened.

Hrm paul Ojeih said...

hahahaha Your wahala just begin poor you.Start praying o becos any time the Brits and their met police and crown police gets involved in any case the sucker is going down ditto ibori ubah shine your eyes start night Virgil because your empire is going down

Naijarian said...

@Chris Uba: Can run but you can't hide... Better free Coscharis im money before the guy turn you to pauper o... The guy sweat before e make im money o... unlike you wey nobody know your source but some don dey rumour say you guy some people for Congo..

Anonymous said...

This guy wanted to name my estate omole phaze two after him self and told all landlords he would pay us money what a fool sweet dreams when you return to the ghetto ole.

Anonymous said...

@anon 11:03am, they take their problems to London cos our judiciary in Nigeria is corrupt. You dont get a fair hearing cos the judges are alerady biased or fear d moguls themselves. London does not know the parties involved so there will be fair hering. Imagine shrply they have located his ship sharply and impounded it sef considering he removed the name to disguise it. Can we do that here, they are still arguing if it to sell property or not or settle peaceably.

Julie said...

Hmm, Cosmas too was greedy! Ifeanyi is a theif. These people never learn. Their is a piont in your life when you just have to stop! Money is a very bad spirit. May we never have money that would control us. We pray to control money.

Anonymous said...

Yeah I heard of that gist. So na this uba? Come lagos one do that kind thing because he has money! Unfortunately money do not rule everybody like it rules him! Hahahahahahhahahaha! Chaiiii illiteracy and money no just join! Na real money miss road! Once this idiots have money they just start misbehaving and thinking of unreasonable things!

Anonymous said...

If u v properties/biz there, u can be charged to their court. Besides, its always free and fair. See Ibori, do u know ow long they tried to get him here in naija?.dey there dey ask question if our judiciary imcompetent... U no knw? Hiss*

Anonymous said...

Oh shut up. Cosmos is a biz man. Who believes in taking risks. Its risk taking that grows a business! He trusted Ubah and only wnted to help. Julie omo pastor! Shior!

Anonymous said...

Its God punishing him what goes around comes around I remember praying to God say this ifeanyi should not ve peace cos he cos us a lot of trouble , he's a back stabber and a lousy idiot I really feel for his wife and kids .

Anonymous said...

It's one thing to defraud govt and another case entirely. When you defraud an individual. That is the case of Ifeanyi Uba. And if he were to defraud, he choose a man who made his money from his sweat!!! Aint nobody who made his money from sweat that jokes with it. What amazes me is his size of GREED. Why on earth won't the profit of a N21bn business be enough for you? But you also want to take the N21bn itself?

Julie said...

@anon 1;10pm, yea you take risks in business when you have done your due diligence stupid. You dont trust people on face value or visiting their "tank farm", ode. Neither do you trust an individual based on the fact that he comes from your village, Nnewi. I repeat Cosmas is greedy! period. And i trust my cowboys at Access Bank. They are definitely going to remove his ass from the board! There are lots of Ifeanyi's around. And they would continue with their"business". So my dear anon, think before you rant rubbish.

Anonymous said...

The problem we have in Naija is people mixing legal businesses with 419, it can't work. So guys be careful

G Boss said...

Reports have it that Ifeanyi built a church in Nnewi worth N400,000,000million. Gave each attending governor, 20million as appearance fee. (shameless things)for his birthday. Without a doubt, Ifeanyi was quite generous for a purpose....to be the next governor of Anambra! i really don't respect all these money miss roads.We have lost our values in our society. Nobody asks questions any more about how people made their money. As long as we are in front of City People every monday and praised as "the big boys" we are fine

Lekan said...

It is Uba's turn to face the musik, other fraudulent billionaires your own is coming. It is easier for an elephant to pass through the needle's eye than to see a Nigerian Billionaire whose money is 50% clean. One way or the other they must have milked or are still milking Nigeria. (Adenuga and Dangote inclusive)
You just can't trace the origin of their stupendous whealth! It's all covered in shaddy deals.Even Dangote said his uncle Dantata borrowed him 500k in those days na im con become all these money. when we know that successive governments have always been in his pocket and the whole nation at his mercy! Sometimes some policies are made for Dangote only! Sole importer of dis, sole importer of dat. Collect billions from bank, use it without paying until they start beggin u to negotiate repayment terms! Then you end up paying only principal or less after using the money for years! God is watchning in 3D.

Anonymous said...

It's one thing to defraud govt and another case entirely. When you defraud an individual. That is the case of Ifeanyi Uba. And if he were to defraud, he choose a man who made his money from his sweat!!! Aint nobody who made his money from sweat that jokes with it. What amazes me is his size of GREED. Why on earth won't the profit of a N21bn business be enough for you? But you also want to take the N21bn itself?

Anonymous said...

GREED,LACK OF CONTROL,IFEANYI ALLOWED MONEY TO CONTROL HIM AND NOT THE OTHER WAY ROUND,PEOPLE SHOULD NOT LINK THIS TO HIS POLITICAL AMBITION BECAUSE IT IS FAR FROM IT,HE GOT AWAY DEFRAUDING GOVERNMENT BUT HE WILL NOT GET AWAY DEFRAUDING A MAN WHO HAS MADE HIS WEALTH BY SWEAT....ASSORRY

Anonymous said...

Anon December 5, 2012 2:40 AM; the Uba brothers and then Ifeanyi Ubah. Note the difference?

Anonymous said...

Gist Arena, what is or where is Bermuda Cyprus? You mean two different countries right?

Anonymous said...

that serves him right..i have friend that worked with him for almost a year no salary...

Unknown said...

Uba don't worry I no is because u won contest fo a Governor.dats y they are doing all this.but they don't no that who we be the king must be it

Anonymous said...

So he has a wife and kids? But one Nneka is really enjoying dis man's wealth o! I hope dis will not affect Nneka pls? Cos dat girl is really on money.They should tamper justice with mercy.

Anonymous said...

Smh... Nneka'll go to Prison like Ibori's mistress...

Anonymous said...

No mind dem na jealosy dey worry dem up ebubechukwu uzor

Unknown said...

make una com talk again UBAH is the king of Nigeria now.

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