N135 Billion Debt: Case Against Ifeanyi Ubah Struck Out Days After Joining APC

The Federal High Court sitting in Lagos has dismissed a criminal charge filed by the Asset Management Corporation of Nigeria (AMCON) against Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited.

The Editor Nigeria understands that at the hearing on Wednesday, the counsel to AMCON, Oluwaseun Onabowu, gave an oral application to withdraw the suit. This comes days after he defected to the All Progressives Congress (APC) from the Young Progressives Party (YPP).

Ubah, the senator representing Anambra South, and Capital Oil were hit with a lawsuit for alleged false claims and debt of N135 billion.

Recall that The Federal Government had in 2019, filed charges against Ubah and Capital Oil, leading to the court, on June 13, 2023, directing criminal summons be issued to the senator and his company.

The order was given on an 8-count charge bordering on his alleged indebtedness to AMCON.

According to the debt-recovery agency, Ubah and Capital Oil allegedly conspired to make false claims in relation to the actual values of certain assets transferred to AMCON under a consent judgment he and his company made with AMCON.

The defendants were also alleged to have obstructed AMCON in the realisation of part of his outstanding debt of N135 billion by frustrating the sale of a property at Banana Island, Lagos.

Speaking at the proceedings, Onabowu said the parties had agreed to withdraw the case against the senator in Lagos after a consent judgment was reached in a sister case before the federal capital territory (FCT) court in Abuja.

The AMCON counsel asked the court to strike out the charge filed against the defendants.

Affirming the position of AMCON, the lawyer to Ubah and Capital Oil, Ifeoma Esom, confirmed to the court that agreements have been reached with the complainant.

Subsequently, the presiding judge, Justice Nicholas Oweibo, struck out the charge.