A Review of the Nigerian Energy Industry

AMCON urges Court to okay sale of Capital Oil assets

Ikechukwu Nnochiri 01 December 2012, Sweetcrude, Abuja – The travails of the Managing Director of Capital Oil and Gas Industries Limited, Mr Ifeanyi Uba, took a fresh dimension Friday, as the Asset Management Corporation ofNigeria, AMCON, sought leave of a Federal High Court sitting in Abuja to sell all the petroleum products within the disposal of the embattled firm.

AMCON, through its lead counsel, Mr Kemi Balogun, made the oral application on a day the Managing Director of Capital Oil, Uba, also pleaded with the high court to go ahead and vacate the forfeiture order it earlier issued against the company.

It would be recalled that the high court presided over by Justice Abdul Kafarati, had on November 13, ordered AMCON to take immediate possession of properties and assets of Capital Oil and Gas Industries Limited, following allegation that the oil firm is indebted to AMCON to the tune of N48.014 billion.

Nevertheless, in a bid to reclaim possession of its assets, Capital Oil and Gas Industries Limited, re-approached the high court on November 22, begging it to vacate the interim order, even as it urged the court to grant it access to 50 percent of the credit balance in some of its accounts with the United Bank of Africa, UBA, to enable the company to pay salaries and attend to

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  • These are not the best of times for Ifeanyi Ubah and Capital Oil and Gas Industries Limited. We hope he is able to sort things out with his creditors.