Call him Asset Management Corporation of Nigeria’s biggest debtor and you won’t be totally wrong as controversial businessman and politician, Senator
Call him Asset Management Corporation of Nigeria’s biggest debtor and you won’t be totally wrong as controversial businessman and politician, Senator Patrick Ifeanyi Ubah owes a whooping N135bn and all efforts to retrieve this money over the years has proven futile. No thanks to his wiles and schemes to frustrate the debt recovery agency from making satisfactory progress in recovering the outstanding facilities he got from various banks, including the interests that has accrued on them.
In June 2013 when his company, Capital Oil and Gas was taken over by the then managing director of AMCON, Mustafa Chike-Obi, his company’s total indebtedness was put at N65bn. In 2014 after a series of litigation following the takeover of his company, he reached an agreement with AMCON on how best to settle his debt and quash all pending suits. Rather than honor the agreement, Ubah who represents Anambra South in the National Assembly, in his characteristic manner, continued to evade repaying his debts.
In November 2019, the Federal Government filed criminal charges against him and his company for frustrating the efforts of AMCON. But like a leopard that won’t change its skin, he repeatedly failed to appear before the court and in no time, his accumulated indebtedness rose to N135bn. But that is the least bit of things that worries Ubah. Ubah is more interested in projecting the life of a generous man, a philanthropist who has the interest of the people in mind. But all that is a facade as has been proven over the years. When he recently clocked 50, on September 3rd to be precise, he decided to give out 23 Toyota SUVs to various individuals. Naturally, the recipients were overjoyed for his kind gesture. How won’t they? With inflation biting hard and dollar exchange rate shooting through the roof. While this may not be the first of this kind of gesture from him, it is however important that the recipients pray that Ubah doesn’t retrieve the vehicles from them.
In 2014 when he first contested for the state’s governorship election under Labour Party, Ubah who is currently trying his luck a second time, to occupy Anambra State government house later this year, under the platform of Young Progressive Party, YPP, gave out over 50 saloon cars to some people he felt could help sway things in his favor. Unfortunately, he lost the election. He then invited all those he gave the cars to his home for a bogus appraisal of his performance at the polls. When they all assembled, he simply retrieved the keys to the cars from them and bade them farewell.
