Court freezes the accounts of Capital Oil and Gas

Court freezes the accounts of Capital Oil and Gas

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This certainly isn’t the best of times for Ifeanyi Ubah owner of Capital Oil and Gas as a Federal High Court in Lagos on Wednesday 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.

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

The court also gave order freezing 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.

It would be recalled that just days ago  Ifeanyi Ubah had announced that his company  Capital oil will commence 24 hours loading of fuel to help reduce the scarcity. The billionaire, who is also the owner of Ifeanyi Ubah FC allegedly slapped Heartland FC goalkeeper, Ebele Obi on March 23, 2016 and he was subsequently handed a 10 match ban.

 

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