Mr Ifeanyi Ubah By Akin Kuponiyi A Federal High Court sitting in Lagos, Southwest Nigeria on Wednesday adjourned till 13th of February, 2020 to arraign the Chairman of Capital Oil and Gas Limited, Senator Ifeanyi Patrick Ubah and his company. The arraignment that supposed to take place Wednesday could not hold due to the absence of the defendants.

The prosecutor, Mr Korede Adegoke told the court of a pending four count charges filed against Uba and his company, Capital Oi and Gas Limited, urging the court to accept same for the purposes of taking the plea of the defendants. However, Ubah's counsel, Dr Olisa Agbakoba SAN said that his client had not been served with the charge, nd that aside this, mediation was ongoing to resolve the case out court since it was all about money and business.

Counsel, representing Capital oil and Gas Limited, Mr Ajibola Oluyede told the court that his client had been served, and that, that was why notice of Preliminary objection challenging the competency of the charge had been filed. In his response, Adegoke said that if the defendant was trying to avoid court proceedings, he would not hesitate to ask for arrest warrant to be issued to enable the prosecution produce him in court.

In his ruling, the presiding Judge, Nicholas Oweibo said that in as much as the prosecution failed to produce the defendant in court today, this case could not go on. The case was accordingly adjourned to 13th of February, 2020. The charges against Uba and his company: COUNT 1 That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018, conspired together in making false claims in relation to the actual values of certain assets transferred to Asset Management Corporation _of Nigeria (AMCON) under the Consent Judgment delivered in Suit No.

FHC/ABJ/CS/714/2012 on the 1St day of July, 2013 in partial payment of the Indebtedness of Capital Oil and Gas Industries Limited with a view to defeating the realisation of the said judgment debt of Capital Oil and Gas Industries Limited to AMCON then standing In the sum of 135 Billion Naira contrary to Section 54(1)(a) and (d) of the Asset Management Corporation of Nigeria Act, 2010 (as amended). COUNT 2 That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018, made false claims in relation to the actual values of certain assets transferred to AMCON under the Consent Judgment delivered in Suit No.

FHC/ABJ/CS/714/2012 on the 1St day of July, 2013 and which assets were transferred in partial payment of the but standing indebtedness of Capital Oil and Gas Industries Limited to AMCON with a view to defeating the realisation of the judgment debt 'of Capital Oil and Gas Industries limited 0to AMCON then standing in the sum of 135 Billion Naira contrary to Section S4(1)(a) of the Asset Management Corporation of Nigeria Act, 2010 (as amended). COUNT 3 That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within the jurisdiction of this honourable Court, being guarantor and debtor respectively, negligently, wilfully or recklessly made a statement or gave information knowing it to be false in relation to the actual values of the assets transferred to AMCON under the Consent Judgment delivered in Suit No.

FHC/ABJ/CS/714/2012 on the 1St day of July, 2013 in partial satisfaction of the outstanding loan of N135 Billion Naira owed to AMCON contrary to Section 54(2) of the Asset Management Corporation of Nigeria Act, 2010 (as amended). COUNT 4 That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within the jurisdiction of this honourable Court, did obstruct the implementation of the provisions of the AMCON Act vis-a-vis the realisation of part of your outstanding debt of N135 Billion Naira _by frustrating the sale of the landed property at Banana Island to Dayspring Development Company Limited, which property you both transferred to AMCON by virtue of the Consent Judgement delivered by this honourable Court on the 1St day of July, 2013 in Suit No.

FHC/ABJ/CS/714/2012 and which act is contrary to Section 54(5) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).

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