N135billion AMCON Debt, Senator Ifeanyi Ubah Evades Court Proceeding

Embattled Senator Ubah, making a presentation on the floor of the Senate
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The noose appears to be tightening on Senator Ifeanyi Ubah, a serving Senator of the Federal Republic of Nigeria. The Senator from Anambra State is one the biggest obligors of Asset Management Corporation of Nigeria (AMCON). His outstanding indebtedness to AMCON is about N135billion. For years now, the legal battle between the Federal Government, AMCON and the embattled Senator has become a running story with the Senator hiding under frivolous technicalities of law to stretch the case beyond limit.

But with a renewed determination to go after recalcitrant debtors, the matter came up at the federal high court, Ikoyi Lagos earlier today (Wednesday December 4, 2019) but was again stalled because Senator Ubah was nowhere to be found. The Senator has a four-count charge, which was again refreshed during the court session. The charges against the Senator include the following: “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);

“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 outstanding 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 to 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).

“That you, Ifeanyl 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, willfully 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)

“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-é-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).”

However, the planned arraignment of Ubah, who is also the Chairman of Capital Oil and Gas Limited before the Federal high court sitting in Ikoyi Lagos on Wednesday could not hold because Ubah was absent in court. When proceeding resumed, lawyer to the Federal government, Mr Kayode Adegoke informed the court of a pending four counts charge pressed against the defendants and urged the court to accept same for the purposes of plea. But the arraignment was stalled before Justice Nicolas Oweibo as Ubah’s lawyer, Dr Olisa Agbakoba SAN said that his client has not been served with the charge.

Agbakoba further claimed that a mediation move was ongoing to resolve the case out of court since it is all about money. But Counsel to the 2nd defendant, Capital Oil and Gas Limited, Ajibola Oluyede on his part confirm that his client has been served.” He stated, “That is why we have filed a notice of preliminary objections challenging the competency of this charge.“

In reaction, Kayode Adegoke the prosecution counsel said that if the defendant is trying to avoid court proceedings, he would not hesitate to ask the court for arrest warrant to enable the prosecution produce him court. In a short ruling Justice Oweibo said that in as much that the prosecution fail to produce the defendant in court today, this case stands adjourned. Accordingly, this case is adjourned to 13th of February 2020.

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