FG sues Ifeanyi Ubah over N135bn debt

Ifeanyi Ubah

A Federal High Court in Lagos has adjourned till February 13, 2020, the arraignment of Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited, over N135 billion debt.

Ubah’s absence in court on Wednesday stalled his arraignment, prompting adjournment.

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

Prosecuting counsel, Korede Adegoke, told the court of a pending four-count charge filed against Uba and his company, urging the court to accept same for the purposes of taking the plea of the defendants.

However, Ubah’s counsel, Olisa Agbakoba, said that his client had not been served with the charge and that aside this, mediation was ongoing to resolve the case out of court since it was all about money and business.

Counsel for the company, Ajibola Oluyede, told the court that his client had been served, and that, that was why the notice of preliminary objection challenging the competence of the charge had been filed.

Justice Nicholas Oweibo adjourned till February 13, saying the prosecution must produce the defendant in court.

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).