September 13, (THEWILL) – It is no longer news that controversial businessman and politician, Senator Patrick Ifeanyi Ubah, is indebted to the tune of N135bn and all efforts to retrieve the money over the years have proved futile due to his determination to frustrate the Assets Management Corporation of Nigeria (AMCON) from making satisfactory progress in its quest to recover the outstanding facilities he got from various banks, including the interests that has accrued.
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 N65 billion. In 2014, after a series of litigations following the takeover of the company, Ubah reached an agreement with AMCON on how best to settle his debt and quash all pending suits. But rather than honour the agreement, he continued to evade payment of 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 seems to be the least of Ubah’s worries at the moment. He is more interested in cutting the image of a generous man and philanthropist who has the interest of the people at heart. But all that is a facade as has been proven over the years.
When Ubah clocked 50 on September 3, 2021, to be precise, he decided to give out 23 Toyota Sport Utility Vehicles to some people. Naturally, the recipients were pleased with his kind gesture. With inflation biting hard and the dollar exchange rate shooting through the roof, why won’t they? While this may not be the first of this kind of gesture from him, the recipients had better pray that Ubah doesn’t retrieve the vehicles from them.
In 2014 when he first contested governorship election in Anambra State under Labour Party, Ubah gave out more than 50 cars to some people he felt could help swing things in his favour. 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 vehicles from them and bade them farewell.