A Federal High Court sitting in Lagos has struck out a suit by Asset Management Corporation of Nigeria, (AMCON) against Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited over alleged N135Billion indebtedness.
Justice Nicholas Oweibo took the decision based on an oral application by Counsel to the AMCON, Oluwaseun Onabowu seeking withdrawal of the suit based on consent Judgments reached in other sister cases in Abuja, the Federal Capital Territory,
AMCON had in its 8-count amended charge filed before the court alleged that Uba and his company Capital Oil and Gas Industries Limited sometime between 2012 and 2018, conspired to make false claims in relation to the actual values of certain assets transferred to AMCON under a consent judgment he and his company made with AMCON.
The Defendants were also alleged to have obstructed AMCON in the realization of part of his outstanding debt of N135 billion by frustrating the sale of the property at Banana Island.
The favourable judgement is coming days after Ubah dumped the Young Progressives Party for the All Progressives Congress.
