Why We Withdrew N135BN Debt Case Against Senator Ifeanyi Ubah – FG | READ DETAILS

Few days after dumping the Young Progressive Party (YPP) for the ruling All Progressive Congress (APC), a Federal Government Agency, Asset Management Corporation of Nigeria (AMCON), has withdrawn a N135billion alleged indebtedness case it filed against senator Ifeanyi Ubah, representing Anambra south senatorial district and his company, Capital Oil and Gas limited.

At the proceedings on Wednesday, the legal representative to AMCON, Oluwaseun Onabowu, filed an oral application for the withdrawal of the case against Ubah before the Federal High Court sitting in Lagos State.

AMCON said it’s decision to withdraw the case was reached following a consent judgement reached in a sister case which was before the Federal Capital Territory court in Abuja.

AMCON added that parties involved in the case had agreed that the case against Senator Ifeanyi Ubah should be withdrawn from the Lagos court. The counsel urged the court to strike out the charge filed against the Defendants.

Counsel to the defendants, Mrs Ifeoma Esom, also confirmed to the court that agreements have been reached with the complainant.

Justice Nicholas Oweibo thereafter, struck out the charge.

At the last sitting of the court on June 13, the court had directed that criminal summons be issued on Senator Ifeanyi 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 an 8-count charge bordering on his alleged indebtedness to AMCON.

AMCON had in its 8-count amended charge alleged that Ifeanyi 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 judgement he and his company made with AMCON

The Defendants were also alleged to have obstructed AMCON in the realization of part of his outstanding debt of N135Billion by frustrating the sale of a property at Banana island, Lagos.

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 135Billion 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 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 offene contrary to Section 423 of the Criminal Code Act and punishable under the same Section of the Act”.