N135Billion debt: Court orders AMCON prosecutor to serve Ifeanyi Uba charge through Clerk of National Assembly

Published

2 years ago

March 12, 2022

A Federal high court sitting at Ikoyi, Lagos State South West Nigeria, today Friday granted an order mandating the Assets Management Corporation of Nigeria prosecutor, Barrister Babatunde Lawal, to either paste the charge filed against Ifeanyi Patrick Uba and his company Capital Oil and Gas Industries at his residence or to serve him the charge through the Clerk of the National Assembly.

The order of the court was sequel to an application filed and argued before the court by Mr. Babatunde Lawal that, it has been very difficult to personally serve Ifeanyi Patrick Uba a copy of the charge,consequently it is necessary to obtain the order of the court to serve the defendant a copy of the charge, either,by pasting it at his residence with the assistant of the Nigerian Police Force,or serve him through the clerck of National Assembly

The presiding Judge,Justice Nicholas Oweibo, while acceding to the request of the of the AMCON prosecutor,said the defendant can be served either by pasting the charge at his residence or through the clerk of the National Assembly.

Meanwhile,the AMCON prosecutor has filed 8 count amended charge before the court to replace the initial four count charge filed before the court

Thereafter,base on the agreement of AMCON Prosecutor Mr Babatunde Lawal and Jane Okocha representing Capital Oil and Gas Industries,Justice Oweibo adjourned till 24th of May,2022 for arraignment.

In the Amended 8 count charge filed before the court,It was alleged that Ifeanyi Patrick Uba and his company Capital Oil and Gas Industries Limited sometimes between 2012 and 2018, conspired together in making false claims in relation to the actual values of certain assets transfered to AMCON under a consent judgement him and his compay made with AMCON

Ifeanyi Uba and his company were also alleged to have obstructed AMCON the implementation of the provision of the AMCON Act in realisation of part of his outstanding debt ofN135Billion by frustrating the sale of property at Banana island.

The prosecutor also alleged that Ifeanyi Ubah lied in respect of the actual values of the assets he listed in the terms of settlement and offered in partial payment of the debts of Capital Oil and Gas Industries limited

The charge as stated in the amended charge number FHC/L383C2019.

COUNT 1

That you, Ifeanyl Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018, in Nigeria and within the jurisdiction of this honourable Court, conspired together in making false claims in relation to the actual values of certain assets transferred to Asset Management Corporation of Nigeria (AMCON) under the Consent Judgment delivered in Suit No FHC/L/CS/714/2012 – AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah on the 1st day of July, 2013 in partial payment of the indebtedness of Capital Oil and Gas Industries Limited with a view to defeating the realisation of the said judgment debt of Capital Oil and Gas Industries Limited to AMCON then standing in the sum of 135Billion Naira contrary to

Section 54(1)(a) and (d) of the Asset Management Corporation of Nigeria Act, 2010 (as amended) and punishable under the same Section of the Act.

COUNT 2

That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018, in Nigeria and within the jurisdiction of this honourable Court, made false claims in relation to the actual values of certain assets transferred to Asset Management Corporation of Nigeria(AMCON) under the consent Judgment delivered in suit No. FHC/L/CS/714/2012 AMCON V.Capital Oil and Gas industries & Mr. Ifeanyi Patrick Ubah on the 1st day of July,2013 and which assets were transfered in partial payment of thesdictionAssetNo. listed Limitedthe FHC/L/CS/714/2012 Management said outstanding indebtedness of Capital Oil and Gas industries Limited to AMCON with a view to defeating the realisation of the judgement debt of Capital oil and Gas industries limited to AMCON then standing in the sum of N135Billion Naira contrary to section 54(1) (a) of the Asset Management Corporation of Nigeria Act,2010(as amended) and punishable under the same section of the Act.

COUNT 3

That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within the jurisdiction of this honourable Court, being guarantor and debtor respectively, negligently, wilfully or recklessly made a statement or gave information knowing it to be false in relation to the actual values of the assets transferred to AMCON under the Consent Judgment delivered in Suit No. FHC/L/CS/714/2012 -AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah on the 1st day ofJuly, 2013 in partial satisfaction of the outstanding loan of N135 Billion Naira owed to AMCON contrary to Section 54(2) of the Asset Management Corporation of Nigeria Act, 2010 (as amended)and punishable under the same Section of the Act.

COUNT 4

That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within juridiction of this honourab did obstruct

the implementation of the provisions of the AMCON Act vis-avis the realisation of part of your outstanding debt of 135Billion Naira by frustrating the sale of of the landed property at banana island to Dayspring Development Company Limited,which property you both transferred to AMCON by virtue of consent judgement delivered by this honourable court on the 1st day of July,2013 in suit No FHC/CS/714/2012-AMCON V Capital Oil and Gas Industries Limited &Mr. Ifeanyi Patrick Ubah and which act is contrary to Section Sa(5)ofthe AssetManagement Corporation ar Nigeria Act, 2010 (as amended) and punishable under the same Sectionof the Act.

