Ifeanyi Ubah, Capital Oil & Gas: We’re VINDICATED by the Nigeria Police investigations report

USAfrica: Ifeanyi Ubah and Capital Oil & Gas  Limited stand VINDICATED by the Nigeria Police investigations report

Special to USAfrica multimedia networks, Houston.                                                                 @Twitter.com/Chido247Facebook.com/USAfricaChido n Facebook.com/USAfrica247

 

Specifically, the Nigeria Police stated in their February 12, 2013 report that: “Investigations have laid bare all issues in the 15 complaints against Capital

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Ifeanyi-Ubah_OTC-in-Houston_USAfrica-CLASSmagazine_pix-by-chido_nwangwu

Oil & Gas by the Presidential Committee on the Verification and Reconciliation of Fuel Subsidy Payments. After due analysis and consideration of the team’s findings, we found out that there is no inference of a prima facie case of the alleged offences.” The Police investigation therefore found as untrue and unsubstantiated the allegations by the Presidential Committee against Ifeanyi Ubah/Capital Oil & Gas Industries Limited of collecting subsidy payments without importing or discharging any fueL

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USAfrica Advertiser’s Announcement:

In a reasoned and necessary response to the local and international communities, including our business associates and well-wishers have witnessed and expressed concern about the malicious, orchestrated, misleading and reinforced media campaign against our corporation, Capital Oil & Gas Industries Limited, and our chairman Ifeanyi Ubah, we are compelled to break our self-imposed silence.

Earlier, we resolved not to make any further statements in the media about our dispute with Access Bank/Coscharis Motors but recent mis-statements in the media demand that we issue this statement for record purposes:

It was our sincere belief that Access Bank will honour the terms of settlement signed by the parties on February 9, 2013 by avoiding any further media attack against us, Ifeanyi Ubah and Capital Oil & Gas Industries Limited. We are saddened to note however that Access Bank still gives the erroneous impression that our legal disputes with the bank are on-going.

It is our hope that the latest media onslaught against Ifeanyi Ubah and Capital Oil & Gas Industries Limited is not an indication that Access Bank intends to back out of the terms of the settlement agreement. If so, we expect them to publicly make it clear; and with the attendant implications.

It is therefore in furtherance of our resolve to put the record straight that we wish to inform the general public that the Special Fraud Unit of the Nigeria Police Force has capital_OIL_gas_nigeria_Limited_Logocleared Ifeanyi Ubah and Capital Oil & Gas Industries Limited of the indictment by the Presidential Committee on the Verification and Reconciliation of Fuel Subsidy Payments (PC) chaired by Aigboje Aig-Imoukhuede, the Managing Director of Access Bank. The clearance by the Police was contained in a letter dated February 12, 2013 written to the Minister of Finance, a copy of which was made available to us, the Inspector General of Police, Ministry of Petroleum Resources, Debt Management Office and PPPRA.

The police investigation found that there is no inference of a prima facie case of the alleged offences against us. Specifically the Nigeria Police stated in their report that: “Investigations have laid bare all issues in the 15 complaints against Capital Oil & Gas by the Presidential Committee on the Verification and Reconciliation of Fuel Subsidy Payments. After due analysis and consideration of the team’s findings, we found out that there is no inference of a prima facie case of the alleged offences”.

The Police investigation therefore found as untrue and unsubstantiated the allegations by the Presidential Committee against Ifeanyi Ubah/Capital Oil & Gas Industries Limited of collecting subsidy payments without importing or discharging any fuel.

In the report, the Police advised the Honourable Minister of Finance to go ahead and process the outstanding subsidy payment due to the company.

With Access Bank’s renewed media campaign which violates the terms of the February 9, 2013 Settlement Agreement between us, one wonders what the Bank is trying to achieve by provoking an unnecessary media war tending to suggest that we have anything to fear about the Aig-Imoukhuede-led Presidential Committee Report or our business transaction with Coscharis through Access Bank. It is our hope that the Bank understands the implications of their actions. Which raises another question: should the bank continue to use depositors’ funds to embark on a malicious media campaign, undue publicity without any form of accountability?

The general public may recall that various media were awash with all forms of baseless allegations against the Capital Oil & Gas of collecting subsidy payments without importing or discharging any fuel. The smear campaign was so bad that the company was even labeled an ’oil thief’ even when no judicial pronouncement had been made in that regard. Much effort was also made in the media to portray Ifeanyi Ubah and Capital Oil & Gas Industries Limited as wasteful and fraudulent persons.

Furthermore, the clearance by the Police has been further justified by a judgment delivered on February 18, 2013 by the Federal High Court of Nigeria sitting in Lagos, which absolved Capital Oil & Gas Industries Limited and Ifeanyi Ubah of all purported allegations of subsidy scam made against them by the Presidential Committee. The court voided and set aside an Interim Report by the Police dated November 2, 2012 and the Presidential Committee report which purportedly indicted Capital Oil & Gas Industries Limited/Ifeanyi Ubah and our staff.  The court awarded N10 Million damages in favour of Capital Oil & Gas Industries Limited and Ifeanyi Ubah.

It is worthy of mention that there are persons who sought to tarnish our name as well as deliberately spread falsehood against us in a bid to put us out of business so as to unlawfully take-over our business.

There were also those who instigated the arrest and detention of our Managing Director Ifeanyi Ubah, because they saw him as a political and business threat. It was indeed a very distressing period for us. Our business was nearly crippled. Our members of staff were not paid for months. We suffered untold difficulties and set-backs while many of our friends and supporters deserted us owing to the falsehood. Even though we were unfairly treated in the manner our hard earned reputation was publicly battered by those who maliciously came against and after us, we have decided to stay action against all these persons who wronged us. We will watch events as they unfold.

It is therefore with a heart filled with gratitude and humility that we share with the general public, locally and internationally, this official report which cleared us of any wrong-doing or financial impropriety. Despite the accusation of embezzling funds the equivalent of the revenue of eleven states as well as constituting a threat to national security, we have finally been vindicated. We can only thank God as truth has once more prevailed over falsehood. We remain eternally grateful to God and all those who prayed and stood by us especially the Nigerian masses and the media.

Finally, we are more focused and committed than ever before to render services to our country. Our facilities are fully functional and we will continue to work hard to sustain our stakes in the leading daily petroleum distribution in Nigeria. We will continually strive to bring innovations to improve the lives of Nigerians across the markets we offer our services.

Thank you and God bless!!

Signed: The Management (Capital Oil & Gas Industries Limited)


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Nigeria’s Federal Republic of Insecurity. By Chido Nwangwu, Publisher of USAfrica, USAfricaonline.com and the Nigeria360 e-grouphttp://usafricaonline.com/2011/12/17/nigeria-federal-republic-of-insecurity-by-chido-nwangwu/ : IF any of the Nigerian President’s 100 advisers has the polite courage for the extraordinary task of reminding His Excellency of his foremost, sworn, constitutional obligation to the national interest about security and safety of Nigerians and all who sojourn in Nigeria, please whisper clearly to Mr. President that I said, respectfully: Nigerians, at home and abroad, are still concerned and afraid for living in what I call Nigeria’s Federal Republic of Insecurity. FULL text of commentary at USAfricaonline.com http://usafricaonline.com/2011/12/17/nigeria-federal-republic-of-insecurity-by-chido-nwangwu/

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