A Federal High Court in Lagos on Wednesday adjourned till February 13, 2020, the planned arraignment of the Chairman of Capital Oil and Gas Limited, Senator Ifeanyi Patrick Ubah, following his absence in court.
First defendant Ubah and Second defendant Capital Oil are facing an alleged N135bn fraud charge filed against them by the Federal Government.
The government’s counsel, Mr Kunle Adegoke, informed Justice Nicolas Oweibo of a pending four counts charge pressed against the defendants and prayed the court to accept same for the purposes of plea.
But Ubah’s counsel, Dr Olisa Agbakoba SAN, opposed the prayer.
Agbakoba said Ubah had not been served with the charge.
He also told the court that a mediation move is ongoing to resolve the case out court “since it is all about money.”
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On his part, Counsel to the 2nd defendant, Ajibola Oluyede, confirmed that his client had been served.
“That is why we have filed a notice of preliminary objection challenging the competence of this charge,” Oluyede said.
Responding, Adegoke warned that if the defendant was trying to avoid arraignment, the government would not hesitate to ask for an arrest warrant to compel him to court.
In a bench ruling, Justice Oweibo said that in as much that the prosecution failed to produce the defendant in court, “this case stands adjourned” till February 13, 2020.
The charge against ubah reads;
COUNT 1
“That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometime between 2012 and 2018, conspired 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, sometime 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, 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 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 §ection 54(5) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).
