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| Ifeanyi Ubah |
Businessman, Ifeanyi Patrick Ubah and his company, Capital Oil and Gas Industries Limited, have sued the Asset Management Company of Nigeria (AMCON) and its Managing Director, Ahmed Lawan Kuru, for an alleged violation of terms of a consent judgment they all entered in 2013 over Capital Oil’s N81billion debt.
“In spite of the return of the 1st applicant (Capital Oil) to the 2nd applicant (Ubah) as Managing Director pursuant to the consent judgment in suit No: FHC/L/CS/891/14, the 1st alleged contemnor continued to fail and/or neglect to provide trading finance in the sum of N16billion to the 1st applicant, which had the effect of practically incapacitating the 1st applicant’s ability to trade in petroleum products.
“The 1st alleged contemnor has also not paid off the 1st applicant’s obligations to most of the 1st applicant’s trade creditors, who have resorted to various legal proceedings to recover their funds and who are likely to take further steps against the assets of the 1st applicant if they are not paid.
“Despite the consent judgment of this court and the pendency of suit No: FHC/ABJ/CS/514/2015 and FHC/ABJ/CS/420/2015, the alleged contemnors have concluded plans to take steps to interfered with the management and business of the 1st applicant, including by appointing or proceeding to apply to court for the purpose of appointment of a receiver for the 1st applicant, dealing in or taking possession of the 1st applicant’s property, attaching and freezing the 1st applicant’s bank accounts and or commencing winding up proceedings against the 1st applicant.
“One Mr. Maxwell, an employee of the 1st alleged contemnor, via a telephone conversation on September 28, 2015, at the hour of 12 noon informed an Executive Director of the 1st applicant that the alleged contemnor would soon commence steps to appoint a receiver to manage the 1st applicant, take over its property/assets, freeze its accounts or wind up the 1st applicant.
“The action of the alleged contemnors amount to a criminal contempt of court as they are calculated to flout the purpose of the aforementioned judgment of this court, hold the court up in odium, trample upon the dignity and majesty of this court and outfox the court in suit No: FHC/ABJ/CS/514/2015 and FHC/ABJ/CS/430/2015,” Ubah said.
