In the charges filed before the Federal High Court in Lagos, the prosecution said the N135bn emanated from a July 2013 consent judgment between Capital Oil and Gas Industries Limited and the Asset Management Corporation of Nigeria (AMCON) and accused Ubah of frustrating AMCON’s efforts to recover the judgment debt.

At the resumption of the proceedings on Wednesday, lawyer to the Federal Government Mr Korede Adegoke informed the court of four pending charges pressed against the defendants and urged the court to accept same for the purposes of plea.

But the arraignment was stalled before justice Nicolas Oweibo as Ubah’s lawyer Dr Olisa Agbakoba (SAN), said that his client has not been served with the charge.

Agbakoba also informed the court that a mediation move is ongoing to resolve the case out of court since it is all about money.

Counsel to the 2nd defendant, Capital Oil and Gas Limited, Ajibola Oluyede on his part, confirm that his client has been served.

“That is why we have filed a notice of preliminary objections challenging the competency of this charge”.

But in a quick response, the prosecution counsel, Mr Korede Adegoke, said that if the defendant is trying to avoid court proceedings, he would not hesitate to ask for an arrest warrant to enable the prosecution produce him in court.

In a short ruling, Justice Oweibo said since the prosecution had failed to produce the defendant in court today, the case stands adjourned.

The case was then adjourned till February 13, 2020.

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 butstanding 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 lelted to 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, 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, willfully 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-é-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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