The Federal High Court sitting in Lagos has struck out the charge filed by the Asset Management Corporation of Nigeria (AMCON) against Senator Ifeanyi Ubah and his company, Capital Oil and Gas limited, over an alleged N135bn indebtedness.

Justice Nicholas Oweibo struck out the charge following an oral application by counsel for AMCON, Oluwaseun Onabowu, seeking the withdrawal of the suit.

Ubah, representing Anambra South Senatorial District, was absent in court.

At the last sitting of the court on June 13, the court had directed that criminal summons be issued on Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited.

The court gave the directive in the criminal prosecution of the Senator by the Federal Government of Nigeria on an 8-count charge bordering on his alleged indebtedness to AMCON.

At the proceedings today, counsel for the complainant informed the court that following a consent judgements reached in a sister case which was before the Federal Capital Territory court in Abuja, parties had agreed that the case against the Senator should be withdrawn in the Lagos. The counsel urged the court to strike out the charge filed against the Defendants.

Counsel for the defendants, Mrs Ifeoma Esom, also confirmed to the court that agreements have been reached with the complainant.

In his ruling, Justice Oweibo struck out the charge.

Background
AMCON had in its 8-count amended charge alleged that Ifeanyi Uba and his company Capital Oil and Gas Industries Limited conspired together in making false claims in relation to the actual values of certain assets transferred to AMCON under a consent judgement he and his company made with AMCON

The Defendants were also alleged to have obstructed AMCON in the realization of part of his outstanding debt of N135Billion by frustrating the sale of a property at Banana island, Lagos.

The charge as stated in the amended charge reads:

“That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018, in Nigeria and within the jurisdiction of this honourable Court, conspired together in making false claims in relation to the actual values of certain assets transferred to Asset Management Corporation of Nigeria (AMCON) under the Consent Judgment delivered in Suit No FHC/L/CS/714/2012 – AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah on the 1st day of July, 2013 in partial payment of the indebtedness of Capital Oil and Gas Industries Limited with a view to defeating the realisation of the said judgment debt of Capital Oil and Gas Industries Limited to AMCON then standing in the sum of 135Billion Naira contrary to Section 54(1)(a) and (d) of the Asset Management Corporation of Nigeria Act, 2010 (as amended) and punishable under the same Section of the Act.

“That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within the jurisdiction of this honourable Court, being guarantor and debtor respectively, negligently, wilfully or recklessly made a statement or gave information knowing it to be false in relation to the actual values of the assets transferred to AMCON under the Consent Judgment delivered in Suit No. FHC/L/CS/714/2012 -AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah on the 1st day ofJuly, 2013 in partial satisfaction of the outstanding loan of N135 Billion Naira owed to AMCON contrary to Section 54(2) of the Asset Management Corporation of Nigeria Act, 2010 (as amended)and punishable under the same Section of the Act.

“That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within jurisdiction of this honourable did obstruct the implementation of the provisions of the AMCON Act vis-avis the realisation of part of your outstanding debt of 135Billion Naira by frustrating the sale of of the landed property at banana island to Dayspring Development Company Limited,which property you both transferred to AMCON by virtue of consent judgement delivered by this honourable court on the 1st day of July,2013 in suit No FHC/CS/714/2012-AMCON V Capital Oil and Gas Industries Limited &Mr. Ifeanyi Patrick Ubah and which act is contrary to Section(5)of the Asset Management Corporation ar Nigeria Act, 2010 (as amended) and punishable under the same Section of the Act.

“That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited sometimes between 2018 and 2019 in Nigeria and within the jurisdiction of this honourable Court, did fraudulently convert the loan given to Capital Oil and Gas Industries Limited (the company) and the proceeds derived there from under a direction that same be invested in the company’s business to funding campaign for the election of you, Ifeanyi Patrick Ubah, into the Anambra South Senatorial District seat of the Senate of the Federal Republic of Nigeria in 2018 – 2019, and which act is contrary to Section 383(2) and punishable under Section 390 both of the Criminal Code Act, Cap C38 of the Laws of the Federation of Nigeria.

