Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited, were cleared of the alleged ₦135bn debt by the Federal High Court in Lagos, as the case brought by the Asset Management Corporation of Nigeria (AMCON) was rejected.
The charge was dismissed by Justice Nicholas Oweibo in response to an oral application by AMCON’s counsel, Oluwaseun Onabowu, who sought the withdrawal of the case.
In the court’s previous hearing on June 13, an instruction was given for the issuance of criminal summons to be sent to Ubah and his company, Capital Oil and Gas Limited.
During the criminal prosecution of the Senator by the Federal Government of Nigeria, the court gave a directive on an 8-count charge pertaining to his alleged debt to AMCON.
Read also: Ubah Defecting To APC Will Liberate South East – Ganduje
During the proceedings on Wednesday, the complainant’s counsel apprised the court that, due to a consent judgment from a related case in Abuja, all parties had decided to withdraw the case against Ubah in Lagos.
The counsel appealed to the court to remove the charge filed against the Defendants from the record.
Counsel for the defendants, Ifeoma Esom, informed the court that agreements had been reached with the complainant. Justice Oweibo subsequently dismissed the charge in his ruling.
In its amended eight-count charge, AMCON claimed that Ubah and his company, Capital Oil and Gas Industries Limited, colluded to make false claims.
According to the statement, the claims were in relation to the true values of certain assets that were transferred to AMCON as part of a consent judgment he and his company had with AMCON.
The defendants were also accused of impeding AMCON’s efforts to recover a segment of their N135 billion debt by obstructing the sale of a property in Banana Island, Lagos.