Few days after defecting to APC, court frees Ifeanyi Ubah from N135bn indebtedness case

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By Madu Obi

Barely three days after dumping the Young Progressives Party, YPP, on which platform he was elected into the Senate and joining the ruling All Progressives Congress, APC, a Federal High Court sitting in Lagos has struck out the charges against Senator Ifeanyi Ubah in the alleged N135 billion indebtedness case.

The charges were instituted by the Asset Management Corporation of Nigeria (AMCON) against Senator Ubah representing Anambra South senatorial zone and his company, Capital Oil and Gas Limited.

The case was brought under the Asset Management Corporation of Nigeria Act and the Criminal Code Act.

Justice Nicholas Oweibo, who presided over the case, struck it out following an oral application by AMCON’s counsel, Oluwaseun Onabowu, who sought to withdraw the suit.

Ubah was absent during the court proceedings.

Recall that on June 13, the court ordered the issuance of criminal summons against Senator Ubah and his company, Capital Oil and Gas Limited.

The charges were a part of the Federal Government of Nigeria’s eight-count charge against the Senator, relating to his indebtedness to AMCON.

It was gathered that the parties involved in the matter reached a consent judgment in a separate case pending before the Federal Capital Territory court in Abuja.

This agreement led to the decision that the case against Senator Ubah should be withdrawn, and the counsel for AMCON requested that the charges be struck out.

The defence counsel, Mrs. Ifeoma Esom, confirmed that agreements were reached with the complainant.

The ruling marked a significant development in the protracted legal battle between Senator Ubah, his company, and AMCON.

Among the charges by AMCON was the allegation that Senator Ubah and Capital Oil and Gas Industries Limited conspired to make false claims regarding the actual values of assets transferred to AMCON as part of a consent judgment, which were seen as an attempt to hinder AMCON from realizing part of the N135 billion debt.

The charges also included making false claims, obstructing AMCON’s actions, and fraudulent conversion of loans.