Re: Subsidy Fraud - FG Orders Ifeanyi Uba of Capital Oil to Pay N5 billion within 60 Days
Mobolaji ALUKO
|
S/N |
Company |
Subsidy Amount |
|
1 |
Oando Nigeria Plc |
228. 506 |
|
2 |
MRS Oil Nigeria Plc |
224.818 |
|
3 |
Pinnacle Construction |
300.00 |
|
4 |
Enak Oil & Gas |
19.684 |
|
5 |
CONOIL |
37.960 |
|
6 |
Bovas & Co. Nig. Ltd. |
5.685 |
|
7 |
Obat Oil & Petroleum Ltd |
85.0 |
|
8 |
Folawiyo Oil |
113.3 |
|
9 |
IPMA Investment Limited |
10.9 |
|
10 |
ACON Petroleum Ltd |
24.1 |
|
11 |
Atio Oil |
64.4 |
|
12 |
AMP |
11.4 |
|
13 |
Honeywell |
12.2 |
|
14 |
Emac Oil |
19.2 |
|
15 |
D.Jones Oil |
14.8 |
|
16 |
Capital Oil |
22.4 |
|
17 |
AZ Oil |
18.613 |
|
18 |
Eterna Oil |
5.57 |
|
19 |
Dozil Oil |
3.375 |
|
20 |
Forte Oil Plc |
8.582 |
|
21 |
Integrated Oil & Gas |
30.777 |
|
22 |
African Petroleum |
104.58 |
|
23 |
A. A. Rano Nig. Ltd. |
1.14 |
|
24 |
A.S.B Investment Company Ltd |
3.16 |
|
25 |
Arcon Plc |
24.116 |
|
26 |
Aminu Resources |
2.3 |
|
27 |
Avante Guard |
1.14 |
|
28 |
Avido |
3.64 |
|
29 |
Boffas & Compay |
3.67 |
|
30 |
Brilla Energy |
0.9603 |
|
31 |
DownStream Energy |
0.789648 |
|
32 |
Inco Ray |
1.988 |
|
33 |
ASCON Oil |
5.271 |
|
34 |
Channel Oil |
1.308 |
|
35 |
Frado Internatioal |
2.63 |
|
36 |
First Deepwater Oil |
0.257396 |
|
37 |
Heden Petrol |
0.693 |
|
|
Total |
1,190.407344 |
|
S/N |
Year of Consumption |
|
Subsidy Payments Billion Naira |
|
1 |
2006 |
|
261.11 |
|
2 |
2007 |
|
278.86 |
|
3 |
2008 |
|
630.57 |
|
4 |
2009 |
|
463.59 |
|
5 |
2010 |
|
672.84 |
|
|
Sub-Total |
|
2,306.97 |
|
6 |
2011 |
|
1,348.20 (Jan-Oct) 1,436.00 (estimate Jan-Dec) |
|
|
Grand Total |
|
3,655.17 (with Jan-Oct 2011) 3,742.97 (with estimate Jan-Dec 2011) |
SUBSIDY FRAUD: FG ORDERS IFEANYI UBA OF CAPITAL OIL TO PAY N5 BILLION WITHIN 60 DAYS
IFEANYI UBA OF CAPITAL OILThe Federal Government through the Assets Management Corporation of Nigeria (AMCON) has given Capital Oil owned by Ifeanyi Uba 60 days to pay back N5 Billion being rogue proceeds he made from Kerosene subsidy or risk arrest and prosecution.
Capital made N22.4 Billion from petrol subsidy.
Sources told Pointblanknews.com that NNPC allocated to Uba’s Capital Oil 75% of kerosene supplies to distribute to the entire country at N50 pump price.
But the cheapest of the product at the depot is N120 per litre & N135 at the filling stations while Capital Oil makes more than N70 on each litre of kerosene sold.
Pointblanknews.com learnt that Uba illegally made over N60 billion from payments from kerosene subsidy with his Capital Oil as the major player in the kerosene deals.
Sources hinted that Uba who made a payment plan of N2 Billion with AMCON reneged severally and started playing hide and seek anytime the Mustapha Chike Obi led agency approaches him to pay up his debts.
Capital Oil is one of the firms which received dodgy payments running into billions of naira from the Petroleum Products Pricing and Regulatory Agency (PPPRA) on kerosene, petrol and diesel subsidy.
Government paid a total sum of N3.655 trillion to beneficiaries of fuel subsidy between 2006 and 2011, while amount jumped to a whooping N1.426 trillion between January and August last year.
