A Review of the Nigerian Energy Industry

Abuja Court orders seizure of Ubah, Capital Oil assets

16 November 2012, Sweetcrude, ABUJA – A Federal High Court in Abuja, Thursday, gave the Asset Management Corporation of Nigeria, AMCON, an order to freeze all the assets belonging to Mr. Ifeanyi Ubah, Managing Director of Capital Oil and Gas Industries Limited and his company.

Last week, a UK court gave a similar injunction, freezing the assets of Ubah and his company worldwide.

The UK court granted the injunction following an application by Access Bank Plc to preserve Ubah’s assets pending the determination of the suit brought before it by the bank.
The bank alleged that Ubah and his company had fraudulently diverted the petroleum products it financed under the joint venture agreement between Capital Oil and Coscharis Motors Limited.

Ubah and Capital Oil are indebted to AMCON to the tune of N48.014 billion.

The Abuja order followed the motion ex-parte filed by AMCON.

Justice Abdu Kafarati ordered the immediate seizure of the following properties belonging to Ubah and Capital Oil: Plot number C28B, Amuwo Odofin Commercial Scheme, Lagos State;
• Plot No. C28A, Amuwo Odofin Commercial Scheme, Lagos State;
• Plot 892B, Block XXXIV, Omole Residential Scheme II, Lagos State Reg. No. 100/100/2106;

• Plot 8, Walter Carrington Crescent, Victoria Island, Lagos covering by C of O 33/33/2006AF and a deed of tripartite legal mortgage in favour of Skye Bank Plc;
• Plot IN/8B, Emene Industrial Layout Extension, Enugu State with Reg. No. 13/13/1270;

• Plot IN/9, Emene Industrial/Residential Layout Extension, Enugu East Local Government Area, Enugu State with Reg. No. 49/49/53;
• Plot SP7 Emene Industrial Estate Reg. No. 28/28/1468, Enugu State;
• Property located at Tex Olawale Street, Olodi Apapa Reg. No. 13/13/2006J;
• All that parcel of land situated at Ibru Port Complex, Ibafon, Apapa-Oshodi Expressway with Reg. No. 8/8/2131 covered by a perfected deed of legal mortgage registered as 29/29/2030 in favour of Skye Bank Plc;

• Property located at Umuanuka, Otolo Nnewi, Nnewi Local Government Area, Anambra State with Reg. No. 65/65/18;
• All that piece and parcel of land (four plots) situated at Ibafon and known as 8, Tex Olawale Street, Tincan Island, Lagos State; and
• Property located at Kuchiko Village, Suleja, Niger State covered by a Niger State Certificate of Occupancy, dated March 2, 2009 and registered as No 38/38/1 in Minna.

The judge directed the Inspector General of Police, the Assistant Inspectors General of Police and the Commissioners of Police in Lagos, Anambra, Enugu and Niger States to assist in the enforcement of the order, pending the determination of the suit.

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  • You mean one man has all this asset.

  • The debt crisis involving Ifeanyi Ubah and Capital Oil speaks volumes of how business is conducted in Nigeria. Perhaps the time has come to set up a credit bureau (a central clearing house) that determines the credit worthiness of individuals and, or companies.

  • Sweetcrude Reports please represent all the facts before you take a position. Do you know the legal,ethical and moral details of this business romance gone sour. Access bank is just using the closeness to CBN,AMCON nay government to bully Ubah but I know he will pull his own weight. Aig deserves to be in jail along with Maduka for the breach of corporate trust. Nemesis will catch up with them.

  • All those Assets mentioned are not anywhere near settling his debts to AMCON not to mention Nigeria then Access Bank. His financial transactions should be exumed to trail the money syphoned. This is a man even the Petroleum minister and some Governors were proud of when he started short changing the citizens on the Kerosene. :-):-):-):) Temitayo, sorry you feel the way you do but the fact remains that the guy is under the radar for fraud on all fronts.

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