Following the allegations made by Mr. Cosmos Maduka that he was the one who offered help to Mr. Ifeanyi Uba, and gave him a lifeline to his ailing business when no one would, Mr. Uba, the Capital Oil boss, fired back on Monday, asking, "Is it by his pure water business that he’ll be able to come and help me?”
Mr. Uba said this on Channel's Breakfast Television show, 'Sunrise Daily'. Mr. Uba, a guest on the show, did not mince words as he expressed his displeasure at the allegations, noting that he believes that certain politicians were influencing the Coscharis boss, whom he referred to as an uncle, to engage in the media war with him.
If you'll recall, Mr. Maduka had claimed that Capital Oil and Gas were labelled by most commercial banks in Nigeria as 'unbankable', and that he helped the oil merchant to obtain a loan of $180 million from Access Bank to finance the importation of Premium Motor Spirit (PMS). He also alleged that 10 letters of credit were opened and that out of the 10 expected cargoes, only six were delivered.
Mr. Uba, however, disputed the claims, saying, "everything about that story is false." When he was asked to comment on whether it was true or not that he was indebted to Access Bank to the tune of 21 billion naira, he replied, "you can't eat your cake and have it"
He further explained that the loan he obtained from the bank was what he used to import petrol, of which his company is yet to receive subsidy payment. "The money is sitting in Access Bank." he said. "Access Bank is the consignee of all the vessels imported, therefore, if they are accusing us of fraud, then it is all of us together."
I'm sure we haven't heard the last of this case.
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