Big Man: Big Money: Big Problems (Part 3)

There is fire on the mountain: Embattled Indigenous oil firm, Capital Oil and Gas has shut down its operations, following a court order by Justice A. Abdu-Kafarati of the Federal High Court sitting in Abuja ordering that the Asset Management Corporation of Nigeria (AMCON) take over the possession of all properties and assets of the oil firm.

Consequent to this order, the jetties and depots of Capital Oil and Gas Industries Limited located at Apapa have been shut down with immediate effect. The company said this in a statement on Friday when it stated, "With effect from today, Friday November 16, 2012 discharge and loading of petroleum products from the facility is temporarily suspended."

While this may seem like an ordinary travail by a typical business entity, closer examination reveals that the fate of Nigerians may be inextricably tied to that of the company, as Capital Oil and Gas accounts for more than 35% of the fuel imports and supply in the country, further threatening the worsening fuel and kerosene situation being experienced in the country.

The firm's statement continues, '“Before the court order, our operations had been greatly threatened. Now the open-secret plan to take over our business has materialised. This is no doubt a clear case of victimisation. Nigerians will unfortunately be worse for it. If only they had put the nation’s interest first."

Is this a direct fallout of the war between the Coscharis boss, Cosmos Madueke and the oil merchant, Ifeanyi Uba? Does this lend credence to Uba's accusation that the company's travails are a result of attempts by Cosmos Maduka and the FG of Nigeria to take over Capital Oil and Gas? What role does the investigation on the company for alleged mismanagement of oil subsidy proceeds play in this closure?

The company laments that their inability to trade as a result of this closure further inhibits them from meeting their obligations to the same Federal Government.

What is going on. . . ?

While Ifeanyi Uba continues trying to extricate himself from the shackles of controversy and murky business quagmire, Nigerians are gradually drawn into this web of confusion, and would once again have to bear the unwholesome burden which the political and business class has wrought on the collective well-being of a nation groaning under the weight of unfulfilled promises.

Nigerians are watching. . .