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The Federal High Court sitting in Lagos has thrown out the charge filed by the Asset Management Corporation of Nigeria (AMCON) against Senator Ifeanyi Ubah and his company, Capital Oil and Gas limited, over an alleged N135bn debt

Justice Nicholas Oweibo dismissed the charge following an oral application by counsel for AMCON, Oluwaseun Onabowu, seeking the withdrawal of the suit.


At the last sitting of the court on June 13, the court had directed that criminal summons be issued on Ubah and his company, Capital Oil and Gas Limited.

The court gave the directive in the criminal prosecution of the Senator by the Federal Government of Nigeria on an 8-count charge bordering on his alleged indebtedness to AMCON.

In Wednesday’s proceedings, counsel for the complainant informed the court that following a consent judgements reached in a sister case which was before the court in Abuja, parties had agreed that the case against Ubah should be withdrawn in Lagos.

The counsel urged the court to strike out the charge filed against the Defendants.

Ifeoma Esom, counsel for the defendants also confirmed to the court that agreements have been reached with the complainant.
In his ruling, Justice Oweibo struck out the charge.

In its eight-count amended charge AMCON had alleged that Ubah and his company Capital Oil and Gas Industries Limited conspired together in making false claims.

It stated that the claims were in relation to the actual values of certain assets transferred to AMCON under a consent judgement he and his company made with AMCON.

Also, the defendants were also alleged to have obstructed AMCON in the realization of part of his outstanding debt of N135Billion by frustrating the sale of a property at Banana island, Lagos.

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