Senator Ifeanyi Ubah, YPP Leader, In Multiple Troubles Over Fraud

Senator Ifeanyi Ubah, YPP Leader, In Multiple Troubles Over Fraud

OpenLife Nigeria has gathered that a federal high court sitting at Ikoyi, Lagos State South West Nigeria, has adjourned till ,6th of October,2022 when a serving Senator of the Federal republic of Nigeria Ifeanyi Patrick Ubah will be formally arraigned before the court,over false declaration of Asset in respect of N135 billion debt.

Senator Ifeanyi Ubah, a Nigerian businessman, entrepreneur and currently the Senator, representing Anambra South Senatorial District in the Nigerian senate on the platform of Young Progressive Party, YPP, is the founder of Capital Oil, which commenced business in 2001

The Senator was supposed to have been arraigned before the court last week Tuesday but the court did not sit.
Last month the court granted an order mandating the Asset Management Corporation of Nigeria prosecutor, Barrister Babatunde Lawal, to either paste the charge filed against Ifeanyi Patrick Uba and his company Capital Oil and Gas Industries at his residence or to serve him the charge through the Clerk of the National Assembly.
The order of the court was sequel to an application filed and argued before the court by Mr. Babatunde Lawal that, it has been very difficult to personally serve Ifeanyi Patrick Uba a copy of the charge,consequently it is necessary to obtain the order of the court to serve the defendant a copy of the charge, either,by pasting it at his residence with the assistant of the Nigeria Police Force,or serve him through the clerk of National Assembly.
The presiding Judge,Justice Nicholas Oweibo, while acceding to the request of the of the AMCON prosecutor,said the defendant can be served either by pasting the charge at his residence or through the clerk of the National Assembly.
Meanwhile,the AMCON prosecutor has filed 8 count amended charge before the court to replace the initial four count charge filed before the court
Thereafter,base on the agreement of AMCON Prosecutor Mr Babatunde Lawal and Jane Okocha representing Capital Oil and Gas Industries,Justice Oweibo adjourned till 24th of May,2022 for arraignment.
In the Amended 8 count charge filed before the court,It was alleged that Ifeanyi Patrick Uba and his company Capital Oil and Gas Industries Limited sometimes between 2012 and 2018, conspired together in making false claims in relation to the actual values of certain assets transfered to AMCON under a consent judgement him and his company made with AMCON
Ifeanyi Uba and his company were also alleged to have obstructed AMCON the implementation of the provision of the AMCON Act in realization of part of his outstanding debt ofN135Billion by frustrating the sale of property at Banana island.
The prosecutor also alleged that Ifeanyi Ubah lied in respect of the actual values of the assets he listed in the terms of settlement and offered in partial payment of the debts of Capital Oil and Gas Industries limited

The charge as stated in the amended charge number FHC/L383C2019.

COUNT 1

That you, Ifeanyl Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018, in Nigeria and within the jurisdiction of this honourable Court, conspired together in making false claims in relation to the actual values of certain assets transferred to Asset Management Corporation of Nigeria (AMCON) under the Consent Judgment delivered in Suit No FHC/L/CS/714/2012 – AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah on the 1st day of July, 2013 in partial payment of the indebtedness of Capital Oil and Gas Industries Limited with a view to defeating the realisation of the said judgment debt of Capital Oil and Gas Industries Limited to AMCON then standing in the sum of 135Billion Naira contrary to
Section 54(1)(a) and (d) of the Asset Management Corporation of Nigeria Act, 2010 (as amended) and punishable under the same Section of the Act.

COUNT 2

That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018, in Nigeria and within the jurisdiction of this honourable Court, made false claims in relation to the actual values of certain assets transferred to Asset Management Corporation of Nigeria(AMCON) under the consent Judgment delivered in suit No. FHC/L/CS/714/2012 AMCON V.Capital Oil and Gas industries & Mr. Ifeanyi Patrick Ubah on the 1st day of July,2013 and which assets were transfered in partial payment of thesdictionAssetNo. listed Limitedthe FHC/L/CS/714/2012 Management said outstanding indebtedness of Capital Oil and Gas industries Limited to AMCON with a view to defeating the realisation of the judgement debt of Capital oil and Gas industries limited to AMCON then standing in the sum of N135Billion Naira contrary to section 54(1) (a) of the Asset Management Corporation of Nigeria Act,2010(as amended) and punishable under the same section of the Act.