“That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited sometimes between 2011 and 2019 in Nigeria and within the jurisdiction of this honourable Court, being mortgagors of properties listed In the Consent Judgment of this honourable Court in Suit No. FHC/L/CS/714/2012 – AMCON V. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah, with intent to induce Asset Management Corporation of Nigeria (AMCON) to accept the title offered with respect to the said properties and with intention to defraud, concealed from the said AMCON instruments material to titles to the said properties which you subsequently failed to produce and thereby committed an offene contrary to Section 423 of the Criminal Code Act and punishable under the same Section of the Act”.

https://www.thecable.ng/n135bn-debt-court-strikes-out-amcons-case-against-ifeanyi-ubah/amp

When you join APC, all your sins are forgiven. Funny county!

OK
Oti clear...
now we know why
join APC and your sins are forgiven...
2moro when I join politics I will steal and embezzle anyhow I like then I will join APC and I will be forgiven too..
these evil you guys keep supporting will surely hunt us in future....

Has the 135b debt being write-off?Which kind country be this?

All of you defending and supporting this Government. Whether PDP, LP or APC can you now understand that this country is for the rich and wealthy alone? Can you now see that there is no place for the common man in Nigeria anymore?

Can you now see that this country is gone? Corruption is now the order of the day.

Until you wake up, united as one nation, brothers and sisters regardless of the fact you are Yoruba, Ibo and hausa.

Until you keep religion aside, until the hate for each is relegated, until we work together with one voice and say to these criminal elements ruining this country, stealing our collective resources, stealing the future of our children and destroying this country through systematic corruption that enough is enough. NOTHING WILL CHANGE!
the common man will continue to suffer, poverty and hunger will continue.

We must realize that they love themselves, they careless about their religion and tribe, they unite to steal our collective wealth. While we kill and fight ourselves for nothing.

We must rise as youths and people of good will to take back this country.

This country is dieing everyday.

If any man be in APC..

Problem

An apc senator once boasted about how he decides court cases for his (now retired judge) wife from the comfort of his bedroom.

They are all united in crime irrespective of tribe

Lol

Banana republic

Gossiphub:
When you join APC, all your sins are forgiven. Funny county!

Yinmu. If you go and commit crime because of this lie you tell yourselves, you will learn the hard way niyen. Same people will abandon you when your poop hits the fan.

Ifeanyi Ubah's case is more of civil case and once he agrees to pay, just like others, he will be let off the hook. I am not surprised that most oil companies are paying their debt or agreeing to pay, this is because oil price has gone up and the downstream deregulated. It is obvious you don't know that.smh.

This favourable period has made the value of the unprofitable assets of oil and gas to now enjoy better valuation.

The banks that most of them owed had written them off as impairment but now selling the oil and gas assets at big value now.

I know one that it's shares stayed for years at around N12 but now touched over N100 since this year that the oil price rally remained high largely due to the Russian-Ukraine war.
So try and get yourself educated and don't imply that the Judge is not responsible for agrreing to approve their decision to settle.

This doesn't mean they can not return back to the court if any of the parties fail to fulfil its part. Amcon will not write it off because he is now in APC .The debt is now under public eyes and nobody will go to jail for him.

FreeStuffsNG:

Yinmu. If you go and commit crime because of this lie you tell yourselves, you will learn the hard way niyen. Same people will abandon you when your poop hits the fan.

Ifeanyi Ubah's case is more of civil case and once he agrees to pay, just like others, he will be let off the hook. I am not surprised that most oil companies are paying their debt or agreeing to pay, this is because oil price has gone up and the downstream deregulated. It is obvious you don't know that.smh.

This favourable period has made the value of the unprofitable assets of oil and gas to now enjoy better valuation.

The banks that most of them owed had written them off as impairment but now selling the oil and gas assets at big value now.

I know one that it's shares stayed for years at around N12 but now touched over N100 since this year that the oil price rally remained high largely due to the Russian-Ukraine war.
So try and get yourself educated and don't imply that the Judge is not responsible for agrreing to approve their decision to settle.

This doesn't mean they can not return back to the court if any of the parties fail to fulfil its part. Amcon will not write it off because he is now in APC .The debt is now under public eyes and nobody will go to jail for him.

is it not you again?? you that will defend anything and everything provided its to support APC..you have no conscience na, its being dead a longtime ago

These are the same people calling themselves Progressives. This is the same band of lawless vagabonds in government who ensured criminals are converted and enrolled as constables in the NPF.

Gossiphub:
When you join APC, all your sins are forgiven. Funny county!

Funny people