Court Strikes Out Charge against Ifeanyi Ubah, Capital Oil

Wale Igbintade

Justice Nicholas Oweibo of the Federal High Court sitting in Lagos, yesterday, struck out the charge filed by Asset Management Corporation of Nigeria (AMCON) against Senator Ifeanyi Patrick Uba 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.

The court had directed that criminal summons be issued on Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited.

At the proceedings of the suit yesterday, counsel to the complaint informed the court that following consent Judgements reached in other sister cases in Abuja, the Federal Capital Territory, he 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 complaint.

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

AMCON had in its eight-count amended charge filed before the court alleged that Ifeanyi Patrick Uba 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 the realisation of part of his outstanding debt of N135 billion 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.