Court fixes new date for Ifeanyi Ubah’s arraignment over N135bn debt

Ifeanyi Ubah

A Federal High Court in Lagos has again adjourned till April 2, the arraignment of Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited, over N135 billion debt.

Ubah’s absence in court on Thursday stalled arraignment before Justice Nicholas Oweibo.

The Asset Management Corporation of Nigeria (AMCON) filed the suit on behalf of the Federal Government.

Prosecuting counsel, Kunle Adegoke, told the judge that the prosecution was having difficulty serving the charge sheet on Ubah, alleging that the businessman was evading service.

Justice Oweibo granted the prayer and adjourned till April 2 for Ubah’s arraignment.

The prosecution alleges that the N135 billion emanated from a July 2013 consent judgement between Capital Oil and Gas Industries Limited and AMCON but accused Ubah of frustrating AMCON’s efforts to recover the judgement debt.

It also alleges inter alia that in a bid to defeat the realisation of the judgment credit, Ubah and Capital Oil “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.”

The alleged offences are said to be contrary to Section 54(5) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).