N135b Debt: Court Orders AMCON Prosecutor to Serve Ifeanyi Uba Indictment Through National Assembly Clerk

Ifeanyi Oubah

Akin Kuponyi

A federal high court sitting in Ikoyi, Lagos State, southwestern Nigeria, on Friday issued an order mandating the prosecutor of the Nigeria Asset Management Company, Barrister Babatunde Lawal, either to stick the accusation against Ifeanyi Patrick Uba and his company Capital Oil and Gas Industries at his residence or serve him the charge through the Clerk of the National Assembly.

The court order followed a motion filed and argued in court by Mr. Babatunde Lawal that, it was very difficult to personally serve Ifeanyi Patrick Uba with a copy of the indictment, therefore, it is necessary to get the court order. to serve the defendant with a copy of the indictment, either by taping it at his residence with the Nigerian Police Assistant or by serving him through the Clerk of the National Assembly

The presiding judge, Judge Nicholas Oweibo, while granting the request of the AMCON prosecutor, said that the accused could be served either by sticking the charge at his home or through the clerk of the court. ‘National Assembly.

In the meantime, the AMCON prosecutor filed 8 amended counts in court to replace the original four-count charge filed in court.

Subsequently, based on the agreement of AMCON Prosecutor Mr. Babatunde Lawal and Jane Okocha representing Capital Oil and Gas Industries, Judge Oweibo adjourned until May 24, 2022 for arraignment.

In the amended 8-count indictment filed in court, it was alleged that Ifeanyi Patrick Uba and his company Capital Oil and Gas Industries Limited at times between 2012 and 2018, conspired together to make false statements about the actual values ​​of certain assets transferred to AMCON under a consent judgment he and his company made with AMCON

Ifeanyi Uba and his company also allegedly obstructed AMCON in implementing the provision of the AMCON Act in realizing part of its N135 billion outstanding debt by frustrating the sale of the property to Banana Island.

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

The charge is shown in amended charge number FHC/L383C2019.

ACCOUNT 1

That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, at times between 2012 and 2018, in Nigeria and under the jurisdiction of this Honorable Court, conspired together to make false statements about the actual values ​​of certain assets transferred to Asset Management Corporation of Nigeria (AMCON) under Consent Judgment in Case No. FHC/L/CS/714/2012 – AMCON v. Capital Oil and Gas Industries Limited and Mr. Ifeanyi Patrick Ubah on July 1, 2013 in partial payment of the debt of Capital Oil and Gas Industries Limited to frustrate the realization of the said judgment debt of Capital Oil and Gas Industries Limited to AMCON then s ‘ amounting to 135 billion naira in contrast to

Section 54(1)(a) and (d) of the Asset Management Company of Nigeria Act 2010 (as amended) and punishable under the same section of the Act.

COUNT 2

That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited, at times between 2012 and 2018, in Nigeria and subject to the jurisdiction of this Honorable Court, have made misrepresentations about the actual values ​​of certain assets transferred to Asset Management Corporation of Nigeria (AMCON ) pursuant to Consent Judgment rendered in Case No. FHC/L/CS/714/2012 AMCON V. Capital Oil and Gas industries & Mr Ifeanyi Patrick Ubah on July 1, 2013 and whose assets were transferred to partial payment of asset no. Listed Limitedthe FHC/L/CS/714/2012 Management declared the outstanding indebtedness of Capital Oil and Gas industries Limited to AMCON to frustrate the realization of the judgment debt of Capital Oil and Gas industries limited to AMCON, then in the amount of N135 billion contrary to Section 54(1)(a) of the Asset Management Company of Nigeria Act 2010 (as amended) and punishable under the same section of the law.

COUNT 3

That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, at times between 2012 and 2018 in Nigeria and within the jurisdiction of this Honorable Court, being surety and debtor respectively, have negligently made a statement or given information willfully or recklessly knowing it to be false about the actual values ​​of the assets transferred to AMCON pursuant to the consent judgment entered in Case No. FHC/L/CS/714/2012 -AMCON v. Capital Oil and Gas Industries Limited and Mr. Ifeanyi Patrick Ubah on the 1st day of July 2013 in partial settlement of the outstanding N135 billion loan due to AMCON contrary to Section 54(2) of the 2010 Act on the Asset Management Company of Nigeria (as amended) and punishable under the same section of the Act.

