The Federal High Court sitting in Lagos has struck out the charge filed by the Asset Management Corporation of Nigeria (AMCON) against Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited, over an alleged indebtedness of N135 billion.
The decision came following an oral application by AMCON's counsel, Oluwaseun Onabowu, who sought the withdrawal of the suit. This move was a significant development after the court had issued criminal summons to Senator Ifeanyi Ubah and his company during its last session on June 13. The Federal Government of Nigeria had brought an 8-count charge against the Senator, alleging his indebtedness to AMCON.
During today's proceedings, the complainant's counsel informed the court that a consent judgment had been reached in a related case in the Federal Capital Territory court in Abuja. As a result, the parties had agreed to withdraw the case against Senator Ifeanyi Ubah in Lagos. The court was urged to strike out the charges filed against the defendants.
Counsel for the defendants, Mrs. Ifeoma Esom, confirmed the agreements reached with the complainant.
In a decisive ruling, Justice Nicholas Oweibo struck out the charges. The amended charge filed by AMCON had alleged that Senator Ifeanyi Ubah and Capital Oil and Gas Industries Limited conspired to make false claims regarding the values of assets transferred to AMCON under a consent judgment, obstructing AMCON's efforts to recover part of the N135 billion debt, particularly by preventing the sale of a property in Banana Island, Lagos.
The charges in the amended charge included claims of conspiracy to make false asset claims, making false statements about asset values, obstructing AMCON's provisions, and fraudulent conversion of loans for election campaign funding. The court's decision to strike out these charges is a significant development in this ongoing legal saga.
