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Alleged N135bn Debt: Ifeanyi Ubah To Be Arraigned February 13

IFEANYI UBAH 

By Francis IWUCHUKWU

IKOYI, LAGOS STATE, NIGERIA - As a result of an alleged indebtedness to the tune of N135bn to the Asset Management Corporation of Nigeria (AMCON), the Federal Government of Nigeria (FGN) has instituted a criminal charge against Ifeanyi Ubah and his Capital Oil and Gas Industries Limited. 

According to the charge instituted before Justice Nicholas Oweibo of a Federal High Court sitting in Ikoyi, Lagos State, Nigeria, the FGN explained that the  N135bn emanated from a July 2013 consent judgment between Capital Oil and Gas Industries Limited and AMCON. 

The FGN pointed accusing fingers at Ifeanyi Ubah of frustrating AMCON’s efforts to recover the judgment debt.

The FGN further alleged that in a bid to defeat the realisation of the judgment credit, Ifeanyi 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.”

"They did obstruct the implementation of the provisions of the AMCON Act vis-a-vis the realisation of part of your outstanding debt of N135bn, 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 FGN insisted that the defendants acted contrary to Section 54(5) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).

Justice Oweibo adjourned the matter until February 13, 2020.

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