Tuesday, November 13, 2012

Fuel subsidy scam: My story, by Ifeanyi Uba

Uba

The Managing Director of Capital Oil and Gas, Patrick Ifeanyi Uba yesterday accused the Coordinating Minister of the Economy and Minister of Finance, Ngozi Okonjo-Iweala of using her job and reputation to play 'Anambra State politics'.

Speaking as a guest on Channels Television’s programme, Sunrise Daily, Mr Uba said the Minister is also assuming the position of a god.

“She’s playing Anambra state politics with her job and reputation. She is assuming to be god; she’s not God,” he said.

Uba was arrested on the 9th of October following the allegation of fraud totalling N43.291 billionby the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments headed by the Managing Director and Chief Executive Officer of Access Bank Plc, Mr. Aigboje Aig Imoukhuede.

Ubah, who is currently on police bail by the Special Fraud Unit, is facing trial before a Hederal High Court in Lagos, along with four others, of economic sabotage, obtaining money by false pretence, stealing of N43.291 billion, property of the Federal Republic of Nigeria, money laundering and forgery.

He has also been accused by the Chairman of Coscharis Group, Dr. Cosmas Maduka of swindling him of about N21 billion.

However, a few days ago, Uba refuted the allegations by the Presidential Committee.
In a statement he issued himself, Ubah vehemently denied claims by the committee that it collected subsidy payments for products for which no proof of mother-vessels were found in locations claimed at the time of trans-shipments.

But speaking on these yesterday, Ubah said “ I strongly believe the Finance Minister, because of her rating, because of what people perceive her to be, is playing politics, and she is playing Anambra State politics. With her job, with her reputation. She is assuming to be god, she is not God.”

He accused the Governor of Anambra State, Mr. Peter Obi, and the Managing Director of Access Bank, Mr. Aigboje Aig-Imoukhuede of working in concert with the Minister, to work against his business interest because of his perceived opposition to the governor.

Alleging that Aig-Imoukhuede hates with passion, “Aig doesn't want to see me. He has never seen his customer (Ubah himself) who has done $280 million transaction. He has never seen that customer. He doesn't want to see him. So there is something behind it.

There is politics, there is envy, there are all sorts of things behind it. That is what I want to go and table before that National Assembly, so that all of us would sit in a round table and discuss it”

Buttressing her allegation that the Minister is playing politics, Uba said, “She is playing politics. In her economic team, she has Peter Obi, she has Aig-Imoukhuede, she has some of my competitors. So everything in her economic team is biased... She has told them to do anything to get me, to rope me in.”

He further alleged that Aig-Imoukhuede is assumed, within the petroleum sector, to be the 'Personal Assistant' to the Finance Minister.

“Everything about oil and gas transaction is done through the bank. It is either you obey their law, or you'll be indicted. I am sure if you go into their board, they are even having problems, because of the way Aig-Imoukhuede is taking this thing..., you can't be a judge in your own cause. Nationwide, in the importation of petroleum, Access Bank is responsible for 60 per cent.”

Uba also denied claims by the Chief Executive Officer of Cosharis group, Cosmos Maduka that he offered him (Mr Uba) a lifeline when his business was in the brink of collapse.
“Is it by his pure water business that he’ll be able to come and help me?” Uba asked.

Uba said he believes politicians were influencing the Cosharis boss, whom he referred to as an uncle, to engage in the media war with him.

Mr Maduka had claimed that since Mr Uba and his company (Capital Oil and Gas) were labelled by most commercial banks in Nigeria as ‘unbankable’, he helped the oil merchant to obtain a loan of $180 million from Access Bank to finance the importation of Premium Motor Spirit (PMS).

The Cosharis boss also alleged that 10 letters of credit were opened and that of the 10 expected cargoes, only six were delivered.

Disputing Mr Maduka’s claims, Mr Ubah said “everything about that story is false.”
When asked if it was true that he is indebted to Access Bank to the tune of N21 billion, Mr Uba said ‘you can’t eat your cake and have it’.

He said 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 of fraud, then it is all of us together,” he added.
Nigerian Compass

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