Akin Kuponiyi

 A Federal High Court sitting in Lagos on Wednesday scheduled the arraignment of the  chairman of Capital oil and Gas Limited, Senator Ifeanyi Patrick Ubah and his company Capital  Oil and Gas limited over four counts of fraud allegation to 13, February, 2020.

The arraignment of the Senator which was supposed to have taken place could not hold due to the absence of the defendants

The prosecutor,   Mr Korede Adegoke, had told the court of a pending four counts charge filed  against Uba  and his company.

He urged the court to accept same for the purposes of taking the plea of the defendants.

However Ubah’s counsel,  Dr Olisa Agbakoba SAN said that his client has not been served with the charge. He also added that there is ongoing mediation to resolve the case out court since is all about money and business.

But counsel representing Capital oil and Gas Limited, Mr Ajibola Oluyede, told the court that  his client have been served and that a notice of preliminary objection challenging the  competency of the charge has been filed.

In his response, Mr Korede Adegoke said that if the defendant is trying to avoid court proceedings, he would not hesitate to ask for na arrest warrant to be issued to enable the prosecution produce him in court.

n his ruling, the presiding judge, Justice Nicholas  Oweibo said that in as much as the prosecution fail to produce the defendant in court today, this case cannot go on.

 The case was accordingly adjourned to 13th of February, 2020.

The charge against Uba and his company: COUNT 1

That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018, conspired together 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 realization 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, sometimes 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 but standing 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 limited 0to 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, 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, being guarantor and debtor respectively, negligently, willfully 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-a-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 Section 54(5) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).