Vanguard (Lagos)

Nigeria: Ifeanyi Uba - Court Stops Access Bank, Coscharis

Photo: Vanguard
Cartoonist depicts corruption in Nigerian petroleum sector

A Federal High Court sitting in Lagos has restrained Access Bank Plc and Coscharis Motors Ltd from interfering with properties belonging to Capital Oil and Gas Ltd and its CEO, Mr. Ifeanyi Ubah pending the determination of a suit filed by the plaintiffs.

Ruling on a Motion on Notice filed by Ubah and Capital Oil, Justice Okon Abang ordered that the defendants or their servants, privies and agents are restrained from interfering with the applicants' properties and business interest pending the final determination of the suit.

The plaintiffs represented by Mr. Lawal Rabana, SAN had approached the court seeking protection from the defendants interfering with the applicants properties or business interest.

Arguing the motion, Rabana claimed that the defendants were duly served the motion papers on Nov. 9, but were not represented in court.

The lawyer argued further that considering the urgency of the matter and for the fact that the motion was not challenged by the defendants, urged the court to grant their prayers.

After granting the prayers, Justice Abang adjourned the substantive matter till January 21, 2013.

It could be recalled that Justice Abang had on October 22 struck out a bail application filed by Ubah after he was released by the police from the Special Fraud Unit, SFU. He was detained on the order of a magistrate court sitting in Lagos.

Ubah was arrested alongside some senior officials of his company namely, Nsika Usoro, Godfrey Okorie, Chibuzor Ogbuokiri, and Joseph Orji on Oct. 11.

The judge, Justice Abang who struck out the motion for bail and the prayers asking for a declaration that Uba's arrest by the police was illegal held that the application was incompetent, defective.

Uba was arrested and detained by the police in connection with a N43 billion fuel subsidy fraud by the order of a Magistrate court sitting in Lagos two weeks ago.

They were said to have committed the offences of economic sabotage, obtaining money by false pretence, stealing of N43.291 billion, property of the Federal Republic of Nigeria, money laundering and forgery.

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Cartoonist depicts corruption in Nigerian petroleum sector

A London High Court of Justice has placed a worldwide injunction against the assets of Mr. Ifeanyi Ubah's Capital Oil and Gas Industries Limited together with other oil companies ... Read more »