Again, Ifeanyi Ubah Sprouts Like a Seed

It is no exaggeration to say that billionaire businessman, Ifeanyi Ubah, is someone many wish to be as blessed as he is. But unknown to those who covet his successes, he has faced many challenges that would ordinarily consume a lily-livered.

Interestingly, Ubah has proved to his detractors that he is indeed a cat with nine lives. In other words, the more they try to bury him, the more he sprouts like a seed in a well fertile land. Though he is a lone fighter, he has proved beyond reasonable doubts that he is indeed a warrior, as he has always emerged victorious in all his legal battles so far.

His capacity to win played out recently when some management staff of Capital Oil Plc, a limited liability company, slammed a N1billion suit on his company over alleged unlawful use of part of its company’s registered name Capital Oil. The Corporate Affairs Commission (CAC) was joined as co-defendants in the suit before the Federal High Court in Lagos.

A source disclosed that the company’s lawyer, Chioma Okwuanyi claimed that it became aware of the existence of Capital Oil and Gas Industries Ltd when correspondences meant for the company were delivered to it and upon inquiry, it discovered that the company engages in the business of dealing in petroleum products which is the same line of its business.

However, the suit was later settled by a term of settlement filed before a court and entered as consent judgment whereby Senator Ubah agreed to pay and indeed paid 100 million to the plaintiff to remove Capital from its name.

But it seems greed and covetousness took the better of them, as the money was refunded when it was discovered that the Board of Directors of Capital Oil company was not carried along in the purported settlement, which the company accepted.

For reasons only known to the management of Capital Oil, they, thereafter, filed another suit against the lawmaker from using the name Capital Oil.

Again, they were defeated at the court before Justice M B. Idris, who upheld the argument of Ubah that the consent judgment was still valid and subsisting.

Dissatisfied with the said judgment, they later approached the Court of Appeal. The appellate court, in its judgment dated May 19, 2021, upheld the judgment of the lower court and found the judgment of Justice M. B. Idris to be valid and subsisting.

Since then, the management of Capital is said to be begging the oil mogul to pay the N100 million they had earlier rejected. It was gathered that the lawmaker has called off their bluff and refused to pay to date.