Toba Owojaiye Reporting
A Federal High Court sitting in Lagos has struck out the charges brought by the Asset Management Corporation of Nigeria (AMCON) against Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited.
These charges revolved around an alleged N135 billion indebtedness.
Presided over by Justice Nicholas Oweibo, the court’s decision to strike out the charges followed an oral application by AMCON’s counsel, Oluwaseun Onabowu, who sought to withdraw the case.
Senator Ifeanyi Ubah, representing the Anambra South Senatorial District, was notably absent during these court proceedings. The legal journey began earlier with the issuance of criminal summons against the Senator and his company on June 13. These charges were part of the Federal Government of Nigeria’s 8-count case against Senator Ubah, relating to his alleged indebtedness to AMCON.
Today’s developments were influenced by a consent judgment reached in a separate case before the Federal Capital Territory court in Abuja. As a result of this agreement, the case in Lagos was withdrawn, and AMCON’s counsel requested the charges to be struck out. The defendants’ counsel, Mrs. Ifeoma Esom, confirmed these agreements with the complainant.
The case itself revolved around allegations that Senator Ifeanyi Ubah and his company had conspired to make false claims regarding the value of assets transferred to AMCON as part of a consent judgment, hindering AMCON’s ability to recover part of the N135 billion debt. The charges encompassed several counts, including making false claims, obstructing AMCON’s actions, and fraudulent loan conversion, falling under various sections of the Asset Management Corporation of Nigeria Act and the Criminal Code Act.
While the court’s decision marks the end of this case, it remains significant in the context of debates on indebtedness and financial obligations. Furthermore, it’s hard to ignore the timing of this verdict, which coincides with Senator Ubah’s recent defection to the ruling party, adding a political dimension to the legal proceedings.