Ifeanyi Ubah’s AMCON Case Unrelated to His Joining APC, Says Lawyer

• Senator Ifeanyi Ubah’s lawyer clarifies that the AMCON case is unrelated to his joining APC, detailing its origin in commercial transactions
• The case was resolved through settlement, not political influence, and Senator Ubah was not an APC member during the dispute

Senator Ifeanyi Ubah‘s lawyer, Mrs. Ifeoma Esom, has clarified that the case between Asset Management Corporation of Nigeria (AMCON) and Senator Ifeanyi Ubah’s company, involving an alleged N135 billion debt, is unrelated to his decision to join the All Progressives Congress (APC).

This statement comes after a Federal High Court in Lagos dismissed the charge filed by AMCON against Ubah and his company, Capital Oil & Gas Limited, following an oral application for withdrawal by AMCON’s counsel.

Esom explained that the dispute, which led to multiple court cases and the criminal charge against Senator Ubah, originated from commercial bank transactions. AMCON acted on behalf of these banks upon acquiring the facilities.

She clarified, “In 2013, the parties entered into a consent judgment that unfortunately became the subject of various litigations by AMCON and Capital Oil and Gas at various times, with some cases ruled in favour of AMCON and some in favour of Capital Oil and Gas.”

Amid these ongoing cases and appeals, efforts were made to resolve the dispute. This led to an amicable settlement in January 2022, approved by the Central Bank of Nigeria and Federal Ministry of Finance under President Muhammadu Buhari’s administration. During these times, Senator Ifeanyi Ubah was a Young Progressive Party (YPP) member.

As part of the settlement, a consent judgment was entered into at the Federal High Court in Abuja, in which both parties agreed to withdraw their respective cases and appeals. This resolution aimed to put an end to the legal disputes.

The Federal High Court in Lagos, hearing the charge, was granted several adjournments as settlement talks were ongoing. However, a mix-up occurred, and the court was not informed that the settlement had already been reached. Only after the court’s vacation period did the matter come up again on October 18, 2023, and the court was formally informed of the dispute’s resolution. Consequently, the charge was dismissed.

Importantly, Senator Ifeanyi Ubah was not a member of the All Progressives Congress during the dispute. The case resolution was based on a commercial disposition and not influenced by political considerations. AMCON, Central Bank, and the Federal Ministry of Finance worked together to restructure the facility, which included Capital Oil & Gas making payments to AMCON.

The statement by Senator Ubah’s lawyer aims to set the record straight and clarify the sequence of events regarding the legal dispute and the senator’s political affiliation.