COUNT 4

That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited, at times between 2012 and 2018 in Nigeria and under the jurisdiction of this Honorable, obstructed

the implementation of the provisions of the AMCON Act vis-à-vis the realization of part of your outstanding debt of 135 billion naira by preventing the sale of land ownership on Banana Island to Dayspring Development Company Limited, ownership of which you both transferred to AMCON by consent judgment given by this Honorable Court on July 1, 2013 in Case No. FHC/CS/714/2012-AMCON V Capital Oil and Gas Industries Limited &Mr. Ifeanyi Patrick Ubah and whose act is contrary to Section Sa (5) of the Asset Management Company in Nigeria Act 2010 (as amended) and punishable under the same section of the Act.

COUNT5

That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited at times between 2018 and 2019 in Nigeria and subject to the jurisdiction of this Honorable Court, fraudulently converted the loan granted to Capital Oil and Gas Industries Limited (the company) and the proceeds derived therefrom under a leadership which will be invested in the affairs of the business to finance the campaign for the election of you, Ifeanyi Patrick Ubah, to the seat of the Anambra South senate district of the Senate of the Federal Republic of Nigeria in 2018 – 2019, and what act is contrary to Section 383(2) and punishable under Section 390 of the Penal Code Act, Cap C38 of the Laws of the Federation of Nigeria.

Count 6

That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited at times between 2011 and 2019 in Nigeria and within the jurisdiction of this Honorable Court, being mortgagors of the properties listed in the Consent Judgment of this Honorable Court in Case No. ° FHC/L/ CS/714/2012 – AMCON V. Capital Oil and Gas Industries Limited & Mr Ifeanyl Patrick Ubah, with the intention of inducing Asset Management Corporation of Nigeria (AMCON) to accept offered title in respect of said properties and to defraud, concealed from said AMCON records material title to said properties which you have not subsequently produced and have thereby committed an offense contrary to Section 423 of the Criminal Code Act and punishable under the same section of the law.

Account7

That you Ifeanyi Patrick Ubah and Capital Oil and Gas industries between 2011 and 2019 in Nigeria and within the jurisdiction of this honorable court being mortgagors of the properties listed in the judgment by consent of

this honorable court of FHC/L/CS/714/2012

-AMCON V. Capital Oil and Gas Industries Limited and Mr. Ifeanyi Patrick Ubah, at the time of negotiating said Consent Judgment, with intent to defraud and induce Asset Management Corporation of Nigeria (AMCON) to accept the securities offered in respect of the properties, misrepresented and concealed from the said AMCON the existing mortgages and encumbrances already created in favor of Aso Savings & Loan Limited in respect of the property which subsequently became the subject of appeal no CA /A/468/2016-Aso Savings & Loan & Maharishi Nigeria Ltd v AMCON, Capital Oil & Gas Industries & Ifeanyi Ubah and thereby committed an offense contrary to Section 423 of the Penal Code Act and punishable under same section of the law.

Count 8

That you, Ifeanyi Patrick Ubah, being a director of Capital Oil and Gas Industries Limited at times between 2011 and 2019 in Nigeria and subject to the jurisdiction of this Honorable Court, drafted and published the terms of settlement which subsequently became the consent judgment of this Honorable Court in Case No. FHC/L/CS/714/2012 – AMCON c. Capital Oil and Gas Industries Limited & Mr Ifeanyi Patrick Ubah and regarding the actual values ​​of the assets which you listed in said terms of settlement and offered in partial payment of the debts of Capital Oil and Gas Industries Limited which you knew to be misrepresented, but did so with intent to defraud Asset Management Corporation of Nigeria to enter into a restructuring agreement and thereby committed an offense under Section 436 of the Penal Code Act, Cap. C38 of the Laws of the Federation of Nigeria, 2004 and punishable under the same section of the law.

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