This Day (Lagos)

Nigeria: AMCON Moves Against Ubah, Capital Oil, Seizes Assets

The noose keeps tightening around the neck of the Managing Director of Capital Oil and Gas Industries Limited, Mr. Ifeanyi Ubah, as the Asset Management Corporation of Nigeria (AMCON) has moved against him and his company.

A Federal High Court sitting in Abuja, Thursday gave AMCON an order to freeze all the assets belonging to Ubah and Capital Oil anywhere they are located.

This is coming on the heels of a worldwide order (mareva injunction) granted by a London High Court last Friday against the assets of Ubah and his company.

The order by the UK court was granted sequel to an application by Access Bank Plc to preserve his assets pending the determination of the suit brought before it by the bank.

The bank alleged that Ubah and his company had fraudulently diverted the petroleum products it financed under the joint venture agreement between Capital Oil and Coscharis Motors Limited.

Ubah and Capital Oil are indebted to AMCON to the tune of N48.014 billion.

Upon the motion ex-parte filed by AMCON, Justice Abdu Kafarati ordered the immediate seizure of the following properties belonging to Ubah and Capital Oil: Plot number C28B, Amuwo Odofin Commercial Scheme, Lagos State;

• Plot No. C28A, Amuwo Odofin Commercial Scheme, Lagos State;

• Plot 892B, Block XXXIV, Omole Residential Scheme II, Lagos State Reg. No. 100/100/2106;

• Plot 8, Walter Carrington Crescent, Victoria Island, Lagos covering by C of O 33/33/2006AF and a deed of tripartite legal mortgage in favour of Skye Bank Plc;

• Plot IN/8B, Emene Industrial Layout Extension, Enugu State with Reg. No. 13/13/1270;

• Plot IN/9, Emene Industrial/Residential Layout Extension, Enugu East Local Government Area, Enugu State with Reg. No. 49/49/53;

• Plot SP7 Emene Industrial Estate Reg. No. 28/28/1468, Enugu State;

• Property located at Tex Olawale Street, Olodi Apapa Reg. No. 13/13/2006J;

• All that parcel of land situated at Ibru Port Complex, Ibafon, Apapa-Oshodi Expressway with Reg. No. 8/8/2131 covered by a perfected deed of legal mortgage registered as 29/29/2030 in favour of Skye Bank Plc;

• Property located at Umuanuka, Otolo Nnewi, Nnewi Local Government Area, Anambra State with Reg. No. 65/65/18;

• All that piece and parcel of land (four plots) situated at Ibafon and known as 8, Tex Olawale Street, Tincan Island, Lagos State; and

• Property located at Kuchiko Village, Suleja, Niger State covered by a Niger State Certificate of Occupancy, dated March 2, 2009 and registered as No 38/38/1 in Minna.

The judge directed the Inspector General of Police (IG), the Assistant Inspectors General of Police (AIGs) and the Commissioners of Police in Lagos, Anambra, Enugu and Niger States to assist in the enforcement of the order, pending the determination of the suit.

Justice Kafarati also mandated AMCON to serve the order and the processes including those to be filed in the case outside the jurisdiction on Ubah and his company at their address at No. 1 Capital Oil Close, Westminster, Ibru Jetty Complex, Ibafon, Apapa, Lagos.

He further directed the 21 banks in the country to file their affidavit within three days after the receipt of the order stating the credit balance of Ubah and his company in their respective banks as at the date of the receipt of the order of the court, which sum shall be so held until further orders are made.

The judge consequently adjourned the case till November 22 for further hearing.

Capital Oil and Ubah were among the 113 companies and 419 directors/shareholders that the Central Bank of Nigeria (CBN) recently listed as AMCON debtors.

The banks were barred from extending further credit to the debtor companies and their directors until they had repaid their loans.

When contacted on the development, the Managing Director of AMCON, Mr. Mustafa Chike Obi, stated that the corporation had obtained the order in order to preserve the assets of the Capital Oil and Ubah.

He said since both of them were heavily indebted to AMCON and it was his intention to recover that debt, all other creditors in pursuit of Ubah and his company to recover the money he owed them, would have to queue behind AMCON.

Ads by Google

Copyright © 2012 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.