COUNT5

That you, Ifeanyi Patrick Ubah and Capital Oil and Gas Industries Limited sometimes between 2018 and 2019 in Nigeria and within the jurisdiction of this honourable Court, did fraudulently convert the loan given to Capital Oil and Gas Industries Limited (the company) and the proceeds derived there from under a direction that same be invested in the company’s business to funding campaign for the election of you, Ifeanyi Patrick Ubah, into the Anambra South Senatorial District seat of the Senate of the Federal Republic of Nigeria in 2018 – 2019, and which act is contrary to Section 383(2) and punishable under Section 390 both of the Criminal Code Act, Cap C38 of the Laws of the Federation of Nigeria.

Count 6

That you, Ifeanyl Patrick Ubah and Capital Oil and Gas Industries Limited sometimes between 2011 and 2019 in Nigeria and within the jurisdiction of this honourable Court, being mortgagors of properties listed In the Consent Judgment of this honourable Court in Suit No. FHC/L/CS/714/2012 – AMCON V. Capital Oil and Gas Industries Limited & Mr. Ifeanyl Patrick Ubah, with intent to induce Asset Management Corporation of Nigeria (AMCON) to accept the title offered with respect to the said properties and with intention to defraud, concealed from the said AMCON instruments material to titles to the said properties which you subsequently failed to produce and thereby committed an offene contrary to Section 423 of the Criminal Code Act and punishable under the same Section of the Act.

Count7

That you Ifeanyi Patrick Ubah and Capital Oil and Gas industries between 2011 and 2019 in Nigeria and within the juridiction of this honourable court being mortgagors of properties listed in the consent judgement of

this honourable court in FHC/L/CS/714/2012

-AMCON V. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah , at the time of negotiating the said consent judgement , with intent to defraud and induce Asset Management Corporation of Nigeria (AMCON) to accept the titles offered with respect to the properties,made false statements and concealed from the said AMCON existing mortgages and incumbrances already created in favour of Aso savings & Loan limited in respect of the property which later became subject matter in Appeal No.CA/A/468/2016-Aso Savings & Loan & Maharish NigeriaLtd v AMCON ,Capital Oil &Gas Industries & Infeanyi Ubah and thereby committed an offence contrary to section 423 of the criminal code Act and punish able under the same section of the Act.

Count 8

That you, Ifeanyi Patrick Ubah, being a director of Capital Oil and Gas Industries Limited sometimes between 2011 and 2019 in Nigeria and within the jurisdiction of this honourable Court made and published a terms of settlement which later became the Consent Judgment of this honourable Court In Suit No FHC/L/CS/714/2012 – AMCON v. Capital Oil and Gas Industries Limited & Mr. Ifeanyi Patrick Ubah and with respect to the actual values of the assets you listed in the sald terms of settlement and offered in partial payment of the debts of Capital Oil and Gas Industries Limited which statement you knew to be false but did so with intent to defraud Asset Management Corporation of Nigeria to enter Into a Restructuring Agreement and thereby committed an offence contrary to Section 436 of the Criminal Code Act, Cap. C38 of the Laws of the Federation of Nigeria, 2004 and punishable under the same section of the Act.

Business

Trade minister, Uzoka-Anite launches NATEP, targets 50 Million jobs for youths

Published

3 days ago

September 24, 2023

CelebrityPlus

The minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite has launched the National Talent Export Programme (NATEP) in a bid to position Nigeria as a talent export hub designed to create not less than one million jobs in the next five years.

The Minister performed the launching on behalf of President Bola Ahmed Tinubu at the sidelines of the 78th Session of the United Nations General Assembly (UNGA), in New York, United States of America.

In her opening remarks at the launch of the initiative at the Microsoft office in NewYork, the minister highlighted the need to ensure Nigeria takes the lead in exporting global talents that are doing well across the world which will also drive a huge investment in training and also attracting more investment in talent exportation.

According to her, the initiative is in line with President Bola Tinubu’s Renewed Hope agenda to diversify the Nigerian economy, create sustainability opportunities and generate about 50 million jobs for the youths over time.

“NATEP is an initiative that will serve as a special purpose vehicle (SPV) to position Nigeria as a leading global hub for service export, talent sourcing and talent export.

“As part of our strategy towards achieving this, President Bola Tinubu whose agenda is job creation, we have initiated a National Talent Export Programme (NATEP) for Nigeria, which targets the creation of one million jobs across Nigeria with a target of five years in line with the theme of this year’s UNGA, which is rebuilding trust and igniting global solidarity, accelerating action on the 2030 agenda and the sustainable development goals towards peace, prosperity, progress and sustainability for all”, the minister said.

Uzoka-Anite further informed the large gathering comprising of world leaders and other giant tech companies across the globe like; Amazon, World Economic Forum, Microsoft group, Flour Mills Nigeria, Meta, Google and a host of others, that the global talent sourcing industry is valued at $620 billion as at 2020 and industry pundit have forecasted it will be valued at about $904 billion by 2027.

