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 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 yesterday before Justice Nicholas Oweibo could not hold as Ubah was absent in court.
Chief Olisa Agbakoba, SAN, who appeared in court for Ubah, told the judge that the Federal Government had yet to serve the charge sheet on his client.
Besides, he said there was an ongoing mediation move to resolve the matter amicably since it was about money.
Mr Ajibola Oluyede, who appeared for Capital Oil and Gas Industries Limited, said 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, said he might have to apply that court issues an arrest warrant if Ubah refused to show up in court.
Justice Oweibo adjourned the matter to February 13, 2020.
The charges against ubah reads;
Count1, “That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometime between 2012 and 2018, conspired in making false claims in relation to the actual values of certain assets-transferred to Asset Management Corporation of Nigeria, AMCON under the Consent Judgment delivered in Suit No. FHC/ABJ/CS/714/2012 on the 1st day of July, 2013 in partial payment of the Indebtedness of Capital Oil and Gas Industries Limited with a view to defeating the realisation of the said judgment debt of Capital Oil and Gas Industries Limited to AMCON, then standing In the sum of 135 Billion Naira contrary to Section 54(1)(a) and (d) of the Asset Management Corporation of Nigeria Act, 2010, as amended.
Count 2, “That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometime between 2012 and 2018, 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 on the 1st day of July, 2013 and which assets were transferred in partial payment of the outstanding indebtedness of Capital Oil and Gas Industries Limited to AMCON with a view to defeating the realisation of the judgment debt ‘of Capital Oil and Gas Industries lilted to AMCON then standing in the sum of 135 Billion Naira contrary to Section S4 (1) (a) of the Asset Management Corporation of Nigeria Act, 2010, as amended.
Count 3, “That you, Ifeanyl Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within the jurisdiction of this honorable Court, being guarantor and debtor respectively, negligently, willfully or recklessly made a statement or gave information knowing it to be false in relation to the actual values of the assets transferred to AMCON under the Consent Judgment delivered in Suit No. FHC/ABJ/CS/714/2012 on the 1St day of July, 2013 in partial satisfaction of the outstanding loan of N135 Billion Naira owed to AMCON contrary to Section 54 (2) of the Asset Management Corporation of Nigeria Act, 2010, as amended.
Count 4, “That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within the jurisdiction of this honorable Court, did obstruct the implementation of the provisions of the AMCON Act vis-é-vis the realisation of part of your outstanding debt of N135 Billion Naira by frustrating the sale of the landed property at Banana Island to Dayspring Development Company Limited, which property you both transferred to AMCON by virtue of the Consent Judgment delivered by this honorable Court on the 1St day of July, 2013 in Suit No. FHC/ABJ/CS/714/2012 and which act is contrary to §section 54 (5) of the Asset Management Corporation of Nigeria Act, 2010, as amended.”
