A Review of the Nigerian Energy Industry

AMCON returns Capital Oil to Ifeanyi Ubah

Patrick Ifeanyi Ubah*Says it didn’t sack anybody

06 November 2014, Lagos – The Asset management company of Nigeria, AMCON, has handed over of Capital Oil Group to Ifeanyi Ubah, after amicable settlement of all outstanding issues between both parties.

The has also debunked what it described as “some false statements,” including sacking of some staff.

In a terse statement, by Kayode Lambo, AMCON’s spokesman, said “the insinuation that AMCON may have laid off staff is incorrect. Capital Oil may be referring to possible loss of jobs down its own supply chain that may have been affected when there was a stand-off while the court order obtained by Amcon was being contested by Capital Oil itself.”

An earlier statement by Lambo announcing the return of Capital Oil Group to Ubah, linked the development was sequel to “amicable settlement of all pending legal disputes between the parties.

“Cosequent upon this settlement, Chief Patrick Ifeanyi Ubah will be resuming his role as the Managing Director /Chief Executive Officer of Capital Oil and Gas Group.

“His resumption as the MD/CEO of Capital Oil/Gas brings to an end the management of Capital Oil/Gas by AMCON… “, the statement added.

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