“Nigeria can supply top talents for the global service export and outsourcing business. With over 1.7 million graduates from higher education institutions entering the workforce annually, this will reduce the burden of unemployment and over-dependence on the government for jobs”, she explained.

The Minister further noted that NATEP was specially created to arrest the bottleneck facing the talent and service sector export industry, which will enhance competitiveness, and innovation, and drive sustainable development growth, empowerment and training through trade and value chain exchange.

She added: “Nigeria is ready to become a global hub for talent export, as the government is ready to take full advantage of the African Continental Free Trade Agreement (ACfTA) to penetrate the huge continental market and target job opportunities.

“As a country, we have a significant value proposition for regional and global markets for the export of services. We will actively target Greenfield and brownfield job opportunities in the United Kingdom, Europe, China, Canada, the United States of America and a host of other countries”.

The Minister For Communications, Innovation and Digital Economy, Dr. Bosun Tijani, while addressing participants at the launch disclosed that launching NATEP was timely, adding that to drive the mandate for Nigeria to be positioned as one of the global talent export hubs in Africa and the world will see Nigeria benefit more in terms of generating huge revenue, digitalization of the economy, more robust data protection opportunities and also avert the massive brain drain within the youth demography.

According to him, Nigerians in the diaspora are doing great things in the tech world, adding that it’s time for Nigeria to benefit by making more money and develop other youths to maximize their potentials.

“With a youthful population and over 1.7 million graduates from higher educational institutions joining the workforce each year, Nigeria has the potential to provide high-quality talent for the Global Service export and outsourcing industry. We must first identify them, train them and make the world see the stuff they are made of. We will not only create jobs but also empower them with the basic skills of survival and pass them on to the next generation” Dr Tijani said.

Business

The Disappointing State of Customer Relations Among Instagram Merchants

Published

6 days ago

September 21, 2023

CelebrityPlus

By Otunba Deoye Otukoya

Introduction:

In today’s digital age Instagram has become an indispensable platform for businesses to connect with customers and promote their products or services. With the increasing popularity of Instagram stores it is essential for merchants to prioritize good customer relations. However a prevalent issue that deserves attention is the lack of professionalism and poor communication exhibited by some Instagram merchants. Many customers have reported incidents where the merchants provide their phone numbers on their timelines but fail to respond adequately or display unpleasant attitudes when contacted. This article aims to shed light on this concerning trend and the implications it has on customers and businesses alike.

1. Accessibility Matters:

One of the fundamental aspects of ensuring good customer relations is the accessibility of the merchant. By voluntarily providing their phone numbers merchants convey the impression of being available and open to customer inquiries. However the reality often falls short of this expectation. Too frequently customers are left frustrated and inconvenienced when their attempts to contact merchants go unanswered for days or are met with dismissive responses. This lack of availability undermines trust and damages the overall customer experience.

2. Unprofessional Attitudes:

Another significant concern is the unprofessional conduct and negative attitudes displayed by certain Instagram merchants when interacting with customers. The success of any business hinges on creating a positive relationship with consumers. However some merchants who put their phone numbers out for public use have been observed to have a lackadaisical approach towards customer engagements. Instances of rude behavior impatience and unhelpfulness have been reported leaving customers feeling disrespected and discouraged from engaging with that particular merchant or even shopping on Instagram altogether.

3. The Ripple Effect:

The ramifications of poor customer relations go beyond individual experiences. When customers have negative encounters with Instagram merchants they are likely to share their frustrations with friends family and online communities. Word-of-mouth plays a crucial role in shaping a merchant’s reputation and negative reviews can quickly spread damaging the business’s credibility. Consequently merchants who fail to prioritize customer relations may find themselves losing potential customers and hindering their long-term growth prospects.

4. A Call for Improvement:

To address this issue it is imperative for Instagram merchants to recognize the significance of good customer relations and take proactive steps to improve their interactions with customers. Some crucial measures include:

a. Prompt Responses: Merchants should aim to respond to customer inquiries in a timely manner ideally within 24 hours. This showcases attentiveness and professionalism fostering positive customer relationships.

b. Polite and Respectful Communication: Merchants need to maintain a respectful tone even when faced with challenging or repetitive customer inquiries. Good customer relations require patience and understanding.

c. Training and Empathy: Merchants should invest time in training their customer support staff emphasizing the importance of empathy and effective problem-solving. Understanding the customer’s perspective can go a long way in providing satisfactory resolutions.

d. Feedback and Improvements: Merchants should actively seek feedback from customers to identify areas for improvement. This feedback loop can assist in refining their customer relations strategies and forging stronger connections with their target audience.

Conclusion:

The alarming lack of good customer relations displayed by some Instagram merchants is a disheartening trend that affects both customers and businesses. By prioritizing accessibility professionalism and respect in their interactions merchants can foster an environment of trust and loyalty. Overlooking the importance of good customer relations may lead to a decline in sales and reputation. Ultimately developing strong customer relations on Instagram will not only boost customer satisfaction but also drive growth and success for merchants in the long run.