N135Billion debt: Court orders AMCON prosecutor to serve Ifeanyi Uba charge through Clerk of National Assembly
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.
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.
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.
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.
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.
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.
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.
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.
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.
“I Killed Him And Used His Blood To Make Money Rituals (Oshole) for Yahoo Boys” – 22-year Old Ritual Killer Confesses
A 22 year old suspected ritual killer, Idowu Talabi from Ikenne-Remo has been arrested by the Ogun State police command for killing a tenant, Tobi Yisua, who lives in his maternal grandfather’s house.
During interrogation by a reporter of Alaroye, a dedicated Yoruba news platform, Idowu Talabi confessed to committing the crime.
He said, “he (Tobi Yisua) is a lotto operator (Baba Ijebu). Whenever he keeps money at home and they steal the money, he will accuse me of stealing his money.
One day, he was sleeping on the bed in his room, he did not lock the door, he only locked the net outside. When I wanted to enter, I used knife to cut the net and I unlocked it.
When I entered his room, I saw him sleeping naked on the bed lying face down and I landed the cutlass I was holding at the back this neck. When I saw that he was trying make noise, I used pillow to cover his mouth and used the cutlass on him again.
After killing him, I took part of his blood and mixed it to prepare “Osole”, money ritual charm. I made the charm to sell it to customers who will be interested in it, I did not do it for myself.”
Asked how he knew how to make the charm? He said he saw it in his father’s account.
On how he was exposed? he said, “the second day, when the wife of the deceased came from church, she found the dead body of her husband on the bed. She then came to me in the backyard, locked my shirt and accused me of killing her husband. When I got to the police station, I confessed to the police that I was the one that killed her husband.”
BUA Group Threatens To Sue GREENVILLE LNG Gas Company – For Breach Of Multimillion Dollar Contract
Two years after it was slammed with a $9m claim for breaching contract by a US Court, Greenville LNG company is on the brink of another lawsuit in its supply dealings with Nigerian-based manufacturing giant, BUA Group.
Owned by Eddy Van Den Broeke , a Belgian cement magnate, *Greenville* is the pioneer Liquefied Natural Gas (LNG) production and distribution company in Nigeria with three liquefaction trains and a total capacity to produce 2250 MT of LNG per day.
The company, which was incorporated in 2013, prides itself for producing and marketing Liquefied Natural Gas to customers across Nigeria since April 2019.
It should be noted that the company is a Nigerian subsidiary of the International Engineering & Construction (IEC), a Luxembourg-based construction company.
However, in 2018, there were reports of how *Broeke* was struggling to get his LNG project off the ground in Nigeria and also facing a $9m claim from his subcontractor Baker Hughes.
How it started
In 2014, IEC through Greenville LNG entered into an agreement with Baker Hughes Energy Services LLC, formerly known as GE Oil & Gas (GEOG), for the purchase and installation of two small-scale liquified natural gas plants in Rumuji, Rivers State, Nigeria.
According to the documents obtained by POLITICS NIGERIA, GEOG agreed to supply IEC with two small-scale liquified natural gas production plants — the first by June 24, 2015, and the second by September 24, 2015— for use at the Rumuji Site.
In exchange, IEC agreed to pay GEOG $95 million. Both parties also agreed on a payment schedule, which would require IEC to pay various percentages of the $95 million at specific milestones.
It was stated that the agreement would be governed by and construed in accordance with the laws of the state of New York.
Unfortunately, GEOG failed to deliver the gas plants by their contractual delivery deadlines and this stalled installation, commissioning, and start-up of the Plants.
On July 31, 2018, IEC filed a Notice of Demand for and Commencement of Arbitration under the Contracts on behalf of itself and Greenville.
IEC initially sought approximately $75 million in damages but its demand increased to $700 million by the end of the arbitration.
The $700m claims included the liquidated damages for delayed delivery and damages associated with the delayed entry into operation of the gas plants.
But GEOG also filed counterclaims against IEC for breach of the contracts, asking for damages up to $40.1 million.
In 2020, the American Tribunal gave its verdict, ordering IEC and Greenville to pay GEOG over $9.5m for breaching contracts.
The Tribunal held that IEC had breached the Equipment Contract by failing to make two Milestone payments.
Dissatisfied with the judgement, On January 27, 2021, IEC filed a petition to vacate the Award in New York state court but the court rejected IEC’s arguments.
“In short, due to the strong deference owed to the decisions of arbitrators, the Court is compelled to reject IEC’s arguments and confirm the Award,” the court ruled.
*Poor Ethics/Underhand Business Practices*
It is believed that the posture of the company and record of breaching contract is owing to its owner’s secretive and shady business activities. Prior to setting up Greenville, Eddy Van Den Broeke ran ASCA bitumen from 1996 and grew the company into becoming a giant monopoly with over 90% of the Nigerian market by 2015.
Through this position, he was famed to hold everyone to ransom through alleged arbitrary price increases, artificial scarcity, amongst others. Eddy Broeke’s families were one of six of Belgium’s wealthiest families that featured on the Panama Papers, a cross-border investigation that revealed a list of thousands of people who channelled funds to tax havens.
“The family of *Eddy* *Van* *Den* *Broeke* , who turned the Eres company into an international player, is also mentioned. Eddy Van Den Broeke is identified as the sole beneficiary of at least five offshore companies in the BVI,” the ICIJ report read.
Eddy was named in the Panama Papers having had an extensive network of shell companies to hide his funds and avoid government oversight.
*Another multi-million dollar breach of contract suit looming*
Our investigations also revealed that recently, BUA, which is one of Greenville’s largest clients, is set to sue Greenville for 50 billion Naira for a possible breach in contract and reneging on its obligation to supply gas to its businesses in the far north.
According to sources, this dispute is as a result of Greenville LNG reneging on their contract with BUA to supply gas and also increasing prices arbitrarily despite the contractually agreed oil-indexed pricing for any changes in price.
Industry watchers1 have claimed that Greenville is trying to take advantage of its near monopoly in the domestic trucked LNG market hence their habit of entering into contracts and reneging on it after starting.
With Eddy and his companies’ history of reneging on contracts entered into with the Federal Government, partners, suppliers, communities and clients, it is unlikely that Greenville LNG or its billionaire owner *Eddy* and Managing Director , *Ritu* *Sahajwalla* would stop such behaviour anytime soon.
Experts familiar with BUA’s history of ensuring its rights are enforced, believe BUA will pursue this issue to a logical conclusion at the courts and till their rights are enforced.
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