The business dispute between Capital Oil Limited and Access Bank Plc has finally been settled with the intervention of AMCON.
Sources close to Dr Ifeanyi Ubah disclosed that he was initially reluctant on the terms of settlement, knowing fully well his rights and liabilities in that transaction but was persuaded from high quarters to accept it and let bygones be bygones.
LEADERSHIP gathered that AMCON’s intervention was as a result of how solid the capital base of Capital Oil Limited is, which according to sources, is in excess of about N500billion.
The sources said AMCON would not have assumed the liability as it is not a charitable organisation meant to dish out money freely. According to the sources, AMCON was sure that the company funds were safe before getting involved in settling the dispute.
“By this settlement, Ifeanyi Ubah has been vindicated on his stance that the matter was purely a business transaction between the parties. He called them for reconciliation of accounts to know where liabilities fell but they had a different agenda with their paymasters to take over Capital Oil Limited’s assets for peanuts.
“Ubah is well aware of the laid out plot by some people to dispossess him of the Capital Oil assets through various means. He was sad that a man he calls his brother was being used in the plot.
“This was why he went to court to enforce his fundamental human rights when they wanted to use security agents to intimidate him. The court in Nigeria did not shy away from its responsibilities to protect the right of a citizen in imminent danger of being breached.
“It is sad that they are now disparaging the Nigerian court for being alive to its responsibilities because they couldn’t have their way illegally”, the sources said.
However information from a reliable source said that Ifeanyi Ubah was livid when he read the report of Thisday Newspaper of Saturday, June 14, 2014, on the story, which he described as containing half truths, lies and innuendos. According to the source which is well versed in the transaction and everything that happened said that Access Bank and their cohort took Capital Oil Limited to a London and Nigerian courts where they obtain Ex Parte Order against the assets of Capital Oil Limited but Ifeanyi Ubah being a man that believes in rule of law and dispensation of justice by the courts, both in London and Nigerian filed his response to their claims, they hurriedly asked for out of court settlement which Capital Oil Limited initially turned down but they were persistent in their begging which made Ifeanyi Ubah to accept to settle out of court.
It was further revealed that they paid huge sum of money to Capital Oil and Dr. Ubah to sign non-disclosure agreement of terms of settlement but now they are going behind to sponsor lies, half-truths and innuendos against Capital Oil Limited. This is why Ifeanyi Ubah is angry and have warned the parties to know that they are in breach of the non-disclosure terms of that out of court settlement.
It is well known fact that big businesses all over the world use credit to operate and Nigeria is not an exception. Amcon intervention in most big businesses in Nigeria is not out of ordinary. In 2008, when big businesses in America were in trouble, the American Government vide their equivalent of our Amcon intervened by pumping funds to ensure that they do not fail thereby causing massive unemployment and its attendant social problems in their country. So Nigerian government should do more to support to support businesses in order to battle unemployment.
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