The Asset Management Corporation of Nigeria (AMCON) has amended the criminal charge filed against Senator Ifeanyi Ubah and his company, Capital Oil and Gas Industries, over alleged N135 billion debt.
AMCON’s lawyer, Babatunde Lawal, informed Justice Nicholas Oweibo of a Federal High Court in Lagos on Friday that he has filed an 8-count amended charge to replace the initial four counts.
He also sought the court’s permission to serve the defendant with a copy of the charge through substituted means.
In a motion to support the request filed before the court, the lawyer argued that it has been very difficult to personally serve Ubah with a copy of the charge and as such it is necessary to obtain the order of the court to serve him either by pasting it at his residence with the assistant of the Nigerian Police Force or through the clerk of the National Assembly.
After listening to the submissions of the lawyer, Justice Oweibo granted his request to serve the defendants with a copy of the charge through substituted means.
Further hearing in the matter has been adjourned to 24th of May, 2022.
In the amended 8-count charge marked FHC/L/383C/2019, it was alleged that Ubah and his company, sometimes between 2012 and 2018, conspired together in making false claims in relation to the actual values of certain assets transferred to AMCON under a consent judgement.
Ifeanyi Ubah and his company were also alleged to have obstructed AMCON in the implementation of the provision of the AMCON’s Act in realisation of part of his outstanding debt of N135 billion by frustrating the sale of a property at Banana Island in Lagos.
AMCON also alleged that Ifeanyi Ubah lied in respect of the actual values of the assets he listed in the terms of settlement and offered in partial payment of the debts of Capital Oil and Gas Industries limited.
The 8-count charge reads:
“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, 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/L/CS/714/2012 – AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah 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 N135 billion contrary to Section 54(1)(a) and (d) of the Asset Management Corporation of Nigeria Act, 2010 (as amended) and punishable under the same Section of the Act.
“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, made 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/L/CS/714/2012 AMCON V.Capital Oil and Gas industries & Mr. Ifeanyi Patrick Ubah on 1st day of July, 2013, which assets were transfered in partial payment of outstanding indebtedness of Capital Oil and Gas industries Limited to AMCON with a view to defeating the realisation of the 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) of the Asset Management Corporation of Nigeria Act,2010(as amended) and punishable under the same section of the Act.
“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 Judgement delivered in Suit No. FHC/L/CS/714/2012 -AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah 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)and punishable under the same Section of the Act.
“That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within juridiction of this Honourable Court did obstruct the implementation of provisions of AMCON’s Act vis-avis the realisation of part of your outstanding debt of N135 billion by frustrating the sale of of the landed property at Banana Island to Dayspring Development Company Limited, which property you both transferred to AMCON by virtue of consent judgement delivered by this Honourable Court on the 1st day of July, 2013 in suit No FHC/CS/714/2012-AMCON V Capital Oil and Gas Industries Limited &Mr. Ifeanyi Patrick Ubah and which act is contrary to Section 5(a) of the Asset Management Corporation of Nigeria Act, 2010 (as amended) and punishable under the same Section of the Act.
“That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited sometimes between 2018 and 2019 in Nigeria and within the jurisdiction of this Honourable Court, did fraudulently convert the loan given to Capital Oil and Gas Industries Limited (the company) and the proceeds derived therefrom under a discretion that same be invested in the company’s business to funding campaign for the election of you, Ifeanyi Patrick Ubah, into the Anambra South Senatorial District seat of the Senate of the Federal Republic of Nigeria in 2018 – 2019, and which act is contrary to Section 383(2) and punishable under Section 390 both of the Criminal Code Act, Cap C38 of the Laws of the Federation of Nigeria.
“That you, Ifeanyl Patrick Ubah and Capital Oil and Gas Industries Limited sometimes between 2011 and 2019 in Nigeria and within the jurisdiction of this Honourable Court, being mortgagors of properties listed In the Consent Judgment of this honourable Court in Suit No. FHC/L/CS/714/2012 – AMCON V. Capital Oil and Gas Industries Limited & Mr. Ifeanyl Patrick Ubah, with intent to induce Asset Management Corporation of Nigeria (AMCON) to accept the title offered with respect to the said properties and with intention to defraud, concealed from the said AMCON instruments material to titles to the said properties which you subsequently failed to produce and thereby committed an offence contrary to Section 423 of the Criminal Code Act and punishable under the same Section of the Act.
“That you Ifeanyi Patrick Ubah and Capital Oil and Gas industries between 2011 and 2019 in Nigeria and within the juridiction of this Honourable Court being mortgagors of properties listed in the consent judgement of this Honourable Court in FHC/L/CS/714/2012 -AMCON V. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah, at the time of negotiating the said consent judgement, with intent to defraud and induce Asset Management Corporation of Nigeria (AMCON) to accept the titles offered with respect to the properties, made false statements and concealed from the said AMCON existing mortgages and incumbrances already created in favour of Aso savings & Loan limited in respect of the property which later became subject matter in Appeal No.CA/A/468/2016-Aso Savings & Loan & Maharish NigeriaLtd v AMCON ,Capital Oil &Gas Industries & Infeanyi Ubah and thereby committed an offence contrary to Section 423 of the Criminal Code Act and punishable under the same Section of the Act.
“That you, Ifeanyi Patrick Ubah, being a Director of Capital Oil and Gas Industries Limited sometimes between 2011 and 2019 in Nigeria and within the jurisdiction of this Honourable Court made and published a terms of settlement which later became the Consent Judgement of this Honourable Court In Suit No FHC/L/CS/714/2012 – AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah and with respect to the actual values of the assets you listed in the sald terms of settlement and offered in partial payment of the debts of Capital Oil and Gas Industries Limited which statement you knew to be false but did so with intent to defraud Asset Management Corporation of Nigeria to entering Into a Restructuring Agreement and thereby committed an offence contrary to Section 436 of the Criminal Code Act, Cap. C38 of the Laws of the Federation of Nigeria, 2004 and punishable under the same Section of the Act”.
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