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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.

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Police launch manhunt for Sterling Bank staff for Stealing customers’ N300m

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The Delta State Police Command on Sunday says it has begun search for a female staff of Sterling Bank in Effurun Branch, Delta State for allegedly disappearing with customers’ money to the tune of N300 milion.

 

Police Public Relations Officer in the State, DSP Bright Edafe who confirmed this to our correspondent, said that the suspect, a female staff (name withheld) allegedly defrauded customers of the bank she works in the sum of N300million, adding that the police were seriously looking for her.

 

DSP Bright Edafe said that the female banker was said to have approached some account owners to grant her permission to be using their money for business while she would be giving the customers certain percentage every month, adding that this was not to be as it was discovered last week by one of the customers that the woman stopped coming to work and an attempt to reach her on phone was unsuccessful as her lines were switched off.

 

It was gathered that on getting to her house around Living Faith Church at Water Resources, Effurun where she lived, it was alleged that she had also absconded as one of her colleagues said that the female banker did business with customers’ money with their consent while it backfired when many people she gave money to refused to pay back, a situation that had kept her hiding from the people.

 

Edafe said that the police will do everything possible to arrest her, disclosing that her co-workers denied her whereabouts when the incident happened upon police investigation, adding that there has been palpable tension laced with threats to sack her co-workers who assisted her to ensure that she was allowed to be using the funds when they pleaded with the owners of the money.

 

He also revealed that her husband had been invited for questioning.

 

Kontongs Bello, Police Public Relations Officer, who confirmed this to journalists, said that the suspect is wanted for many cases that bothered on robbery, stealing among others, adding that the police will do everything possible to smoke him from his hideout.

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Oriental Energy in 4m Dollar Debt Mess

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The Federal high court sitting in Lagos, south west Nigeria has adjourned till 28 of September,2022, when hearing will commence in a case of debt recovery of USD4,143,856.70 filed against Oriental Energy Resources Company by Borr International Operation drilling company,being an alleged outstanding approved and unpaid invoices for the drilling services rendered in accordance with Contract for the provision of Jack-Up Drilling Unit and Drilling Rig Services rendered in the Defendant’s Ebok Field in OML 67.

 

 

The drilling company in a suit filed by its lawyer, Barrister,Gabriel Uduafi is also praying the court for interest on US$ 4,143,856.70 million based on the current London Interbank Offered Rate (LIBOR), one month interest rate increased by 5 percent and calculated pro data on a daily basis from 6th October, 2021, till the date of liquidation of the judgement debt.

 

In its statement of claim, the Plaintiff stated that by the relevant provisions of the contract, the Drilling Operations, which the Plaintiff was engaged to carry out was required to be done within the Firm Term of 120 days.

 

It stated that going by the relevant provisions of the Contract, there was no fixed-or set target that the Plaintiff was obligated to achieve, as the Contract was not a turnkey but a day rate’ contract; and to this effect, Clauses and Schedule of the Contract explicitly set out the various rates to include Operating Rate, Standby Rate, Repair Rate, . Force Majeure Rate, Redrill Rate, Moving Rate and Zero Kate.

 

The plaintiff stated that the Lump Sum payments under the contract are the Mobilization cost of $450,000 and the

Demobilization cost of $250,000, a sum Which become due and payable upon the completion of the contract.

 

However,following the default in making payment as stipulated under the Contract, the plaintiff wrote to the Defendant both by mail and letters, demanding for the payment of the outstanding and approved invoices and that the Defendant wrote replies raising issues and points that are completely alien to the Contract as its reason for not making the payment.

 

The Plaintiff contended that in setting up a completely ridiculous claim, the Defendant claimed spread cost for nonproductive time (NPT) in the total sum of US$3,437,500.00 where there is no provision in the Contract to support such claim.

 

The Plaintiff added that following series of engagement , it was compelled to instruct its lawyers to issue a demand for the payment of the invoices, and by a letter dated 19th January, 2022 the Plaintiffs Solicitors delivered a formal demand for the payment of some of the outstanding invoices in the sum of US$2,533,749.12 net of taxes.

 

Rather than simply honour its payment obligation under the Contract and credit the Plaintiff with the value of the invoices, the Defendant caused its Solicitors to reply the Plaintiff’s formal demand by the letter dated 26th January, 2022 by which the Defendant now seeks to claim the sum of $10,511,754.00 as spread cost for non-productive time (NPT) and consequential loss, as against the sum of US$3,437,500.00 initially set up by the Defendant in its earlier engagement with the Plaintiff.

 

The plaintiff added that in accordance with the provisions of the Contract, the same came to completion on 10th October, 2021 when the Plaintiff’s Drilling Unit left the Defendant’s Ebok Field OML 67.

 

Plaintiff avers that by the Completion Date, the lump sum Demobilization Rate of US$250,000 became due and payable.

The reasons given by the Defendant in refusing to honour its payment obligation under the Contract are flimsy, frivolous, vexatious and ultra vires, the provisions of the Contract between the Parties, and having approved the invoices, the defendant is obligated to make the payment within the stipulated 30 days under the Contract.

Consequently,excuses given by the Defendant in failing to honour its contractual obligations to the Plaintiff are simply provocative, as same are not supported or derived from the Contract.

The Plaintiff is being denied of the payment due to it in respect of the services rendered to the Defendant

as a result of which the Defendant is indebted to the Plaintiff to the tune of US$4,143,856.70 as stipulated under Clause 11.2 of the Contract.

It will be in the interest of justice to grant all the reliefs claimed in this suit adding that except the Court intervenes and grant the reliefs sought, the Defendant will continue to default in the payment of the invoices which have been duly approved for payment by the Plaintiff.

In its defence, Oriental Energy Resources Limited stated that the company is not indebted to the Plaintiff in the manner alleged in it’s claim or in any manner whatsoever as the invoices upon which the alleged debt purportedly arose are disputed by the defendant.

 

The Defendant stated that the Plaintiff misled it into agreeing to the mobilisation of the drilling rig to commence the contract, by fraudulently misrepresenting to the Defendant that its drilling rig, Borr Natt, was suitable for the Defendant’s Drilling Programme.

 

In an affidavit deposed to by Abraham Faga, a Well Engineering Manager in the Defendant company, he stated that the Defendant is not indebted to the Plaintiff in the way and manner alleged in its claim or in any way and manner whatsoever as the Defendant is disputing the invoices upon which the purported debt arose.

 

He averred that without the Plaintiff’s fraudulent misrepresentations, the Defendant would never have commenced the contract and approved mobilisation of the drilling unit, hence the issue of Plaintiff’s invoices which were issued within the contract would never have arisen.

 

He added that the Defendant would, be claiming for a refund of all payments it has so far made to the Plaintiff as the payments were fraudulently obtained.

 

He claimed that due to the Plaintiff’s fraudulent misrepresentation, the purported execution of the contract was completely appalling with non-productive time of over 25 days attributed to rig related repairs which is unprecedented in the industry for drilling operations.

 

He stated that the Plaintiff hastily commenced this suit under undefended list to mislead the court into believing that the Defendant has no defence to its claims.

 

The deponent further stated that Justice will be better served if the Defendant is allowed to defend the suit.

 

He urged the court to transfer the suit to Ordinary Cause List for a complete and holistic determination of all issues in controversy.

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