AMCON Debt: Ifeanyi Ubah’s Arraignment Stalled

A file photo of Mr Ifeanyi Ubah.

The absence of the Chairman of Capital Oil & Gas Limited, Ifeanyi Ubah, has stalled his arraignment before a Federal High Court sitting in Lagos.

Ubah and his company were to be arraigned by the Federal Government for alleged false claims relating to the indebtedness of N135 billion to the Asset Management Corporation of Nigeria (AMCON).

When the case was mentioned in court on Thursday, the prosecutor, Mr Kunle Adegoke, through an ex parte application asked Justice Nicholas Oweibo to grant an order for the service of the charge on Ubah through his legal representative and Senior Advocate of Nigeria (SAN), Olisa Agbakoba.

In an affidavit put before the court, the prosecution submitted that Ubah had been evading the service of the charge on him personally.

In a short ruling, Justice Oweibo granted the request of the prosecutor that Ubah should be served through his counsel.

He, thereafter, adjourned until April 2 for the arraignment of the defendants.

The counsel representing Capital Oil and Gas Limited, Mr Ajibola Oluyede, however, informed the court that there was an ongoing process to settle the matter amicably.

In the one of the counts put before the court, Ifeanyi Patrick Ubah, and his company, Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018, allegedly conspired together in making false claims in relation to the actual value of certain assets transferred to AMCON, in partial payment of their Indebtedness with a view to defeating the realisation of a judgement debt of the company to AMCON then standing In the sum of N135 billion.

The offence is said to be contrary to Section 54(1)(a) and (d) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).


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