Investigations reveal that Uba, one of the most notorious subsidy scammers, has several collaborators at the Nigeria National Petroleum Corporation (NNPC), and Petroleum ministry, with the arrow head being, Petroleum Minister, Deziani Allison-Madueke.
Pointblanknews.com learnt that Uba also benefited immensely during the tenure of Odein Ajumogbia.He was later invited to fund the Jonathan/Sambo campaign organization by Deziani Allison-Madueke.
President Goodluck Jonathan who is insisting that there must be no sacred cows is spearheading the Hunt for all those who have defrauded Nigeria through subsidy.
Sources hinted that some members of Jonathan's kitchen cautioned that going after the subsidy cabal could hurt his Petroleum Minister, but the President maintained that whoever was involved should be taken down.
The EFCC has already been mandated to investigate all the subsidy beneficiaries, which include Oando, Integrated Oil and Gas, MRS, AA Rano. A-Z Petroleum, ASB, Arcon Oil, African Petroleum, Aminu resources, Con Oil, Avante Guard, Avido, Boffas and Brila Energy.
Other are D Jones Petroleum, Downstream Energy, Dosil Oil Inco Ray, Eternal, Folawiyo Energy, Frado International, First Deepwater, Heden Oil, Honeywell Petrol, AMP, Channel Oil, Fort Oil, Bovas, Obat Oil, Ipman Investment, Atio Oil, AMP, and Ernac Oil.
___________________________________________________________________________________________________________________________________________
Mobolaji ALUKO
Is this not the fellow in the newspapers recently marking 40th birthday anniversary with numerous adverts? I won't be surprised if some people call him 'whiz kid'! What a society!,........
I heard about the scale of the celebrations and wondered. Now we know.
A lot of this monsters are created by our society that worships and celebrates doubtful acquisition of wealth without questions.
God help us.
The chairman of Capital Oil and Gas, Mr. Ifeanyi Ubah, has debunked media reports linking him with subsidy fraud on importation and marketing of kerosene in the country. Media report had alleged that Capital Oil inordinately made N22.4 billion from fuel subsidy and that the Federal Government, through the Assets Management Corporation of Nigeria (AMCON), had given the company 60 days to pay back N5 billion or he (Mr. Ubah), as its chairman, would be arrested and prosecution.
Describing the news reports as deliberate fallacies, propagated by charlatans and disgruntled elements to smear his image, the Capital Oil Chairman insisted that the reports were mere rumours, without basis.
He said: “I have read, with grave disappointment, the rumours making the rounds (linking him with fuel subsidy fraud), more particularly that ofnigeriapoliticsonline.com, pointblanknews.com and others. I wish to state categorically that the rumours are unfounded and mere calumny. These are deliberate fallacies being propagated by charlatans and disgruntled elements to smear my well earned good image”.
The online medium had claimed that a source at Nigeria National Petroleum Corporation (NNPC) disclosed that the Corporation allocated to Uba’s Capital Oil, 75 per cent of kerosene supplies to distribute to the entire country at N50 per litre.
But the cheapest of the product at the depot sold for N120 per litre and N135 at filling stations. In that wise, as the reports claimed, Capital Oil was making more than N70 on a litre sold.
President Goodluck Jonathan, who is insisting that there must be no sacred cows, is spearheading the hunt for all those who have defrauded Nigeria through subsidy claims/payments.
_________
http://www.nigerianbestforum.com/blog/?p=104255
NBF
IFEANYI UBA: THE WORKAHOLIC AT CAPITAL OIL AND GAS
Written by furtuneNewsJan 15, 2012
Ifeanyi Uba: The workaholic at Capital Oil and Gas
By EMEKA OKOROANYANWU
Sunday, January 15, 2012
• Ifeanyi Uba
He is admired mostly for his humility, selfless service and generosity. But Mr Ifeanyi Patrick Ubah, the young Managing Director and Chief Executive Officer of Capital Oil and Gas Industries Limited is better known for his tenacity, doggedness and sagacity in business; and these qualities have elevated his company to an enviable height in the petroleum marketing sub-sector of the economy.
Uba who just turned 40 years two months ago has a rare business acumen and dogged determination to succeed where others have failed. He has within a space of 10 years changed the existing business landscape in the down stream sector of the petroleum industry.
Established in 2001, and by the year 2008, Capital Oil and Gas, a once unknown and not reckoned local firm involved in the simple purchase and distribution of petroleum products, had grown to become one of the major players in the sector, with investments estimated at over $10 billion and providing direct and indirect jobs for over 5,000 Nigerians.
