The Federal High Court in Lagos has dismissed the charges filed by the Asset Management Corporation of Nigeria (AMCON) against Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited, concerning an alleged N135 billion debt. Justice Nicholas Oweibo granted the dismissal of the charges after an oral application by AMCON's counsel, Oluwaseun Onabowu, who requested the withdrawal of the suit.
In an earlier court session on June 13, the court had directed the issuance of criminal summons to Senator Ubah and his company, Capital Oil and Gas Limited, as part of the federal government's 8-count charge against him regarding his alleged indebtedness to AMCON.
During the recent proceedings, the complainant's counsel informed the court that a consent judgment reached in a related case being heard in Abuja led to an agreement for the case against Senator Ubah to be withdrawn in Lagos. The court was urged to strike out the charges against the defendants.
Justice Oweibo subsequently ruled in favor of the dismissal. The amended charge by AMCON had alleged conspiracy and false claims regarding the actual values of certain assets transferred to AMCON as part of a consent judgment made with Senator Ubah and his company. Additionally, the defendants were accused of obstructing AMCON from realizing part of the outstanding N135 billion debt by impeding the sale of a property at Banana Island in Lagos
