HomeCourt room newsAlleged Indebtedness: Court Strikes Out Charge Against Ifeanyi Ubah

Alleged Indebtedness: Court Strikes Out Charge Against Ifeanyi Ubah

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Justice Nicholas Oweibo struck out the charge following an oral application by counsel for AMCON, Oluwaseun Onabowu, seeking the withdrawal of the suit.

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 N135bn indebtedness.

Justice Nicholas Oweibo struck out the charge following an oral application by counsel for AMCON, Oluwaseun Onabowu, seeking the withdrawal of the suit.

Ubah, representing Anambra South Senatorial District, was absent in court.

At the last sitting of the court on June 13, 2023, the court had directed that criminal summons be issued on Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited.

The court gave the directive in the criminal prosecution of the Senator by the Federal Government of Nigeria on an 8-count charge bordering on his alleged indebtedness to AMCON.

AMCON had in its 8-count amended charge alleged that Ifeanyi Uba and his company Capital Oil and Gas Industries Limited conspired together in making false claims in relation to the actual values of certain assets transferred to AMCON under a consent judgement he and his company made with AMCON.

The Defendants were also alleged to have obstructed AMCON in the realization of part of his outstanding debt of N135Billion by frustrating the sale of a property at Banana island, Lagos.

At the proceedings today, counsel for the complainant informed the court that following a consent judgements reached in a sister case which was before the Federal Capital Territory court in Abuja, parties had agreed that the case against the Senator should be withdrawn in Lagos. The counsel urged the court to strike out the charge filed against the Defendants.

Counsel for the defendants, Mrs Ifeoma Esom, also confirmed to the court that agreements have been reached with the complainant.

In his ruling, Justice Oweibo struck out the charge.

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