In the one decade of existence, the firm boosts of the biggest state-of-the-art storage depot, with a capacity to hold over 196 million litres of fuel. The depot has a 30 arms loading gantry with a 56 million daily load out capability that can take 1,600 trucks in a day.
The company also has seven large barges and tug boats and in a deepwater jetty capable of docking four large sea vessels simultaneously. To ease the distribution of fuel to all nooks and crannies of the country, Capital Oil invested in the acquisition of 700 road tanker trucks and also constructed an ultra modern truck park with the capacity to house 1,100 trucks.
The truck park located along the Oshodi-Apapa expressway in Lagos is also to help decongest the traffic created by trucks that queue and park along the expressway awaiting their turn to be served products at the depots.
Uba’s achievements in so short a period has stunned even fellow competitors in the industry who are marveled at his vision and the courage at daring to risk committing such huge funds into a business whose profit and loss margins is to a very large extent dependent on the government.
“I take time to look at opportunities – the merits and disadvantages – before embarking on any investment,” Ubah told Daily Sun recently. It was in response to a query on what motivated him into a business running into $10billion in a government-regulated industry.“I saw ahead where others fear; I knew a time will come when, if I invested in the infrastructure, people will not help but come and do business with me. I was very sure of that because the facilities were not just there.”
Today, the facilities of Capital Oil are being used to receive and discharge products on behalf of the government, the NNPC, and other operators under a ‘throughput’ deal where a certain percentage is paid to facility owner.
Said Ubah: “Like any concerned Nigerian, when I came into the industry, I felt sad each time I looked around and I noticed the absence of the right facilities in the industry.
And it bothered me most that the foreign firms who had been operating in the upstream industry where more concerned with the drilling and export of crude oil and they did nothing to grow the infrastructure in the downstream industry despite being in operation for more than five decades.“It was a source of concern to me that this multinationals who were even benefiting more from government policies and waivers were not interested in even establishing a refinery. And I said to myself and a few others that we have to do something because this is our country and the destiny of our country must not be left in the hands of strangers or else we wont make any progress as a nation.
“Indeed we were glad that the government had recognized the need to create a law that boosted the stakes of indigenous firms in the industry, especially in the upstream sector. Many local firms are benefiting, but more still need to be done to assist players in the downstream industry, ” Ubah said. Born in Umuanuka, Otolo Nnewi, in Nnewi in Anambra State on September 3, 1971 where he also grew up and had his early education. And like most children who grew up in Nnewi, one of the most boisterous and commercial towns in Eastern Nigeria, the young Ubah drew a lot of inspiration from the many budding entrepreneurs the city throws up yearly. No wonder, from the early age, the young Ubah had made up his mind to be his own employer.
“I grew up in a world that acknowledged hard work and as children our role models where usually hardworking and successful people, irrespective of their choice of career. Under such a condition or environment, it was a rare child who did not aspire to be great someday,” he said of his early days. He started his business career by venturing into general merchandise, buying and selling and real estate and for over 15 years, he stuck to these lines of business. But in 2001, Ubah who holds a Bachelor of Science B.Sc (Hons.) degree in International Relations veered off into the oil and gas industry.
The motivation, he said was the liberalization policy of the administration of former President Olusegun Obasanjo which allowed private firms participate in the import, storage and sales of petroleum products, particularly petrol and diesel. That decision gave birth to Capital Oil & Gas Industrial Limited.“When the then government decided to open up the industry to private firms, I saw an opportunity to go in,” he told Daily Sun. “I knew I had to first invest in the infrastructure, and for the best part of those early days I stayed focused on that objective. Many people did not know where I was driving to, but I knew; I knew that a time would come when the system would not ignore me and when everyone would want to do business with me because of the infrastructure I have and it is happening.”
What has been the secret of his success, Uba was asked. “When we came into the sector, our mission was to provide excellent services aimed at totally satisfying our numerous customers. “We said we would continuously strive to meet their needs and requirements through modern practices in a safety conscious environment. And we sought to achieve this using a team of motivated and highly dedicated professionals of multidisciplinary background and relevant experience, and maintain healthy financial returns to the company through sustainable growth.”
Having assembled a team, which he believed would help him realize his vision, Ubah followed it up with hard work and a zeal to accomplish targets on time.
“I hired the best hands and I empower them to do the job,” he said of his management style.
“I lead by example: hard work, honesty and a commitment to realize set objectives. My workers see me as the most hardworking person they have ever met in life, and they try to move at that place. I don’t have resumption time or closing time, I am all over the place, sometimes if you come to the company, and at whatever time be it day or night, you will find out that work is going on. It had to be so, particularly in the early days when I had to sleep and wake up in the company premises.
