Court Orders AMCON To Pay Ifeanyi Ubah’s Capital Oil N26.5bn
Ifeanyi Ubah, Capital Oil and Gas Boss[/caption]
A Federal High Court sitting in Abuja has obligated the Asset Management Corporation of Nigeria (AMCON) to pay Capital Oil and Gas the sum of 26.5 billion Naira as contained in a consent judgment delivered in 2013.
All efforts made by AMCON to bypass existing suits which favoured the Ifeanyi Ubah’s Company in different courts were, on Thursday, squashed by Justice Abdul Kafarati of the said court.
“An order is granted for AMCON to provide Trade Finance Facility in the sum of N16 billion for revamping of the plaintiff’s business and to pay the plaintiff’s trade creditors.
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“I also grant an order compelling the defendant to comply with the consent judgment and to make the additional sum of N10.5 billion available to the plaintiff.
“This money is the payment of sundry creditors who continue to threaten the plaintiff’s business.” Kafarati held.
THE WHISTLER recalls that a Federal High Court in Lagos had thwarted efforts made by AMCON to evade earlier judgments when it brought a suit against Capital Oil before the court on May 6, 2016.
The court threw out the suit, describing it as “premature.”
