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Billionaire mogul, Ifeanyi Ubah confirms veering into publishing

– His N5 billion Nnewi Catholic Cathedral almost ready

Billionaire business man and Capital Oil boss, Dr Patrick Ifeanyi Ubah has confirmed ownership of the new national newspaper, The Authority, which has been in circulation since Thursday, October 15, 2015.

Speaking with ENCOMIUM Weekly on Thursday, November 12, 2015, the successful entrepreneur cum politician said the need to contribute his quota to the development of the country via further creation of employment for the roaming graduates has been the main factor that has driven his passion for publishing aside keeping the Nigerian populace informed and educated with what happens within the country and beyond.

“Yes, that’s the new thing now. I am the chairman of the company publishing The Authority. It’s aimed at contributing to the development of the country by creating more employment opportunities for the youth out there.”

Asked to comment on the development concerning his N5 billion Catholic Cathedral, Nnewi, Anambra Dioceses billed for commissioning this month, he simply reacted, “Work is in progress”.

Meanwhile, an insider disclosed to ENCOMIUM Weekly that one of the main reasons Ubah went into publishing is to boost his political ambition ahead 2019 general elections as he is likely to vie for the senate ticket on the platform Peoples Democratic Party (PDP) in Anambra state.

“Although, Ifeanyi Ubah has passion for employment creation, I think the need to give himself the needed media backing for his political ambition in 2019 topped the reasons he established a media outfit. And the paper is doing well since it hit the market.

“It has its headquarters in Maitama area, Abuja and it’s being circulated across the country but with larger concentration in Abuja, Lagos and some parts of South-South and South-East. It’s gradually becoming the darling tabloid of many readers in major cities across the country now.”

On how much Ubah invested in the business, the source said, “I am not privy to that. All I know is that he has spent millions of naira on it. One thing about Ifeanyi Ubah is that he likes putting his best in whatever he believes in, the same thing goes for his football club. He has surely put in more than enough money and he has a fantastic pay package for his staff.”

On whether the Capital Oil CEO’s plan to open the Nnewi Catholic Cathedral this month has been shelved, the source said, “I can’t say anything on that. I think its Ubah himself that can answer that. All I know is that work is still in progress and fast. People of Nnewi can’t wait to see the cathedral opened. It’s going to be the biggest so far in the South-East. So, people should just keep their fingers crossed on that. It won’t take long before it will be completed and commissioned.”


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