Alleged Indebtedness: Court Strikes Out AMCON’s Charge Against Ifeanyi Ubah

An alleged N135bn indebtedness charge brought against Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited by the Asset Management Corporation of Nigeria (AMCON) has been thrown out by a Federal High Court in Lagos.

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

The Matrix recalls that AMCON had in its 8-count amended charge alleged that Ubah 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 judgment he and his company made with AMCON.

Ubah was also alleged to have obstructed AMCON in the realisation of part of his outstanding debt of N135b by frustrating the sale of a property at Banana Island, Lagos.

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

However, at the proceedings on Wednesday, counsel for AMCON informed the court that, following a consent judgement reached in a sister case which was before the Federal Capital Territory Court in Abuja, the parties had agreed that the case against the lawmaker should be withdrawn in Lagos.

The counsel, therefore, urged the court to strike out the charge filed against Ubah.

In his ruling, Justice Oweibo struck out the charge.