Ifeanyi Ubah In Trouble As Court Arraigns Him Over N132 Billion AMCON Debt

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These are not the best of times for Senator Ifeanyi Ubah and his Capital Oil and Gas Limited. Following what transpired in court on Thursday, February 13, 2020, Ubah will now be arraigned on April 2, 2020 over fraudulent value of assets tendered to offset a whopping N132 billion owed Asset Management Corporation of Nigeria (AMCON).

The government debt recovery agency led by Mr. Ahmed Kuru an experienced banker and strategist, has been in a protracted legal battle with the serving Senator who is one of those recalcitrant top obligors of AMCON. The embattled Senator is also in court with the Federal Government of Nigeria. The Senator and his team of lawyers have been hiding under the technicalities of the law to frustrate the efforts of AMCON to recover the huge debt. 

But with the amendment of the AMCON Act, which was signed into law by President Muhammadu Buhari last year, it does appear that the noose is seriously tightening around the neck of the Senator, who seat in the 9th Senate is in serious contention over certificate forgery. Justice Nicholas Oweibo of the Federal High Court sitting in Lagos has given a new date after Ubah again disrespected the court by failing to show up. It is the second time he is refusing to appear before the court. 

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But even in his absence when the case was mentioned, the prosecutor Mr. Kunle Adegoke asked the court to grant an order for the service of the charge on Ifeanyi Ubah through the bailiff of the court on Ubah’s legal representative, Dr. Olisa Agbakoba (SAN). In an affidavit sworn to by para-legal staff of Kunle Adegoke law firm, Haleemah Adegoke, declared that the bailiff of the court told her that, he took steps to effect service of the charge dated October 30, 2019 on Ubah personally in December, 2019 at the registered office of Capital Oil and Gas Industries Limited., but he was unable to serve him personally. Since then he has been evading service of same.

Again, on December 4, when the defendant was absent to take his plea in court, Dr. Olisa Agbakoba (SAN) announced his appearance for him and also informed the court that his client was yet to be served. In a short ruling however, Justice Oweibo acceded to the request of the prosecutor. The counsel representing Capital Oil and Gas Limited, Mr. Ajibola Oluyede, told the court that there was an ongoing process for amicable settlement of the matter.

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