Capital Oil shuts down operations

18 November 2012, Sweetcrude, LAGOS – THE embattled Capital Oil and Gas Limited says it has shutdown operations in compliance with a court order to that effect.

But, it warned that shutting down its operations could exacerbate the scarcity of fuel in the country.

In a statement in Lagos, the managing director of the company, Mr. Ifeanyi Patrick Ubah, spoke of a plot to take over the company, maintaining that those who are working to take over the company were being helped by their friends in government.

Ubah’s Capital Oil is reported to be responsible for about 35% of Nigeria’s daily petroleum products distribution.

Besides the plot to take over the company, some observers claim recent actions against it were aimed at scuttling Ubah’s plan to contest the governorship election in Anambra State in 2014.

Ubah and Capital Oil Company are currently engaged in battle over alleged indebtedness of the company to Uju Ifejika, the Managing Director of BrittaniaU, Cosmas Maduka, Managing Director of Coscharis Group, and Access Bank Plc.

The company is also allegedly exposed to some Nigerian banks, a development that led to a recent court order obtained by the Assets Management Company of Nigeria , AMCON, freezing the company’s operations.

Besides, Access Bank, a local Nigerian bank has also obtained an injunction from a London court, freezing the company’s assets worldwide.

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  • Capital punishment…

  • Ifeanyi Ubah his Capital Oil Group are going through trying times indeed. We wish him the best of luck in his efforts to extricate himself and his assets from the vice grip of his associates and creditors.

  • This is going to be one seasonal film that will further expose the treachery of those shortchanging us. I expect a lot of drama,backstabbing and whistle blowing. Dog must eat dog in this matter. More mind blowing revelations on the principal actors and their feudalistic greed is not unexpected.

  • KE Okpala via Facebook

    mtshchhhhh…..wat apen 2 lawan n member of his cttee,huh?

  • Mr Ubah/Capital oil, r u owing or not ? Simple question….. Pay up or re negotiate d loan terms….Not time for garagara bcos Nigeria business climate has changed….. D borrower will always be a slave to d lender…