Business

“I Was Paid N5bn Compensation When I Threatened Access Bank, Coscharis With Legal Action”, Andy Uba

This image has an empty alt attribute; its file name is 3760d5debb462e57e3fa74a1b83f87bc

The founder of Capital Oil and Gas Industries Ltd, Ifeanyi Uba, has alleged that Access Bank Plc, and Coscharis Group owned by Cosmos Maduka paid him N5bn to prevent them from being embarassed when he threatened to take legal action against in 2013.

Ubah claimed that the N5bn payoff he exposed was a secret he had kept for eight years which he agreed with both firms.

He said on Arise TV on Monday that the payment was made on February 9, 2013.

This was in connection with N21bn allegedly borrowed by Cosmos Maduka from Access Bank on behalf of Ubah.

Ubah said, “It took me five hours that day to agree.  I made a (demand) of the first payment they will give to me which they agree.

“Eventually there was negotiation before I was paid N5bn off for the embarrassment. We had an agreement which was a non-disclosure agreement and I have kept it for eight years and all this while.

” I’m sorry I am saying it. I told them they should go and clean all these things, but for eight years… Can any Nigerian endure this? Understanding what went into play.

“For good eight years, I kept to my own bargain. About two months ago I wrote to them, I wrote to Access Bank, I wrote to my uncle (Coscharis). I said I am going to disclose. So I have not failed.

“What I am telling you is not disturbing my campaign. Paul Obialo came to represent Access Bank and we signed an agreement and we closed this thing and not only that.

“So let it be on record that I am saying it today and I stand to be challenged.I will also present documents to back it up.”

The case started when Cosmas Maduka, allegedly used the assets of Ubah as collateral in a tripartite mortgage for N21bn with Access Bank Plc.

Ubah had claimed that Maduka had restructured a N21bn loan he obtained from Access Bank, using his assets as collateral without informing him.

But Madka had reportedly admitted he took the loan from Access Bank, but on behalf of Uba’s company.

Access Bank Plc and Coscharis Motors Limited were later ordered by the presiding Judge of a Lagos High Court, Justice O. E Abang, to keep off properties of Capital Oil, pending the determination of a substantive suit before the court.

The Asset Management Company of Nigeria AMCON intervened in the bitter feud between the parties by paying the N21bn on behalf of Uba’s Capital Oil.

When contacted, a senior official of Access Bank who does not want to be mentioned said Ubah should provide evidence that the N5bn was actually paid to him by the bank.

Leave a Reply

Your email address will not be published. Required fields are marked *