October 07, 2016

Court Orders AMCON To Pay Ifeanyi Ubah's Capital Oil N26bn

In what could be described as an epic judgment, a Federal High Court in Abuja on Thursday ordered the Asset Management C‎orporation of Nigeria (AMCON) to pay Capital Oil and Gas Limited the sum of N26billion as contained in the consent judgment delivered in 2013.

The court presided over by Justice Abdul Kafarati in his judgement held that the court has powers to enforce its judgment or the verdict of any lower court in the country.

Justice Kafarati also restrained AMCON from exercising any powers over Capital Oil and Gas Ltd. and its assets and from processing any assignment and transfer among others.

According to BT, he further advised AMCON to live up to its statutory responsibility of reviving the nation's economy through positive supports for businesses to thrive.

The court grant all the reliefs of the plaintiff and made the following orders:
"An order compelling the defendant (AMCON) to comply with obligations to restructure the plaintiff's debt and to provide Trade Finance Facility in the sum of 16 Billion Naira for revamping of the plaintiff's business and to pay the plaintiff's trade creditors.

"An order compelling the defendant to comply with the consent judgment and to make the additional sum of N10, 590, 000, 000 Billion naira available to the plaintiff for the payment of sundry creditors who continue to threaten the plaintiff's business.

"An order of injunction restraining the defendant from exercising any powers over the plaintiff and its assets and from processing any assignment, transfer or other demise whatsoever or requesting for statutory consent or other approvals for the transfer or other demise of any rights in the assets of the plaintiff," Justice Kafarati said.

In his reaction shortly to the judgment, counsel to the plaintiff, Ajibola Oluyede, described the verdict as a "landmerk decision" that is rooted in the vision of the founding fathers of AMCON, urging AMCON to adhere to the position of the court by living up to its statutory billing in providing the needed support for businesses to flourish with the ultimate goal of creating jobs for the citizenry.

It would be recalled that a Federal High Court, Lagos Division, had on May 6th struck out the suit by AMCON against Capital Oil and Gas Ltd. on the grounds that the suit was premature and seeks to circumvent existing suits in different courts on issues relating to the alleged indebtedness of Capital Oil and Gas which is currently under dispute.


inumidun said...


Anonymous said...

Where will they see money to pay in this recession? Mr Ibrahim forgive and forget.