AMCON Debt: Ifeanyi Ubah’s absence stalls trial in N135 billion suit

EMBATTLED Chairman of Capital Oil and Gas Limited, Ifeanyi Ubah allegedly accused of defrauding the Asset Management Company of Nigeria, AMCON, to the tune of N135 billion had his hearing in court stalled on Thursday when it was adjourned.

Ubah, who is also the owner of Ifeanyi Ubah football club is facing a four-count charge bordering on his outstanding indebtedness to AMCON.

At the Federal High Court sitting in Lagos, the presiding judge Justice Nicholas Oweibo rescheduled hearing on the case following Ubah’s second consecutive absence in court.

The prosecuting counsel, Kunle Adegoke, told the judge that the court had been unable to serve the defendant charges describing Ubah as being evasive. He argued that an ex parte application seeking permission for the court’s bailiff to serve Ubah the charge through his lawyer, Olisa Agbakoba, SAN be granted by the court.



    In the charges, the prosecution stated that the N135 billion had sprung up 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 team also alleged that in a bid to defeat the realisation of the judgment creditor, 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,” a section of the charge read.

    Adegoke’s application was supported by an affidavit sworn to by Haleemah Adegoke, the affidavit affirmed that Haleemah tried to effect service of the charge on Ubah personally in December 2019 at Capital Oil and Gas Industries’ registered office, but was unable to serve him personally.

    Justice Oweibo in his ruling granted his prayer, and ordered that Ubah should be served through his counsel, Agbakoba, and adjourned till April 2, for the defendants’ arraignment.

    Amos Abba is a journalist with the International Center for Investigative Reporting, ICIR, who believes that courageous investigative reporting is the key to social justice and accountability in the society.

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