Court freezes accounts of Ifeanyi Ubah's Capital Oil

The Federal High Court, Lagos Division, on Wednesday granted the application of the Asset Management Corporation of Nigeria for an interim injunction freezing the accounts Capital Oil and Gas Industries Limited owned by Mr. Ifeanyi Ubah.

Justice M. B. Idris, while granting the exparte order on the application of Mr. A. B. Mahmoud SAN, counsel for AMCON, restrained Capital Oil and Gas and Ubah from dealing with any assets or funds of the company within the jurisdiction of the court.

The court also made an order freezing all the bank accounts of the company until the matter is finally determined.

AMCON purchased nearly N100bn debt of Capital Oil and Gas from several banks and has been in protracted negotiation and court battles with Ubah, who is a major player in the downstream sector of the oil and gas industry.