A Federal High Court in Lagos has struck out the charge filed by the Asset Management Corporation of Nigeria (AMCON) against Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited, over an alleged N135bn indebtedness.
The charge was struck out by Justice Nicholas Oweibo following an oral application by counsel for AMCON, Oluwaseun Onabowu, seeking the withdrawal of the suit.
Recall that AMCON had in its 8-count amended charge alleged that Ubah and his company, Capital Oil and Gas Industries Limited, conspired together in making false claims in relation to the actual values of certain assets transferred to AMCON under a consent judgement he and his company made with AMCON.
Ubah was also alleged to have obstructed AMCON in the realisation of part of his outstanding debt of N135Billion by frustrating the sale of a property at Banana Island, Lagos.
The Anambra senator had cited irreconcilable differences in the YPP and the interest of his constituents as reason for the defection.
At its last sitting on June 13, the court had directed that criminal summons be issued on Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited.
However, at the proceedings on Wednesday, counsel for AMCON informed the court that, following a consent judgement reached in a sister case which was before the Federal Capital Territory Court in Abuja, the parties had agreed that the case against the lawmaker should be withdrawn in Lagos.
The counsel, therefore, urged the court to strike out the charge filed against Ubah.
In his ruling, Justice Oweibo struck out the charge.
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