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AMCON Debt: Court Freezes Ifeanyi Ubah’s Capital Oil Accounts

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A Federal High Court sitting in Lagos has granted the request of the Asset Management Corporation of Nigeria (AMCON) for an interim injunction freezing the accounts of Capital Oil and Gas Industries Limited, owned by Ifeanyi Ubah.

In his ex parte order on the application of the counsel for AMCON, Mr. A. B. Mahmoud SAN, on Wednesday, Justice M. B. Idris, restrained Capital Oil and Gas and Ubah from dealing with any assets or funds of the company within the jurisdiction of the court.

Justice Idris also ordered the freezing of all the bank accounts of the company until the matter is finally determined.

AMCON had acquired nearly N100bn debt of Capital Oil and Gas from several banks and has been in protracted negotiation and court battles with Ubah, who is a major player in the downstream sector of the oil and gas industry.