Court To Begin Ifeanyi Ubah’s N135bn Debt Trial On April 2 - 9jaflaver



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Court To Begin Ifeanyi Ubah’s N135bn Debt Trial On April 2

The Federal High Court in Lagos has further adjourned till April 2 the arraignment of Ifeanyi Ubah and his Capital Oil and Gas Industries Limited over an indebtedness of N135 bn to the Asset Management Corporation of Nigeria .


The scheduled arraignment before Justice Nicholas Oweibo could not go on Thursday as Ubah was absent from court .


The counsel for the Federal Government , Kunle Adegoke , told the judge that the prosecution was having difficulty serving the charge sheet on Ubah , alleging that the businessman was evading service .


Adegoke applied for a court order to serve the charge sheet on Ubah through his lawyer , Dr Olisa Agbakoba ( SAN ) .


Justice Oweibo granted the prayer and adjourned till April 2 for Ubah ’ s arraignment .


In the charges , the prosecution said the N135 bn 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 N135 bn 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 1 st 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 ) .

Source:- Punchng




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