IFEANYI UBAH / CAPITAL OIL/AMCON OUT OF COURT SETTLEMENT WAS REACHED IN JANUARY 2022

SETTING THE RECORD STRAIGHT ON THE RESOLUTION OF THE DISPUTE BETWEEN CAPITAL OIL AND GAS, SENATOR PATRICK IFEANYI UBAH AND ASSETS MANAGEMENT CORPORATION OF NIGERIA (AMCON)

We remain Solicitors to Capital Oil and Gas and Senator Patrick Ifeanyi Ubah, and in that capacity, we wish to state as follows:

1. The dispute that culminated in several court cases and the criminal charge filed against Capital Oil and Gas and Senator Patrick Ifeanyi Ubah arose from commercial transactions with various banks in whose stead AMCON acted upon acquisition of the facilities. In 2013, the parties entered into a consent judgment which unfortunately became subject of various litigations by AMCON and Capital Oil and Gas at various times. Some of these cases were won by AMCON and some were won by Capital Oil and Gas.

During the pendency of these cases and appeals, several efforts were made toward the resolution of the dispute resulting in an amicable settlement reached in January 2022 which was approved by the Central Bank of Nigeria and Federal Ministry of Finance during the administration of President Mohammed Buhari. At all material times, Senator Ifeanyi Ubah was a member of the Young Progressive Party (YPP).

2. In furtherance of the settlement, a consent judgment was subsequently entered into at the Federal High Court Abuja wherein parties agreed that all cases and appeals filed by Senator Patrick Ifeanyi Ubah and Capital Oil and Gas against AMCON would be withdrawn and all Cases and Appeals by AMCON against Capital Oil & Gas and Senator Patrick Ifeanyi Ubah be also withdrawn.
3. The Federal High Court Lagos hearing the charge had from when the Charge was filed granted several adjournments upon confirmation that settlement talks were ongoing. On the last sitting of the Court, due to a mix-up, the Court was not informed that the settlement had long been concluded and thereafter the Court vacation commenced which inhibited formal withdrawal of the Charge.
   The matter eventually came up again on the 18th of October, 2023 following the end of the Courts’ vacation and the Court was formally informed of the resolution of the dispute and the undertaking of parties to discontinue all cases in furtherance of the consent judgment entered at the Federal High Court Abuja, whereupon the Charge was dismissed.
4. It is pertinent to note that at all material times when the dispute was ongoing and until it was resolved, Senator Patrick Ifeanyi Ubah was not a member of the All Progressives Congress but the Central Bank and Ministry of Finance in the last administration adopted a commercial disposition to the commercial transaction and resolved it.
5. AMCON is an apolitical financial institution and no political consideration came to bear in the amicable resolution. Rather AMCON, Central Bank, and the Federal Ministry of Finance pursuant to their mandate restructured the facility which involved amongst others, Capital Oil and Gas making some payments to AMCON.
6. It is pertinent to reiterate that Senator Patrick Ifeanyi Ubah’s movement to the All Progressives Congress has nothing to do with the resolution of the hitherto lingering dispute with AMCON and the dismissal of the criminal charge against Capital Oil & Gas and Senator Patrick Ifeanyi Ubah.
7. Please be assured of our utmost professional regards.

Mrs. Ifeoma Esom
Partner, TRLPLAW