N135bn AMCON Debt: Ifeanyi Ubah Evades Court

Senator Ifeanyi Ubah, who is owing AMCON N13bn, stalled his arraignment on Wednesday due his absence in court.

Senator Ifeanyi Ubah is said to be indebted to AMCON to the tune of N13bn / Photo credit: thisdaylive.com
Senator Ifeanyi Ubah is said to be indebted to AMCON to the tune of N13bn / Photo credit: thisdaylive.com

The planned arraignment of Senator Ifeanyi Ubah at the federal high court sitting in Ikoyi Lagos over his N135bn debt to the Asset Management Company of Nigeria, was stalled on Wednesday because of his absence from court.

Ubah, who is also the Chairman of Capital Oil and Gas Limited, is facing a four-count charge bordering his outstanding indebtedness to AMCON.

According to AMCON’s head of Corporate Communications, Jude Nwuzor, in a statement on Wednesday, the Anambra State senator who is one of AMCON’s biggest obligors, has been hiding under frivolous technicalities of law to stretch the case beyond limit.

“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,” Nwuzor stated.

The case was adjourned to February 13, 2020.

The charges against the Ubah 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, 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, 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).”

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