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Ifeanyi Ubah Gets April 2 Court Date Over $135bn Debt




Ifeanyi Ubah

Daniel Ojukwu

Capital Oil and Gas Industries CEO, Senator Ifeanyi Ubah is set to appear before the Federal High Court in Lagos on April 2 over a N135bn debt owed to the Asset Management Corporation of Nigeria.

Ubah was scheduled to appear before Justice Nicholas Oweibo on Thursday but his absence forced an adjournment.

Prosecuting counsel, Kunle Adegoke told the court that the defendant was difficult to reach and they had experienced difficulty in serving him the charge sheet.

He prayed the court to issue an order to serve the chagre sheet on Ubah through his lawyer, Dr. Olisa Agbakoba (SAN).

The judge granted his request and adjourned for arraignment.

The N135bn debt is owed as a result of a July 2013 consent judgement between Ubah’s Capital Oil and Gas Industries and AMCON.

Prosecution alleges that Capital Oil made false claims in relation to actual values of certain assets transferred to AMCON.

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