BREAKING: Ifeanyi Ubah, Another Igbo Multi-Billionaire, Faces Immediate Arrest

By Post-Nigeria: December 4, 2019 14:45

BREAKING: Ifeanyi Ubah, Another Igbo Multi-Billionaire, Faces Immediate Arrest

The President Muhammadu Buhari-led Federal Government, has filed criminal charges against Ifeanyi Ubah and his Capital Oil and Gas Industries Limited, over an indebtedness of N135 billion, on the Asset Management Corporation of Nigeria, AMCON. In the charges filed before the Federal High Court, in Lagos, the Prosecution said that the N135 billion emanated from a July 2013, consent judgment between Capital Oil and Gas Industries Limited and AMCON, but accused Ubah of frustrating AMCON’s efforts to recover the judgment debt. The Prosecution alleged that in a bid to defeat the realisation of the judgment credit, Ubah and Capital Oil “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”.

The Prosecution alleged further, that they “did obstruct the implementation of the provisions of the AMCON Act, vis-a-vis the realisation of part of your outstanding debt of N135 billion, by frustrating the sale of the landed property on Banana Island, to Dayspring Development Company Limited, which property you both transferred to AMCON, by virtue of the consent judgment delivered by this honourable court, on the 1st day of July, 2013”.
The Defendants were said to have acted contrary to section 54 (5) of the Asset Management Corporation of Nigeria Act, 2010, as amended.

However, the arraignment of Ubah and Capital Oil and Gas Industries Limited, scheduled for Wednesday, before Justice Nicholas Oweibo, could not hold, as Ubah was absent from court.
Olisa Agbakoba, SAN, who appeared in court for Ubah, told the Judge that the Federal Government was yet to serve the charge sheet on his client.

Besides, he said that there is an ongoing mediation move to resolve the matter amicably, since it was about money.
Ajibola Oluyede, who appeared for Capital Oil and Gas Industries Limited, stated that his client had been served, but had filed a preliminary objection to challenge the competence of the charges.
The Prosecuting Counsel for the Federal Government, Kunle Adegoke, replied that he might have to apply that the court issues an arrest warrant, if Ubah refuses to show up in court.