FG slams N135bn fraud charge on Senator Ifeanyi Ubah

Ifeanyi Ubah

The Federal Government has filed a N135 billion fraud charge against the Senator representing Anambra South at the National Assembly, Patrick Ifeanyi Ubah, at a Federal High Court in Lagos.

Ubah is facing a four-count charge before Justice Nicholas Oweibo, alongside his firm, Capital Oil and Gas Ltd.

However, the planned arraignment of the senator over the alleged offence was stalled yesterday owing to his absence.

Explaining the reason behind Ubah’s absence, his lawyer, Olisa Agbakoba (SAN), told Justice Oweibo that his client is yet to be served with the charge.

The silk also informed the judge that plans are on-going for an out-of-court settlement of the matter.

However, lawyer representing Capital Oil and Gas, Ajibola Oluyede, while confirming the service of the charge on his client, said he had already filed a notice of preliminary objection to challenge its competency.

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Responding, FG’s lawyer, Kunle Adegoke, expressed his displeasure at Ubah’s absence, saying it’s a ploy to stall the case. He threatened to do everything legally possible to compel Ubah’s appearance in court.

In his intervention, Justice Oweibo said the case could not go on in as much as the prosecution has failed to produce Ubah in court.

He consequently adjourned the matter to 13th February, 2020.

The charge read thus: “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 judgement 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 judgement debt of Capital Oil and Gas Industries Limited to AMCON then standing in the sum of N135 billion contrary to Section 54(1)(a) and (d) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).

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“That you, Ifeanyl 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 judgement delivered in suit number; FHC/ABJ/CS/714/2012 on the 1st day of July, 2013, in partial satisfaction of the outstanding loan of N135 billion owed to AMCON contrary to Section 54(2) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).

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“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 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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