Senator Ifeanyi Ubah and his firm, Capital Oil and Gas Limited, were accused of being owing to the Asset Management Corporation of Nigeria (AMCON) for a sum of N135 billion, but the accusation has been dismissed by a Federal High Court in Lagos.
After hearing an oral request for the suit’s dismissal from AMCON’s attorney, Oluwaseun Onabowu, Justice Nicholas Oweibo dismissed the complaint.
Recall that according to AMCON’s eight-count amended charge, Ubah and his business, Capital Oil and Gas Industries Limited, conspired to inflate the value of certain assets that were transferred to AMCON as a result of a consent judgement that Ubah and his business reached with AMCON.
Ubah was also accused of impeding the sale of a property on Banana Island in Lagos, which would have allowed AMCON to recover some of his outstanding N135 billion debt.
READ ALSO: Sen. Ifeanyi Ubah switches to the APC
The news that Ubah, a senator from Anambra South Senatorial District, had defected to the ruling All Progressives Congress (APC) was revealed just one week prior to this incident.
The senator from Anambra had given his people’ interests and irreconcilable divisions within the YPP as justifications for leaving.
The court had ordered that criminal summonses be issued against Senator Ifeanyi Ubah and his business, Capital Oil and Gas Limited, at its most recent session on June 13.
The case against the legislator should be dropped in Lagos, according to a consent decision obtained in a related case that was before the Federal Capital Territory Court in Abuja, counsel for AMCON told the court during the hearings on Wednesday.
Therefore, the attorney requested that the court drop the accusation made against Ubah.
Justice Oweibo threw out the charge in his decision.
