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AMCON Debt: Ifeanyi Ubah’s Arraignment Stalled

A file photograph of Mr Ifeanyi Ubah.



The absence of the Chairman of Capital Oil & Fuel Restricted, Ifeanyi Ubah, has stalled his arraignment earlier than a Federal Excessive Court docket sitting in Lagos.

Ubah and his firm have been to be arraigned by the Federal Authorities for alleged false claims referring to the indebtedness of N135 billion to the Asset Administration Company of Nigeria (AMCON).

When the case was talked about in court docket on Thursday, the prosecutor, Mr Kunle Adegoke, by means of an ex parte software requested Justice Nicholas Oweibo to grant an order for the service of the cost on Ubah by means of his authorized consultant and Senior Advocate of Nigeria (SAN), Olisa Agbakoba.

In an affidavit put earlier than the court docket, the prosecution submitted that Ubah had been evading the service of the cost on him personally.

In a brief ruling, Justice Oweibo granted the request of the prosecutor that Ubah must be served by means of his counsel.

He, thereafter, adjourned till April 2 for the arraignment of the defendants.

The counsel representing Capital Oil and Fuel Restricted, Mr Ajibola Oluyede, nevertheless, knowledgeable the court docket that there was an ongoing course of to settle the matter amicably.

Within the one of many counts put earlier than the court docket, Ifeanyi Patrick Ubah, and his firm, Capital Oil and Fuel Industries Restricted, typically between 2012 and 2018, allegedly conspired collectively in making false claims in relation to the precise worth of sure property transferred to AMCON, in partial cost of their Indebtedness with a view to defeating the realisation of a judgement debt of the corporate to AMCON then standing Within the sum of N135 billion.

The offence is alleged to be opposite to Part 54(1)(a) and (d) of the Asset Administration Company of Nigeria Act, 2010 (as amended).

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