Senator Ifeanyi Ubah and his corporation, Capital Oil and Gas, were arraigned before the Federal High Court in Lagos on Tuesday for alleged indebtedness to the Asset Management Corporation of Nigeria.
The Federal Government filed eight counts against Ubah and his firm in 2019, bordering on conspiracy and making false statements, accusing them of misrepresenting the actual worth of some assets transferred to AMCON under a consent judgment acquired in 2012.
On Tuesday, Justice Nicholas Oweibo fixed the arraignment date after the Federal Government complained that the defendant had consistently failed to appear before the court to take their plea.
The judge directed that a summons be issued on Ubah and his firm, through his counsel,Mrs Ifeoma Esom, for his appearance in court on the adjourned date.
Earlier, the prosecutor, Mr Tunde Lawal, made an application for the judge to issue a warrant for Ubah’s arrest.
But the defence counsel, objected to Lawal’s prayer; telling the court that the matter was for a report of settlement/plea.
She added that her team had only just been informed that the settlement had failed and that it was on the basis of the settlement that Ubah was absent.
However, the prosecutor argued that a settlement could not be reported on the matter, as it was a criminal case.
He said parties could decide to settle outside the court but could not make that part of the business of a criminal court.
The judge, in his ruling, declined issued a bench warrant for Ubah’s arrest, but warned that the defendant risked an arrest warrant should he fail to appear on the next date of adjournment for his arraignment.