Wed. Aug 10th, 2022

N135bn Debt: Court Orders Service Of Charges On Sen. Ifeanyi Uba Via National Assembly’s Clerk

Senator Ifeanyi Uba

N135bn Debt: Court Orders Service Of Charges On Sen. Ifeanyi Uba Via National Assembly’s Clerk

After several moves to serve the Chairman, Capital Oil and Gas Industries Limited, Dr. Patrick Ifeanyi Ubah copies of charges filed against him by the Assets Management Corporation of Nigeria, (AMCON) over alleged N135 billion debt, a Lagos Federal High Court, on Friday, ordered that the charges be pasted at his residence or through the Clerk of the National Assembly.

The court presided over by Iniekenimi Nicholas Oweibo made the order sequel to an application filed and argued before the court by AMCON prosecutor, Mr. Babatunde Lawal.

Lawal had told Justice Oweibo that it has been very difficult to personally serve Ifeanyi Patrick Uba, a copy of the charge,

The prosecutor also told the court that it was necessary to obtain a court order to serve Uba and his company a copy of the charge, either by pasting it at his residence with the assistant of the Nigerian Police Force or serve him through the Clerk of National Assembly

Justice Oweibo, while granting the prosecutor’s request, held that the defendant can be served either by pasting the charge at his residence in Abuja or through the clerk of the National Assembly.

Following the judge’s order, both the AMCON prosecutor and Jane Okocha representing the second defendant, (Capital Oil and Gas Industries), mutually agreed that the matter be adjourned till May 24, for arraignment.

AMCON in the amended charges filed before the court alleged that Ifeanyi Patrick Uba and his company Capital Oil and Gas Industries Limited sometimes between 2012 and 2018, conspired together in making false claims in relation to the actual values of certain assets transferred to AMCON under a consent judgement him and his company made with AMCON
 Th Federal government debt recover outfit further alleged that Ifeanyi Uba and his company obstructed AMCON the implementation of the provision of the AMCON Act in the realisation of part of his outstanding debt of N135 billion by frustrating the sale of a property at Banana Island.

The prosecutor also alleged that Ifeanyi Ubah lied in respect of the actual values of the assets he listed in the terms of settlement and offered partial payment of the debts of Capital Oil and Gas Industries Limited.

Some the counts in the charge marked  FHC/L383C2019, against the Uba and his company reads: ‘’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 honourable Court, conspired together 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/L/CS/714/2012 AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah 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 135Billion Naira contrary to Section 54(1)(a) and (d) of the Asset Management Corporation of Nigeria Act, 2010 (as amended) and punishable under the same section of the Act.‘’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 honourable Court, made 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/L/CS/714/2012, AMCON V.Capital Oil and Gas industries & Mr. Ifeanyi Patrick Ubah on the 1st day of July 2013 and which assets were transferred in partial payment of the Asset No. listed Limited the FHC/L/CS/714/2012, Management said outstanding indebtedness of Capital Oil and Gas industries Limited to AMCON with a view to defeating the realisation of the judgement debt of Capital Oil and Gas industries limited to AMCON then standing in the sum of N135Billion Naira contrary to section 54(1) (a) of the Asset Management Corporation of Nigeria Act,2010(as amended) and punishable under the same section of the Act.”‘’That you, Ifeanyi Patrick Ubah, being a director of Capital Oil and Gas Industries Limited sometimes between 2011 and 2019 in Nigeria and within the jurisdiction of this honourable Court made and published terms of settlement which later became the Consent Judgment of this honourable Court In Suit No FHC/L/CS/714/2012 – AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah and with respect to the actual values of the assets you listed in the said terms of settlement and offered in partial payment of the debts of Capital Oil and Gas Industries Limited which statement you knew to be false but did so with the intent to defraud Asset Management Corporation of Nigeria to enter Into a Restructuring Agreement and thereby committed an offence contrary to Section 436 of the Criminal Code Act, Cap. C38 of the Laws of the Federation of Nigeria, 2004 and punishable under the same section of the Act’.”