Actually, as I said earlier my emotions led me. When you get into sympathy with people you are not rational anymore. You could be empathetic in this case but not sympathetic. One other lesson that I have learnt which is unprecedented in my life is that I should have taken the time to call Uju Ifejika. I would have taken the time to call Funke Osibodu. If I had asked these people, I would have had the benefit of the different sides and would not have had anything to do with this man. I am an entrepreneur.

otokx: It is a pity and should serve as a lesson to everybody, there is no friend or relation in business, ethnic and religious sentiments should not be attached too. The elders for me not necessarily our grand father snail slow legal system should be used to sort out this matter... too bad.

Then he played tribal politics by saying that all the Yoruba people had ganged up against him to kill him because they were not happy that he, an Igbo man, could come to Lagos to own this waterfront and that was why they were ganging up against him to try to destroy his business. Then I asked him, what was really the issue? He said that actually the Managing Director of Union Bank at the time, Mrs. Funke Osibodu, used to be his consultant and that he paid her to help turn around his company. And like a doctor-patient relationship he opened up to Funke because he had to give her facts so she would be able to work. So Funke got all the facts about his company, the weaknesses and the position of the company. Then, during the banking system restructuring, Funke was now appointed to run Union Bank and the bank was already trying to extend some credit facilities to him. But Funke went and blocked it, and not only did she block it, she sent someone who he thought was also coming to restructure his credit but he turned out to be a receiver to come and take over his assets for the money he owed Union Bank. I asked how much he owed Union bank, to which he responded, N40 billion. Then I enquired to know what he had done with this money? He said he was building structures while other people where trading and there was no money he owed that he could not pay back, adding that if I looked I could see three people from NNPC and others bringing vessels here. He added that when he took this money, he did not see the bank restructuring coming. So I asked to know what exactly he wanted from me. He said he wanted to start trading and asked if I could assist him.

Then he played tribal politics by saying that all the Yoruba people had ganged up against him

I then took Ifeanyi to Access Bank and called Aig-Imoukhuede and Herbert Nwigwe and introduced him to them as my kid brother and I pleaded with them to avail him some facility to be able to do business. Aig looked at me and asked if I knew Ifeanyi? I said I know him; he is Ifeanyi Uba of Capital Oil. Aig insisted that I did not know him. I said on my honour. Aig said I should not take any photograph with Ifeanyi, adding that if I’m taking pictures, I should not let him feature in it. Okey Nwosu said until he ends his career in banking, nothing would make him consider Ifeanyi as his client. So we left and I told Ifeanyi that there are so many uncomplimentary remarks about him. I asked him what led him to this? He admitted making some mistakes in the past and that he was a changed person. So I invited Aig to Ifeanyi’s jetty and tank farm but Aig refused to show up. I did everything to persuade him but he refused to go there. I invited Herbert; Herbert said he would not honour the invitation. They did not come and I felt if they had come to see his place, they would be more convinced and change their minds. Then Ifeanyi told me that some Yoruba competitors who have interest in the bank were among those ganging up against him.

How do you see his lifestyle and how he is able to fund such a lavish lifestyle?
If you look at when Ifeanyi celebrated his 40th birthday, he took over 40 pages in a newspaper which is quite unprecedented in this country. In each of the pictures he will put his hand like this and another one put his hand like that demonstrating the watches so that people could see different watches. Go and check those watches some of them cost $50,000 and some $80,000. From hindsight I know that he never made money. He is eating by stealing money from one bank then blackmail the bank and they write him off their books and it becomes his profits. He never borrowed money and paid back. He doesn’t know what it is to borrow money and repay loans. I have never borrowed money that I did not pay and I’ve never taken any risk that I cannot discount either. So this cannot kill me. Let’s be honest I cannot be alive and let him walk away with my money because he didn’t work for it so there is no reason I should let him go scot free with my money.

oyb:

works every time

who knows what the man and his other paddy aig (access) may be saying about yorubas in private

geeez: Ifeanyi Ubah is just like Anajemba, Nwude and the rest of them but Cosmos Maduka was greedy in this deal and doesn't sound like the Mr. Maduka I know

Well it's a Igbo thing. These guys can never be trusted

geeez: Ifeanyi Ubah is just like Anajemba, Nwude and the rest of them but Cosmos Maduka was greedy in this deal and doesn't sound like the Mr. Maduka I know

Well it's a Igbo thing. These guys can never be trusted

otokx: Cosmas Maduka needed to diversify from a retail big boy owning only a brand name with no real manufacturing content and that is how Ifeanyi Ubah got him so cheaply against all professional advice. I do believe that karma may be at work here and that perhaps in the past Cosmas Maduka did engage in funny stuff (may be wrong) but why did his God not warn him in all of this? If not directly in a dream, at least through his 'prayerful' wife.

Oh well the die is cast, Cosmas Maduka should try and look for a way to liquidate the 21 billion because it appears Ifeanyi Ubah's next destination is hell via suicide.

Boss13:

Will I say Cosmas Maduka was greedy? Like he admitted his emotions got a better part of him and he felt he was helping his kinsman. Well if you have ever gone to Capital Oil at Ibafon you too would be convince at the infrastructures there. Cosmas did not do enough homework. He would have called Funke and Uju. Uju is still threatening to close capital oil down

oyb:

this story may be more common in nigerian businesses than you think - businessmen etting cleaned out by their partners - who knows how many of our celebrity businesmen have not done this or worse - its because ubah fked with a bigger man and is in trouble of his own that all this is coming out

but see as the man was flossing last year - with that birthday and all

omosexy1:

This practice is common in Nigeria. Greed and Selfishness. Now I hear Capital Oil is selling Kerosene at N50/litre. I guess to pay his debt.