COUNT 3

That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within the jurisdiction of this honourable Court, being guarantor and debtor respectively, negligently, wilfully or recklessly made a statement or gave information knowing it to be false in relation to the actual values of the assets transferred to AMCON under the Consent Judgment delivered in Suit No. FHC/L/CS/714/2012 -AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah on the 1st day ofJuly, 2013 in partial satisfaction of the outstanding loan of N135 Billion Naira owed to AMCON contrary to Section 54(2) of the Asset Management Corporation of Nigeria Act, 2010 (as amended)and punishable under the same Section of the Act.

COUNT 4

That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within juridiction of this honourable court did obstruct
the implementation of the provisions of the AMCON Act vis-avis the realisation of part of your outstanding debt of N135Billion by frustrating the sale of of the landed property at banana island to Dayspring Development Company Limited,which property you both transferred to AMCON by virtue of consent judgement delivered by this honourable court on the 1st day of July,2013 in suit No FHC/CS/714/2012-AMCON V Capital Oil and Gas Industries Limited &Mr. Ifeanyi Patrick Ubah and which act is contrary to Section Sa(5)of the Asset Management Corporation ar Nigeria Act, 2010 (as amended) and punishable under the same Section of the Act.

COUNT 5

That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited sometimes between 2018 and 2019 in Nigeria and within the jurisdiction of this honourable Court, did fraudulently convert the loan given to Capital Oil and Gas Industries Limited (the company) and the proceeds derived there from under a direction that same be invested in the company’s business to funding campaign for the election of you, Ifeanyi Patrick Ubah, into the Anambra South Senatorial District seat of the Senate of the Federal Republic of Nigeria in 2018 – 2019, and which act is contrary to Section 383(2) and punishable under Section 390 both of the Criminal Code Act, Cap C38 of the Laws of the Federation of Nigeria.

Count 6

That you, Ifeanyl Patrick Ubah and Capital Oil and Gas Industries Limited sometimes between 2011 and 2019 in Nigeria and within the jurisdiction of this honourable Court, being mortgagors of properties listed In the Consent Judgment of this honourable Court in Suit No. FHC/L/CS/714/2012 – AMCON V. Capital Oil and Gas Industries Limited & Mr. Ifeanyl Patrick Ubah, with intent to induce Asset Management Corporation of Nigeria (AMCON) to accept the title offered with respect to the said properties and with intention to defraud, concealed from the said AMCON instruments material to titles to the said properties which you subsequently failed to produce and thereby committed an offene contrary to Section 423 of the Criminal Code Act and punishable under the same Section of the Act.

Count 7

That you Ifeanyi Patrick Ubah and Capital Oil and Gas industries between 2011 and 2019 in Nigeria and within the juridiction of this honourable court being mortgagors of properties listed in the consent judgement of
this honourable court in FHC/L/CS/714/2012
-AMCON V. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah , at the time of negotiating the said consent judgement , with intent to defraud and induce Asset Management Corporation of Nigeria (AMCON) to accept the titles offered with respect to the properties,made false statements and concealed from the said AMCON existing mortgages and incumbrances already created in favour of Aso savings & Loan limited in respect of the property which later became subject matter in Appeal No.CA/A/468/2016-Aso Savings & Loan & Maharish Nigeria Ltd v AMCON ,Capital Oil &Gas Industries & Ifeanyi Ubah and thereby committed an offence contrary to section 423 of the criminal code Act and punish able under the same section of the Act.

Count 8

That you, Ifeanyi Patrick Ubah, being a director of Capital Oil and Gas Industries Limited sometimes between 2011 and 2019 in Nigeria and within the jurisdiction of this honourable Court made and published a terms of settlement which later became the Consent Judgment of this honourable Court In Suit No FHC/L/CS/714/2012 – AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah and with respect to the actual values of the assets you listed in the sald terms of settlement and offered in partial payment of the debts of Capital Oil and Gas Industries Limited which statement you knew to be false but did so with intent to defraud Asset Management Corporation of Nigeria to enter Into a Restructuring Agreement and thereby committed an offence contrary to Section 436 of the Criminal Code Act, Cap. C38 of the Laws of the Federation of Nigeria, 2004 and punishable under the same section of the Act.