FG Files N135bn Fraud Charge Against Ifeanyi Ubah, Capital Oil

ubah

Following his absence in court, a federal High Court in Lagos on Wednesday adjourned till February 13, 2020, the planned arraignment of the Chairman of Capital Oil and Gas Limited, Senator Ifeanyi Patrick Ubah.

Thelagostimes gathered that Senator Ubah Capital Oil are facing an alleged N135bn fraud charge filed against them by the Federal Government.

In the charges filed before the Federal High Court in Lagos, the prosecution said the N135bn 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 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 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 defendants were said to have acted contrary to Section 54(5) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).

In a short ruling Justice Oweibo said that in as much as the prosecution failed to produce the defendant in court today, this case stands adjourned. The case was accordingly adjourned to February 13, 2020.

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