governorship candidate of the Labour Party (LP), Chief Ifeanyi Ubah,
has described as false and politically motivated, allegation of lack of
financial capability to prosecute his governorship ambition.

Speaking on behalf of the Ifeanyi Ubah Election Campaign Committee, Mr.
Ayo Akinola, said Ubah’s opponents and detractors, lacking genuine
reason to attack him, resorted to feeding the public with “malicious lie
that he was broke and therefore desperate to be elected the governor.”

This has also resulted in widespread rumour that the Asset Management
Corporation of Nigeria (AMCON) took over Ubah’s Capital Oil and Gas
(COG) because of his inability to properly manage the company’s affairs
and bank debts as well as the speculation that he was unable to raise
funds from the corporation to pep up the campaigns.

noting that the oil magnate remained undaunted in spite of the
“propaganda or falsehood”, Akinola said Ubah was vindicated of the
allegation by the position of the AMCON, Mr. Mustapha Chike-Obi.

“It has once more been shown that no matter how long you suppress the
truth, like cream, it will surely rise to the top. Ubah’s position was
categorically vindicated by the Managing Director of AMCON, Mustapha
Chike-Obi, who said when Ifeanyi Ubah decided to run for the
governorship position of Anambra State, we gave him two choices;
complete breakaway from the company for two years while he runs or he
agrees not to leave for two years. But he chose to run. So, we will
appoint MD, CFO and another ED to run the company. He still owns it.”

But this was contrary to the position of AMCON’s Head of Corporate
Communication, Mr. Kayode Lambo, who said in August that AMCON formally
took over the affairs and running of Capital Oil and Gas (COG)
industries located in Apapa, Lagos due to the debt profile of the

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The takeover, according to him would last for a period
of two years a period when a new managing director is to be appointed
to ensure accountability as well as continuity of operations.

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