Surprising Twist: N135 Billion Debt Case Against Ifeanyi Ubah Ceased After APC Affiliation

During the hearing on Wednesday, it was revealed that the counsel representing AMCON, Oluwaseun Onabowu, submitted an oral application to withdraw the lawsuit…CONTINUE READING

This development occurred shortly after Onabowu switched political allegiance from the Young Progressives Party (YPP) to the All Progressives Congress (APC).

The lawsuit was filed against Senator Ubah, who represents Anambra South, and Capital Oil. They were accused of making false claims and incurring a debt of N135 billion.

The Federal Government had initiated the charges against Ubah and Capital Oil in 2019, which led to the court issuing criminal summons to the senator and his company on June 13, 2023, based on an 8-count charge related to their alleged indebtedness to AMCON.

AMCON claimed that Ubah and Capital Oil had collaborated to make false claims about the actual values of assets transferred to AMCON under a consent judgment they had reached with the agency.

The defendants were also alleged to have obstructed AMCON’s efforts to recover a portion of their outstanding debt of N135 billion by hindering the sale of a property in Banana Island, Lagos.

During the proceedings, Onabowu informed the court that the parties had decided to withdraw the case against the senator in Lagos following a consent judgment that had been reached in a related case before the federal capital territory (FCT) court in Abuja. He requested that the charges against the defendants be stricken from the record.

Confirming this agreement, the legal representative for Ubah and Capital Oil, Ifeoma Esom, informed the court that arrangements had been made with the complainant.