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AMCON: FG withdraws criminal charges against Senator Ifeanyi Ubah

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The Federal Government has withdrawn the criminal charges lodged against Senator Ifeanyi Ubah and his oil firm, Capital Oil a week after joining the ruling All Progressives Congress (APC).

A Federal High Court sitting in Lagos and presided over by Justice Nicholas Oweibo, on Wednesday dismissed the charge filed by Asset Management Corporation of Nigeria (AMCON), against Ifeanyi Ubah and his company, Capital Oil and Gas Limited over alleged N135 billion indebtedness.

The judge struck out the suit following an oral application by Counsel to the AMCON, Oluwaseun Onabowu seeking withdrawal of the suit.

Recall that at last sitting when Senator Ifeanyi Ubah was to take his plea, he was not in court.  Consequently, the court directed that criminal summons be issued on him and his company, Capital Oil and Gas Limited if he fails to appear on October 18 for arraignment.

At the proceedings of the suit on Wednesday, counsel to the complainant informed the court that consent Judgements had been reached by parties in other sister cases in Abuja, the Federal Capital Territory.

He consequently urged the court to strike out the charge filed against the defendants.

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

Consequently, Justice Oweibo in a bench ruling struck out the charge.

AMCON had in its 8-count amended charge filed before the court alleged that Ifeanyi Patrick Ubah and his company 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 AMCON under a consent judgement he and his company made with AMCON.

The defendants were also alleged to have obstructed AMCON in realisation of part of his outstanding debt of N135billion by frustrating the sale of property at Banana Island.

The prosecutor also alleged that Ifeanyi Ubah lied in respect of the actual values of the assets he listed in the terms of settlement and offered in partial payment of the debts of Capital Oil and Gas Industries Limited.

The charge as stated in the amended charge number FHC/L383C2019 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 judgement 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.”

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