On November 5, 2014 the Access Management Company Of Nigeria (AMCON), handed over Capital Oil and Gas back to Ifeanyi Ubah who lost ownership of the organisation in June 2013, following a Federal High Court ruling in favour of AMCON to take over the management of the company's assets and properties which includes the Large Tank Farm (oil depot) located in Lagos.
Ifeanyi Ubah entered into a Joint Venture with Coscharis group represented by Mr Cosmos Maduka, for the importation of petroleum products. The importation was financed by Access Bank. It was reported, that Capital oil and gas did not fulfila their ends of the legal agreements as signed in the joint venture documents with Coscharis group by diverting products and engaging in other fraudulent activities.
All that is history now as both parties have agreed to certain terms of settlement, which enables the service of the loan to Access Bank as in the Judgement of the Federal High Court of Nigeria.
Congratulations to Capital Oil and Gas, we only hope he will respect and abide by all the terms of settlement. Not every businessman gets a second or third chance at making oil money everyday. OIL MONEY!!!!!!!
Ifeanyi Ubah MD/CEO Capital Oil and Gas
Ifeanyi Ubah entered into a Joint Venture with Coscharis group represented by Mr Cosmos Maduka, for the importation of petroleum products. The importation was financed by Access Bank. It was reported, that Capital oil and gas did not fulfila their ends of the legal agreements as signed in the joint venture documents with Coscharis group by diverting products and engaging in other fraudulent activities.
All that is history now as both parties have agreed to certain terms of settlement, which enables the service of the loan to Access Bank as in the Judgement of the Federal High Court of Nigeria.
Congratulations to Capital Oil and Gas, we only hope he will respect and abide by all the terms of settlement. Not every businessman gets a second or third chance at making oil money everyday. OIL MONEY!!!!!!!
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