A former Chairman of Capital Oil and Gas Industries Limited, Senator Ifeanyi Ubah said he felt slighted and humiliated by the Assets Management Corporation of Nigeria (AMCON) for charging him and his oil firm with alleged indebtedness.

He said the charges of alleged N135billion indebtedness were preferred against him and Capital Oil before a Federal High Court in Lagos while a consent judgment between the parties was subsisting.

He said AMCON rushed to court when mediation was in progress.

He said a mediation meeting between Capital Oil and AMCON is expected to hold again today.

Ubah, who made the clarifications at a briefing in Abuja, said over 1, 436 workers of Capital Oil have become homeless due to the action of AMCON.

He said: 'I felt sad that I have been painted as a fraudulent Nigeria by AMCON. No court of law has ever found me wanting. I am not dubious. I have never taken N1 contract or seek for N1 waiver to be who I am.

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'AMCON filed charges against me and Cpaital Oil before a Federal High Court in Lagos. It is in the same High Court that AMCON and Capital Oil signed and sealed a consent judgment. I think there is more to it.

'The media was flooded with news of a criminal charge against Sen. lfeanyi Ubah and Cpaital Oil for alleged false claims on actual values of transferred assets to AMCON and frustration of implementation of consent judgment entered between AMCON and CAPOIL.

'As stakeholders in the Oil and Gas industry, we have keenly watched the unfolding melodrama and are constrained to make our observations.'

Ubah admitted that it was true that his firm obtained laons from six banks with sufficient collaterals.

He said: 'lt would be recalled that in anticipation of the deregulation policy of the Federal Government of Nigeria, CAPOIL obtained bank loans and massively invested in the purchase of ocean-going vessels and erecting of Oil and Gas infrastructures.

'Unfortunately, following intense pressure from Nigerians, the organized labour unions and civil society organizations through a socio-political protest movement that began on Monday, 2nd January 2012 tagged 'Occupy Nigeria', the Federal Government backed out from the deregulation policy.

'CAPOIL was worst hit by the volte-face as it was unable to recoup its investment in furtherance of repaying the bank loans.

'CAPOIL had made sufficient progress in discussions with the banks on the restructuring of these loans and repayment, when AMCON, an interventionist Institution of the Federal Government, acquired all non-performing bank loans, inclusive of CAPOIL loans.'

He said AMCON was allegedly trying to abuse court process.

He added: AMCON sued CAPOIL in Suit no. FHC/ABJ/CS/714/2012 and in a well-planned ambush, obtained an ex-parte order from the Federal High Court in Abuja to take over CAPOIL assets in Lagos. The order was executed by an invasion of COG'S facilities in Lagos in June 2012 and complete close down of its businesses.

'Eventually the same court rescinded the order in a considered ruling, noting that the purpose for which AMCON was established was to assist Nigerian companies to recovery and not to drive them to insolvency.

'It must be noted that the suit between AMCON and CAPOlL upon which the consent judgment was entered was purely civil without any iota of criminality therein.

'After several meetings and negotiations, AMCON and CAPOIL settled out of court and entered their agreement as consent judgment.

'Summarily, the agreement between the parties was for AMCON to inject funds into CAPOIL to trade its way back to profitability and repay her loans, while CAPOIL assets, which included ocean-going vessels, gantries, other Oil and Gas infrastructure, were transferred to AMCON as continuing securities.

'In accordance with the consent judgment, Capital Oil and Gas provided assets with a value of 78.55 Billion to AMCON as security for restructuring its outstanding debts and re-fmancing its trading business.

'AMCON contrary to the consent judgment, unilaterally appointed valuers and carried out further valuation of the assets and requested additional assets. CAPOIL after protest, obliged due to pressure mounted on her and the management by AMOCN through petition to IGP.

'The issue of valuation and CAPOIL compliance with its obligation to provide assets with a forced sale value of N78.55 Billion Naira was resolved and laid to rest. This fact is confirmed by the implementation Roadmap subsequently issued by AMCON.

'AMCON has clearly stated in series of publications that it has concluded settlement with CAPOIL.

'Sadly, rather than provide trade finance to CAPOIL as provided by the consent judgment, AMCON again in total disregard to the provisions of the consent judgment, appointed one Mr. Ryan Johansson, as the Managing Director of CAPOIL in flagrant contravention of Nigeria's company and immigration laws.

'The said Ryan, who had no experience in the Oil and Gas sector, grossly mismanaged the company, leaving behind a damage of over N150 billion. This is the subject of pending litigation by CAPOIL against AMCON in Suit No. FHC/ABJ/CS/430/2015.'

'As a result of the unlawful Operations of AMCON, CAPOIL have been shutdown for over a year now, its over a thousand employees have been thrown into unemployment.'

© Pakistan Press International, source Asianet-Pakistan