It is, indeed, a trying
time for businessman and oil marketer, Ifeanyi Ubah and his company,
Capital Oil and Gas Industries Limited. A Federal High Court in Abuja
has ordered a temporary forfeiture of over 12 real estate properties
located in Lagos, Anambra, Enugu and Niger states.
Justice A. Abdu-Kafarati, in a ruling on
Wednesday ordered the nation’s 21 commercial banks to, within three
days and upon receiving the order, provide the court with details of
Ubah and his company’s financial standing with them.
The court also ordered the
Inspector-General of Police, Assistant Inspectors-General of Police and
the Commissioners of Police in Lagos, Enugu, Anambra and Niger states to
assist in the enforcement of the orders.
Justice Abdu-Kafarati’s orders were on
an ex-parte application by the Asset Management Corporation of Nigeria
(AMCON) in a suit marked: FHC/ABJ/CS/714/2012.
By the order, Ubah and his company are
to grant “immediate possession”of the affected properties to AMCON
pending the determination of a substantive suit it filed. The court
granted AMCON leave to serve the defendants originating processes in the
case on the defendants at 1 Capital Oil Close, Westminster, Ibru Jetty
Complex, Ibafon, Apapa, Lagos.
The court also ordered AMCON to enter
undertaking as to damages in the event that the court finds that the
order ought not to have been given.
This development is coming on the heels
of a similar order by a London court ordering a worldwide seizure of
Ubah’s known assets.
The court, presided over by Justice
Cooke, ordered that until the return date or further order of the court,
Ubah and Capital Oil, must not remove from England, Wales or any other
part of the United Kingdom, any of their assets, which are in England
and Wales valued at over $133 million or in any way dispose of, deal
with or diminish the value of any of their assets up to the same value.
The injunction covers the following
assets: The property known as Capital Oil and Gas Industries Limited at
1, Capital Oil Close, Westminster; Ibru Jetty Complex, Ibafon Apapa,
Lagos State; or the sale of the money, if any of them have been sold.
The court also ordered that until a
further order of the court, the respondent and each of the parties are
prohibited from taking any steps whatsoever, whether directly or
indirectly, to dissipate, dispose or in any way impinge on Access Bank’s
right in and to any product covered by six Bills of Lading dated
October 8, 2011, October 14, 2011, October 18, 2011, November 10, 2011,
November 13, 2011, and December 21, 2011 including (but not limited) to
products that have been and will be received into the shore tanks at
Apapa, Lagos, and in particular, approximately 40,000 metric tonnes
received in June/or August 2012.
The court further directed that Ubah and
Capital Oil should within seven days of service of the order swear and
serve on Access Bank’s solicitors an affidavit of their assets worldwide
exceeding £50,000 in value whether in their own names or not and
whether solely or jointly owned, giving the value, location and details
of such assets.
It noted that failure by the respondents to comply with the orders of the court would be tantamount to contempt of court.
TheNation
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