Dr. Patrick Ifeanyi Ubah and his giant strides

“A man is valued not by the amount of wealth he was able to acquire but by the value created by the wealth acquired” ~Stephen Covey

In the business world, some people were spoon-fed to glory; some were led to glory while some fought their ways to glory. Dr. Ifeanyi Ubah was not lucky and as such was not spoon-fed to glory, neither was he led to glory rather he fought his way to glory.

Ifeanyi Ubah is the son of a middle class teacher who opted for business when it was obvious that pursuit of education and alongside his siblings would be a nightmare to his parents. He went into apprenticeship with one of his uncles in Lagos at a very tender age of 12 years. Along the line, propelled by humility and keen business acumen, Ifeanyi became the _numero _uno_ of his boss' business and toast of all the customers that patronize their business (including Foreigners).

Following some business challenges Ifeanyi had a setback left him empty handed from the line of apprenticeship. But he struggled on his own to set up a supply business which he started with the credit facility from business patrons who eventually became partners. Leveraging on experiences garnered under apprenticeship coupled with deft management of his business dealings, Ifeanyi’s business ventures grew such that he became known as a beg exporter of tyres, electronics, fabrics, furniture, motor parts and vehicles to countries like; Niger Republic, Mali, Congo Kinshasha, Congo Brazzaville, Central African Republic, Angola, Libya, Egypt, Liberia, Benin Republic, Ghana, Sierra Leone, Senegal, Gambia and Guinea and Equatorial Guinea etc. Over time his knowledge of these terrain and chain of businesses gave him links to 23 African Presidents.

For instance in Angola, Ifeanyi Ubah established an oil company that competed favourably with the national and the multinational oil companies (IOCs). In fact as his net-work expanded his businesses grew tremendously and over time he decided to bring his base down to Nigeria to contribute to the growth of Nigerian economy. Thus in 2002, Ifeanyi Ubah incorporated Capital Oil & Gas Industries Limited as a wholly owned Nigerian company with a vision to be a dominant player in the downstream sector of the economy.

A man who knows his onions in business, Ifeanyi Ubah employed the best hands to join him and manage the multi billion dollars company. Subsequently, Capital Oil & Gas Industries Limited grew and became the largest oil & Gas Company playing in the downstream sector in Nigeria. The company acquired the largest tank farm and oil facilities in Lagos, Nigeria which can handle 11 oil vessels concurrently. With this development, Ifeanyi Ubah and Capital Oil & Gas became a major contributor to the gross domestic products (GDP) of Nigeria to the tune of several billions of naira

It is instructive to note that Ifeanyi Ubah grew his company to enviable heights without enjoying any import duty or tax waivers from the Federal Government of Nigeria. The company’s achievement was very unique because it was at a time other conglomerates were treated to unlimited waivers by successive governments. Despite some of the well-known challenges of Nigeria's business environment, Ifeanyi Ubah’s companies competed favourably and expanded diversifying into media, sports, haulage, hospitality and entertainment.

However the onset of recession in Nigeria exacerbated the harsh business environment which made the restructuring of most businesses imperative. Thus Ifeanyi decided to suspend the activities of some of his subsidiaries and focus on core businesses. This decision was borne out of age-old wisdom to put off some unfavorable expense and resume operations when the policy environment becomes favourable. As a man that turns around every opportunity in business Ifeanyi Ubah’s business interests continued to thrive and flourish both within and outside Nigeria.

It is on record that Ifeanyi Ubah has never been a government contractor but rather helps to stabilize the Nigeria business environment. In 2015, he intervened by dispensing petroleum products to forestall imminent scarcity when the major stakeholders held the government to ransom - Ifeanyi Ubah opened his tank farm for lifting of imported petroleum products - a singular action that ensured queues disappeared from the petrol stations leading to immediate drop in prices. Another instance is the release of over $300 million to bureau de change operators at N200 naira per dollar to stem scarcity of foreign exchange. It is only a man of means with a noble heart that can make such selfless and nationalistic interventions.

Meanwhile, amidst these business triumphs and altruistic actions, Ifeanyi Ubah's remained a man severally misunderstood with misconceptions by some fifth columnists in Nigeria. He has been accused of some unimaginable things by those who cannot fathom his selfless nature even in business dealings, thankfully most of it turned out a farce; being a man of integrity, he always comes out victorious.

There is no doubt that Ifeanyi Ubah has made enviable mark in several businesses and many are anxiously waiting to see him translate the business savvy to the political arena.