Immediately after the name Ifeanyi Ubah is mentioned, what comes to mind is: He’s the CEO of Capital Oil and Gas; but as a matter of fact, Capital Oil and Gas was one of his later and more recent investments. Ifeanyi Ubah is one of the few self-made billionaires in Nigeria. What businesses is he into and just how much is he worth?
Ifeanyi Patrick Ubah was born on Spetember 3, 1971 in Anambra state to Mr Alphonsus Ubah and Mrs. Patty Ubah in Otolo, Nnewi. His parents were both teachers and they hardly made ends meet. He had to support his father at a very early age in providing for the needs of the family. His parents were fervent Christians who taught their children deep godly virtues, hard work, leadership qualities and how to have faith and trust in God.
As at 1990/91, Ifeanyi, who had gone fully into business at 16, was one of the youngest millionaires at the age of 19. He was a big player in the tire and auto parts export trade from Nigeria to Ghana and Sierra Leone. He gradually expanded to Liberia, where he was probably planning to settle but the Liberian war affected his business and forced him back to Lagos. He’s the president of the Nigerian community in DRC, as DR Congo is a strong base of his auto parts export business.
Gradually, after attending many international workshops and seminars, he extended his business to Germany, South Africa, Dubai, and a few other countries. He would have both his mentor, Cletus Ibeto and his open mindedness to thank for his expansion into the Oil and Gas sector. After listening to his mentor’s advice, Capital Oil and Gas, was launched in 2011. The company is actively involved in retailing petroleum products and haulage transportation business. Exploiting his previously made connections, he did businesses in different countries where he already had a base with companies like Chevron, Elit South African Pty Limited, Mechnan Frankturd Oil and Gas, and so on but still has a strong backing from Ibeto Petrochemical Nigeria. Today, Capital Oil and Gas is one of the major players in the daily supply and distribution of petroleum and petroleum products with a depot big enough to host 6 oil vessels.
The father of 5 is a philanthropist, creating jobs for about 3,000 Nigerian youths and he currently has a football team in the Nigerian Professional Football League. Ifeanyi Ubah FC (IUFC) aka “Anambra Warriors” is that team.
He is worth a reported sum of $1.7 Billion.