UPDATE: Court Strikes Out AMCON Suit Against Ifeanyi Ubah

UPDATE: Court Strikes Out AMCON Suit Against Ifeanyi Ubah

by Victor Ndubuisi

A Federal High Court in Lagos has dismissed the Asset Management Corporation of Nigeria’s (AMCON) case against Senator Ifeanyi Ubah and his firm, Capital Oil and Gas Limited, for alleged N135 billion indebtedness.

Following an oral plea by AMCON’s attorney, Oluwaseun Onabowu, seeking the withdrawal of the complaint, Justice Nicholas Oweibo dismissed the accusation.

In its 8-count amended charge, AMCON alleged that Ubah and his company, Capital Oil and Gas Industries Limited, conspired to make false claims about the actual values of certain assets transferred to AMCON under a consent judgement he and his company entered into with AMCON.

N135BN Debt: AMCON Amends Criminal Charge Against Ifeanyi Ubah

Ubah was also accused of obstructing AMCON in the realisation of part of his outstanding debt of N135Billion by frustrating the sale of a property at Banana Island, Lagos.


The development occurs in less than a week. Ubah, a senator representing Anambra South Senatorial District, switched to the ruling All Progressives Congress (APC), according to Anaedoonline.ng.

The Anambra senator stated that his defection was motivated by irreconcilable divisions inside the YPP as well as the interests of his constituency.

On June 13, the court ordered that criminal summons be issued against Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited.

However, during the hearings on Wednesday, counsel for AMCON informed the court that, as a result of a consent judgement obtained in a sister matter before the Federal Capital Territory Court in Abuja, the parties had agreed that the case against the legislator in Lagos should be abandoned.


The counsel, therefore, urged the court to strike out the charge filed against Ubah.

In his ruling, Justice Oweibo struck out the charge.



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