A Federal High Court in Lagos on Wednesday struck out a charge brought by the Asset Management Corporation of Nigeria (AMCON) against Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited, over an alleged N135 billion debt.
Although Ubah was not present in court the presiding judge, Justice Nicholas Oweibo, according to a Channels TV report, struck out the charge.
The decision of the court followed an oral application by the counsel for AMCON, Oluwaseun Onabowu, who sought the withdrawal of the suit.
Striking out the charge comes barely six days after Senator Ubah, who represents Anambra South, announced his defection to the ruling All Progressives Congress from the Young Progressive Party.
The announcement of his defection was conveyed in a letter directed to the Senate President, Godswill Akpabio, and publicly read in the Senate Chamber last Thursday.
Ubah said his reason for switching parties was due to the insurmountable disagreements within the party.
Ubah said, “I am willing to formally notify and inform the Distinguished Senate President and our colleagues of irreconcilable differences between me and the leadership of my party.
“I, therefore, resolved to move from the Young Progressive Party (YPP) to the most important party in Africa, the All Progressives Congress.
“After careful considerations and due consultations, the members of my community, my constituents, and critical stakeholders of Anambra State.”
Meanwhile, there are divergent opinions on his defection to APC. Some people have opined that it is because of his governorship ambition in Anambra State, while some others have noted that he defected to enjoy a ‘soft-landing’ regarding his case pending before a Lagos High Court.
At the last sitting of the court on June 13, the court directed that criminal summons be issued to Senator Ubah and his company, Capital Oil and Gas Limited.
The court gave the directive in the criminal prosecution of the Senator by the Federal Government of Nigeria on eight counts bordering on his alleged indebtedness to AMCON.
But at the proceedings on Wednesday, six days after Ubah defected to APC, the 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was before the Federal Capital Territory court in Abuja, parties had agreed that the case against the Senator should be withdrawn in the Lagos.
The counsel subsequently urged the court to strike out the charge filed against the Defendants.
The counsel for the defendants, Mrs Ifeoma Esom, also confirmed to the court that agreements had been reached with the complainant.
In his ruling, Justice Oweibo struck out the charge.
AMCON had in its charge alleged that Ubah and his company Capital Oil and Gas Industries Limited conspired to make 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.
The Defendants were also accused of obstructing AMCON in the realization of part of his outstanding debt of N135 billion by frustrating the sale of a property on Banana Island, Lagos.
The charge as stated in the amended charge reads:
“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, 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/L/CS/714/2012 – AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah 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) and punishable under the same Section of the Act.
“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, wilfully 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/L/CS/714/2012 -AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah on the 1st day ofJuly, 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)and punishable under the same Section of the Act.
“That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within jurisdiction of this honourable did obstruct the implementation of the provisions of the AMCON Act vis-avis the realisation of part of your outstanding debt of 135Billion 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 consent judgement delivered by this honourable court on the 1st day of July,2013 in suit No FHC/CS/714/2012-AMCON V Capital Oil and Gas Industries Limited &Mr. Ifeanyi Patrick Ubah and which act is contrary to Section(5)of the Asset Management Corporation ar Nigeria Act, 2010 (as amended) and punishable under the same Section of the Act.
“That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited sometimes between 2018 and 2019 in Nigeria and within the jurisdiction of this honourable Court, did fraudulently convert the loan given to Capital Oil and Gas Industries Limited (the company) and the proceeds derived there from under a direction that same be invested in the company’s business to funding campaign for the election of you, Ifeanyi Patrick Ubah, into the Anambra South Senatorial District seat of the Senate of the Federal Republic of Nigeria in 2018 – 2019, and which act is contrary to Section 383(2) and punishable under Section 390 both of the Criminal Code Act, Cap C38 of the Laws of the Federation of Nigeria.
“That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited sometimes between 2011 and 2019 in Nigeria and within the jurisdiction of this honourable Court, being mortgagors of properties listed In the Consent Judgment of this honourable Court in Suit No. FHC/L/CS/714/2012 – AMCON V. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah, with intent to induce Asset Management Corporation of Nigeria (AMCON) to accept the title offered with respect to the said properties and with intention to defraud, concealed from the said AMCON instruments material to titles to the said properties which you subsequently failed to produce and thereby committed an offence contrary to Section 423 of the Criminal Code Act and punishable under the same Section of the Act.”