Fact-check: Did Cosmos Maduka Accuse Ifeanyi Uba of “Betrayal” in New Video?
Claim: A video of Cosmos Maduka of Coscharis Motors accusing, another Nigerian Billionaire Nigerian, Senator Ifeanyi Uba of cheating has gone viral.
Full Text: The headline text displayed on the video reads, “Cosmos Maduka vs Ifeanyi Uba, Betrayal or Fraud?”
The text accompanying the footage shared on social media particularly WhatsApp states: “BATTLE OF THE BILLIONAIRES. This is going to be bloody – two billionaires at each other’s throats. Only Lawyers and the Courts can determine who will come out victorious. Who can you trust in the world of business?”
Maduka who was visibly angry could not control his emotion during a question and answer interview programme as he narrated his ordeal.
He claimed that Ifeanyi Ubah defrauded him of billions of Naira over a loans facility
cannot walk away from $150m, Donald Trump cannot walk away..I cannot walk away, Ifeanyi is playing a sympathy game, saying I want to take over his business..I got Ifeanyi to guarantee this loan that I am taking..” He lamented.
It is unclear what exactly happened between the two men, or if the claims made in the video are true or of a recent development.
Cosmas Maduka is a Nigerian businessman and philanthropist, best known as the founder, president, and chairman of the Coscharis Group. He was born on 24 December 1958, in Nnewi, Anambra, Nigeria. Maduka has been estimated to be worth $500 million USD, and has been involved in numerous high-profile business dealings, including an alleged N21 billion swindle by Ifeanyi Ubah of Capital Oil and Gas. Maduka has been featured in a variety of media outlets, including CNN’s Marketplace Africa and Forbes Africa TV’s show.
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Patrick Ifeanyi Ubah is a Nigerian politician, entrepreneur, and businessman, born on 3 September 1971 in Nnewi, Anambra State. He is currently serving as a Senator representing Anambra South Senatorial District in the Nigerian Senate. He is also the CEO of Capital Oil (CCO), which he founded in 2001. CCO has a large tank farm for petroleum products storage and distribution in Lagos, and other facilities and outlets across the Southeast and Southwest of Nigeria. Ubah has been involved in a number of high-profile business dealings, including the alleged swindling of N21 billion from businessman Cosmas Maduka.
Verification: PRNigeria fact check broke the video into keyframes and ran a reverse image search of the frames which led to a post on X dated 4 April 2024 and referenced as a “battle of billionaires” between Cosmos Maduka and Ifeanyi Uba.
However, upon closer examination, it was noted that the logo for X shown in the video is outdated and does not reflect the current logo design used by X. This is further evidence that the video is not a recent representation of the event.
Thus, PRNigeria dug further and found that the video was actually an AIT programme which was also posted online in 2013, about 11 years ago. It is the same old video that is now being circulated with a claim of rivalry between Maduka and Uba on money matters.
Meanwhile, PRNigeria further discovered that Ifeanyi Uba had publicly denied the allegations made against him by Mr. Cosmos Maduka on a popular media platform.
Similarly, Cosmos Maduka has clarified that the video currently circulating is from an old recording and does not reflect his current views or sentiments about Andy Ubah. He expresses disappointment and frustration at the mischievous propagation of the video by certain individuals.
Conclusion: According to findings by PRNigeria, the video of Coscharis Motors Cosmos Maduka on an AIT TV Kaakaki show accusing a Nigerian businessman, Senator Ifeanyi Uba of cheating in a business deal is an old event dating to 2013, about 11 years ago precisely.
PRNigeria‘s fact-check team therefore concludes that the video is misleading.
By PRNigeria