There is no replacement for hard work,” he added.
He told Daily Sun in a recent interview that what really drives him into most of the business that he has moved into is a passion for the people. “What readily comes to my mind whenever I invest or I am expanding a business are the additional jobs being created for people. And there is always a feeling to do more; to take out poverty from families and add value to more lives,” Uba said. Indeed Ubah has touched hundreds of lives not just with the jobs created from his investments but with the various philanthropic gestures he makes in scholarships to students and in the support of sporting activities to youths. “I derive more joy and a sense of fulfillment knowing through your little effort you are alleviating poverty, that some out there
Recently, Uba moved into other states of the country making investments in the construction of four oil depots in Suleja, Funtua, Emene in Enugu State and Kano in Kano State. He also has some business concerns in The Congo.
________________________________________________________________________________________
From: m..@yahoo.co.ukSender: Ekiti...@yahoogroups.comDate: Sat, 21 Jan 2012 15:42:17 +0000To: Ekitipanupo<Ekiti...@yahoogroups.com>ReplyTo: Ekiti...@yahoogroups.comSubject: Re: [EKITIPANUPO] Re: Subsidy Fraud - FG Orders Ifeanyi Uba of Capital Oil to Pay N5 billion within 60 DaysEgbon...,
This guy seems to be a whizz thief!
I heard about the scale of the celebrations and wondered. Now we know.
A lot of this monsters are created by our society that worships and celebrates doubtful acquisition of wealth without questions.
God help us.
M,,,
------------------From: "OSA" <e..a@gmail.com>Sender: Ekiti...@yahoogroups.comDate: Sat, 21 Jan 2012 13:54:04 +0000To: Indigenous Intellectual Roundtable<Ekiti...@yahoogroups.com>ReplyTo: Ekiti...@yahoogroups.comCc: miscellaneousSubject: [EKITIPANUPO] Re: Subsidy Fraud - FG Orders Ifeanyi Uba of Capital Oil to Pay N5 billion within 60 DaysIs this not the fellow in the newspapers recently marking 40th birthday anniversary with numerous adverts? I won't be surprised if some people call him 'whiz kid'! What a society!
1'A good tree, never begeth a bad fruit'
'By their fruits...'
"Bibire..."
"Oruko rere..."From: Mobolaji ALUKO <alu...@gmail.com>Sender: Ekiti...@yahoogroups.comDate: Sat, 21 Jan 2012 09:31:30 +0100To: NaijaPolitics e-Group<NaijaP...@yahoogroups.com>; OmoOdua<Omo...@yahoogroups.com>; niger...@yahoogroups.com<niger...@yahoogroups.com>; naijaintellects<naijain...@googlegroups.com>; ekiti ekitigroups<ekiti...@yahoogroups.com>; USAAfrica Dialogue<USAAfric...@googlegroups.com>; Ra'ayi<Raay...@yahoogroups.com>ReplyTo: Ekiti...@yahoogroups.comSubject: [EKITIPANUPO] Re: Subsidy Fraud - FG Orders Ifeanyi Uba of Capital Oil to Pay N5 billion within 60 Days
Klalli
S/N Company Subsidy Amount- Billions of naira 1 Pinnacle Construction 300.00 2 Oando Nigeria Plc 228.51 3 MRS Oil Nigeria Plc 224.82 4 Folawiyo Oil 113.30 5 African Petroleum 104.58 6
Obat Oil & Petroleum Ltd
85.00 7 Atio Oil 64.40 8 CONOIL 37.96 9 Integrated Oil & Gas 30.78 10 Arcon Plc 24.12 11 ACON Petroleum Ltd 24.10 12 Capital Oil 22.40 13 Enak Oil & Gas 19.68 14 Emac Oil 19.20 15 AZ Oil 18.61 16 D.Jones Oil 14.80 17 Honeywell 12.20 18 AMP 11.40 19 IPMA Investment Limited 10.90 20 Forte Oil Plc 8.58 21
Bovas & Co. Nig. Ltd.
5.69 22 Eterna Oil 5.57 23 ASCON Oil 5.27 24 Boffas & Compay 3.67 25 Avido 3.64 26 Dozil Oil 3.38 27
A.S.B Investment Company Ltd 3.16
28 Frado Internatioal 2.63 29 Aminu Resources 2.30 30 Inco Ray 1.99 31 Channel Oil 1.31 32
A. A. Rano Nig. Ltd. 1.14
33 Avante Guard 1.14 34 Brilla Energy 0.96 35 DownStream Energy 0.79 36 Heden Petrol 0.69 37 First Deepwater Oil 0.26 Total 1,190.41
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