Court gives AMCON nod to freeze Ifeanyi Ubah’s Capital Oil accounts

A Lagos High Court has granted the request of the Asset Management Corporation of Nigeria [AMCON] to freeze Capital Oil’s accounts on Wednesday.

AMCON had sought an interim injunction to freeze the accounts of Capital Oil and Gas Industries Limited.

Capital Oil is owned by Ifeanyi Ubah.

Justice M. B. Idris granted the ex parte order on the application of Mr. A. B. Mahmoud SAN, counsel for AMCON.

He restrained Capital Oil and Gas and Ubah from dealing with any assets or funds of the company within the jurisdiction of the court.

The court also gave order freezing all the bank accounts of the company until the matter is finally determined.

AMCON had acquired nearly N100bn debt of Capital Oil and Gas from several banks and has been in protracted negotiation and court battles with Ubah.

Ubah is a major player in the downstream sector of the oil and gas industry.

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