Home Nigeria Ifeanyi Ubah Not Indicted In Any Phantom N135b fraud, Does Not Owe...

Ifeanyi Ubah Not Indicted In Any Phantom N135b fraud, Does Not Owe AMCON


Investigations by Bobojaytv have revealed that the Chairman of Capital Oil and Gas Limited, Senator Patrick Ifeanyi Ubah was not indicted in any phantom N135 billion fraud.

Bobojaytv decided to investigate following a hoopla of internet buzzes that dramatised how a Federal High Court sitting in Lagos fixed April 2 for the arraignment of Senator Ubah over alleged N135 billion fraud.

According to the report, the Senator will be arraigned alongside his company for defrauding the Asset Management Company of Nigeria [AMCON].

The attention of this medium was drawn when the Anambra-born businessman publicly denied the allegation and pledged to establish his innocence.

It is on record that the prosecuting counsel filed an ex parte application seeking permission for the court’s balliff to serve Ubah the charge through his lawyer, Dr. Olisa Agbakoba, SAN, claiming that he is evading service.

The counsel, in the application supported by an affidavit sworn to by Haleemah Adegoke, averred that Haleemah tried to effect service of the charge on Ubah personally in December, 2019 at Capital Oil and Gas Industries’ registered office, but was unable.

In a short ruling, Judge Oweibo granted Adegoke’s prayer without much ado and ordered that Ubah should be served though his counsel, Dr Agbakoba, and adjourned till April 2, for the defendants’ arraignment.

In the interim, though, a counsel, who said he held the brief of Capital Oil and Gas Ltd, Mr Ajibola Oluyede told the court informally that there is an ongoing process for amicable settlement of the matter.

Also, on December 4, Agbakoba told the court that Ubah had not been served with the charge.

He also told the court that a mediation move was ongoing to resolve the case out court “since it is all about money.”

BobojayTv made the following discoveries in the course of the investigation after sighting some credible documents and speaking with some authorised persons:

1. That Senator Ifeanyi Ubah does not owe AMCON any phantom N135 billion. Rather, that when the Senator wanted to venture into politics, AMCON insisted that he cannot be the Chief Operating Officer of Capital Oil and Gas Limited while running political matters. AMCON argued that it is unethical if he does so and Senator Ubah acquiesced. They drew up an agreement with AMCON that the agency manage the petroleum business for two full years after which it will hand over. Ifeanyi then ran for the Anambra State governorship election but was not successful.

At the expiration of the agreement, rather than hand over the company, AMCON alleged blue murder and seized Ubah’s business. They also sold off one of his landed properties in Banana Island, Lagos, to an undisclosed wife of a former president.

An astute businessman, Ubah chased up the agency through the instrumentality of the court and won the cases. He recovered his land and the court ordered AMCON to refund the two billion Naira it collected from the buyer. Another court also ordered AMCON to release his company with immediate effect and ordered AMCON to pay his N26 billion which is yet to be paid till date.

Question: At what point did Senator Patrick Ifeanyi Ubah owe AMCON N135 billion, before or after the N26 billion judgement? These are issues to be thrashed out in the court.

Also, the Senator affirmed that for the two years AMCON ran the company, not a dime was remitted to his as dividend. He asked: “Does AMCON mean that the company made no profit for two years it managed Capital Oil and Gas Limited? Never mind, when push comes to shove in court, we will find out who owes who.”

He said that contrary to the notion that he is pushing for alternative dispute resolution [ADR], that it is actually AMCON that is pressing for amicable resolution hoping that he will bow to their pressure.

2. AMCON claimed that Senator Ubah was evading service. The Senator’s lawyer confirmed to ElombahNews that the two parties held several meetings at various destinations and times. He asked: “Why did not serve him at any of those points where the Senator was present in person while the negotiations lasted if really he has been evading service?”

According to the lawyer, the Criminal Justice Administration Act permits service to be administered on an accused through his lawyer even in court so why seek the court’s consent through an ex parte application? In his words, AMCON legal counsel were merely make a showmanship of the whole scenario to court the sympathy of the judge.

3. On the case involving so-called forged certificates of the West African Examination Counsel [WAEC] and National Examination Council [NECO], the Senator showed our correspondent original documents obtained from the school almost two decades ago some of which are rusted at the edges where they were stapled together. He also showed the recent affirmation from the Cardoso Secondary school in Lagos.

When ElombahNews inquired why he waited for as late as 2004 to obtain the result even though he was born in 1971, he explained that he left school early in life in search of greener pastures and that his adventures took him as far away as Zaire, now Congo. Upon his return to Nigeria in 2003, he enroled in the said school and obtained his secondary school certificate.

This medium also sighted documents showing that he enrolled in Lagos State University [LASU] where he studied law for three years with the same documents obtained from Cardoso School. He, however, left the school at the third year as his business demanded that he return to Congo. He is currently studying law in another university situated in Abuja alongside some prominent Nigerians as shown in photos sighted by our correspondent.

When our correspondent asked why he does not immediately counter or refute false claims and allegations proferred by his detractors, he answered: “Silence is the best answer to a fool!”

ElombahNews is in possession of the said documents, as well as other evidences, which will be released for public consumption at the appropriate time probably at the court of law.

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