Ifeanyi Uba Talks tough: Denies receiving help from Maduka; calls Cosharis group ‘pure water’ business, attacks Okonjo-Iweala.

Ifeanyi Uba Talks tough: Denies receiving help from Maduka; calls Cosharis group ‘pure water’ business, attacks Okonjo-Iweala. 

The Managing Director and Chief Executive Officer of Capital Oil and gas, Ifeanyi Uba on Monday 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," Mr Uba, who spoke to newsmen asked.

Mr Uba said he believes politicians were influencing the Coscharis 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.

Uba also accused the Coordinating Minister of the Economy and Minister of Finance, Ngozi Okonjo-Iweala of using her position to engage in local politics. Uba said this while speaking as a guest on Channels Television’s programme, Sunrise Daily. He was responding to the inclusion of his company in the list of oil subsidy defaulters. He said the Minister had assumed the position of a god, adding that her attitude was unbecoming of a high ranking office holder.