Anti Fuel Subsidy Removal Strike… Capital Oil Boss, Ifeayi Uba’s Joy Of New Customized Car Turned Sour Over Threatened Biz Empire

Investigations conducted by societynowng.com just revealed that what should have been Capital Oil Boss, Ifeanyi Uba’s period of joy is now filled with bitterness and dread.

And the reason for this is simple- the removal of fuel subsidy.

Uba via his Capital Oil is listed as one of those that enjoyed the government facility- with all of N22.4 billion credited to him.

Uba is said to have confided in close friends that the removal of subsidy is a big threat to his business.

He is currently heavily indebted to this and that bank- particularly enterprise that is bent on taking over his businesses in lieu of his debts.

Interpretation of his conversation revealed the subsidy facility as one of his major line of finances.

Part of the reasons the government gave for removal of fuel subsidy is that the money therein ends up in private coffers. (While keeping silent on it’s incompetence to check this anomaly!)

Uba- obviously one of the few benefiting from subsidy at the expense of the masses- is said to be very bitter with the threat the development posses to his business empire.

He described the government as ‘confused’ to confidantes.

His bitterness comes at a time he should be happy- the man competing fiercely with former heavy weight in his terrain, Femi Otedola,just took delivery of a customised G- Wagon.

Sources maintained the acquisition was meant to be a new year gift to himself.

He took delivery of the car just before Christmas last year- and planned ‘a joyous parade’ of it from new year day.

The Federal Government announced the removal of fuel subsidy- a key factor in the survival of his operation, based on what he told friends- on January 1 and gave him a challenge that overshadow the happiness of a new car.