N132billion AMCON Debt: Senator Ifeanyi Ubah For Arraignment April 2

*AMCON Managing Director/CEO, Mr Ahmed Kuru


This is not the best time for the Anambra State born Senator, Ifeanyi Ubah and his Capital Oil and Gas Limited. Following what transpired in court today (Thursday), Ubah will now be arraigned on April 2, 2020 over fraudulent value of assets tendered to offset a whopping N132billion owed Asset Management Corporation of Nigeria (AMCON).

The government debt recovery agency led by Mr Ahmed Kuru an experienced banker and strategist, has been in a protracted legal battle with the serving Senator who is one of those recalcitrant top obligors of AMCON. The embattled Senator is also in court with the Federal Government of Nigeria. The Senator and his team of lawyers have been hiding under the technicalities of the law to frustrate the efforts of AMCON to recover the huge debt.

But with the amendment of the AMCON Act, which was signed into law by President Muhammadu Buhari last year, it does appear that the noose is seriously tightening around the neck of the Senator, who seat in the 9th Senate is in serious contention over certificate forgery. Justice Nicholas Oweibo of the Federal High Court sitting in Lagos has given a new date after Ubah again disrespected the court by failing to show up. It is the second time he is refusing to appear before the court.

But even in his absence when the case was mentioned, the prosecutor Mr Kunle Adegoke asked the court to grant an order for the service of the charge on Ifeanyi Ubah through the bailiff of the court on Ubah’s legal representative, Dr. Olisa Agbakoba, SAN. In an affidavit sworn to by para-legal staff of Kunle Adegoke law firm, Haleemah Adegoke, declared that the bailiff of the court told her that, he took steps to effect service of the charge dated October 30, 2019 on Ubah personally in December, 2019 at the registered office of Capital Oil and Gas Industries Limited., but he was unable to serve him personally. Since then he has been evading service of same.

Again, on December 4, when the defendant was absent to take his plea in court, Dr. Olisa Agbakoba SAN announced his appearance for him and also informed the court that his client was yet to be served. In a short ruling however, Justice Oweibo acceded to the request of the prosecutor. The counsel representing Capital Oil and Gas Limited, Mr Ajibola Oluyede, told the court that there was an ongoing process for amicable settlement of the matter.

The 4-count charge against Uba and his company include:

COUNT 1

That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018, 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/ABJ/CS/714/2012 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 135 Billion Naira contrary to Section 54(1)(a) and (d) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).

COUNT 2

That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018, made false claims in relation to the actual values of certain assets transferred to AMCON under the Consent Judgment delivered in Suit No. FHC/ABJ/CS/714/2012 on the 1St day of July, 2013 and which assets were transferred in partial payment of the but standing indebtedness of Capital Oil and Gas Industries Limited to AMCON with a view to defeating the realisation of the judgment debt ‘of Capital Oil and Gas Industries limited 0to AMCON then standing in the sum of 135 Billion Naira contrary to Section S4(1)(a) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).

COUNT 3

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/ABJ/CS/714/2012 on the 1St day of July, 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).

COUNT 4

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, did obstruct the implementation of the provisions of the AMCON Act vis-a-vis the realisation of part of your outstanding debt of N135 Billion Naira by frustrating the sale of the landed property at Banana Island to Dayspring Development Company Limited, which property you both transferred to AMCON by virtue of the Consent Judgement delivered by this honourable Court on the 1St day of July, 2013 in Suit No. FHC/ABJ/CS/714/2012 “and which act is contrary to section 54(5) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).”

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