AMCON gets court’s nod to freeze Capital Oil , Gas accounts




The Federal High Court Lagos Division on Wednesday granted interim injunction against Capital Oil and Gas Industries Limited and Mr. Patrick Ifeanyi Ubah on the application of Asset Management Corporation of Nigeria (AMCON).

Justice M B Idris while granting the exparte order on the application of Mr. AB Mahmoud (SAN), counsel to AMCON restrained Capital Oil and Gas and Mr. Ubah from dealing with any assets or funds of the company within the jurisdiction of the court. The court also made an order freezing all the bank accounts of the company until the matter is finally determined.

AMCON purchased nearly N100billion debt of Capital Oil and Gas from several commercial banks and has been in protracted negotiations and court battles with Mr. Ubah, who is a major player in the downstream sector of the oil and gas industry in Nigeria.

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  • Osakue

    N1000billion debts. And he still dey galavanting around

  • Lionsheart

    Ubah is just a funny person. I thought he claimed that he can help Nigeria restore value to the naira. Can you imagine? Someone who cannot clear his own debt.
    That’s why he went to punch a player on the football pitch the other day. Hmmmmm!

    Smh! He thinks this is a PDP government right? We shall see!

  • Dejandon

    Ol boy, people get liver o. 100bN debt and the guy fit sleep for night!