First Bank

Friday, April 2, 2010


Despite recently celebrated feat of splashing millions of naira to get a whole street named after him in Magodo Estate,Lagos, there are clear indications that the money problems of money man and top player in the downstream sector, Ifeanyi Uba are far from over.
Investigations conducted by Man About Town revealed that one of his creditors financial institution, Spring bank are on his neck to get him to offset outstanding loans with the them.
Sources explained that the debt owed the bank by the Chief Executive Officer and Managing Director of Capital Oil is in excess of three hundred million naira.
Investigations conducted by Man About Town revealed that the loans were secured as part of moves to enhance the operations of Uba’s company with this and that business transaction.
He is said not to have been able to adhere to terms of payment.
Further investigations conducted by Man About Town revealed that the loan portfolio was part of those listed by the Central Bank of Nigeria in the last general bank audit that resulted in the sack of some bank headmen.
Insiders explained that the new Managing Director has directed the department charged with loan recovery to intensive efforts in getting back their money from debtors.
Ifeanyi Uba falls into the category of one of the big fishes the bank is targeting to refund huge debt.
The management of the bank are said to have been on his heels since Thursday March 25 2010.
Uba has been playing the game of not in town and unfulfilled promises of issuing cheques to take care of part of the bill.
However if the assertion of an insider is to be believed the money man’s days of grace are fast drawing to a close.
This is said to be based on a fresh directive within the establishment that tougher stance should be adopted with Uba and others in his category among the banks clientele base by those charged with effectively carrying out the debt recovery exercise.It is not yet clear what kind of approach the officials concerned will utilise in carrying out their job.

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