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Court orders AMCON to pay Ifeanyi Ubah's Capital Oil N26.5b

07 October 2016, 08:35

Abuja - A Federal High Court sitting in Abuja has ordered the Asset Management Corporation of Nigeria (AMCON) to pay Capital Oil and Gas the sum of N26.5 billion as contained in a consent judgment delivered in 2013, reports Vanguard.

Capital Oil is owned by billionaire and one-time governorship aspirant in Anambra State, Ifeanyi Ubah

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.

Also read: Government shuts down Ifeanyi Ubah's Capital Oil

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

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 went further to made an order appointing an independent auditor to ascertain losses the firm incurred due to failure of AMCON to comply with its obligations under a consent judgement it entered for the parties on June 21, 2013.

- News 24


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