Court orders AMCON to re-open Capital Oil


•Vacates order

From GODWIN TSA, Abuja

Justice Abdul Kafarati of a Federal High Court, Abuja has ordered the Asset Management Company of Nigeria (AMCON) to re-open the facilities of Capital Oil and Gas Limited to allow it resume business activities. In doing so, the court vacated its exparte order of November 13, 2012 directing AMCON to take immediate possession of the properties and assets of Capital Oil and Gas Industries Limited and those of its Managing Director, Ifeanyi Uba over alleged N48.014 billion debt.

Delivering ruling on the matter, Justice Kafarati said the court had powers under Section 6 (6) (a) and (b) of the 1999 Constitution to set aside its orders especially when it concerned the interest of justice. Accordingly, he ordered AMCON to re-open the facilities of the oil firm while it retained the title deeds of the facilities and to enter into negotiations with the company on how to offset the loan. Meanwhile, attempts by AMCON to get an order of court to sell the perishable products especially the Petroleum Motor Spirit (PMS) held in the storage facility of Capital Oil and keep the proceeds in an interest-yielding account failed.

Counsel to AMCON, Ricky Tarfa (SAN) who moved the oral application said it was in the overall interest of all the contending parties in the suit. He supported his application on the provisions of Order 28 Rule(2)(5), which he argued gave the court powers to make preservative orders. His application was opposed by counsel to Capital Oil, Lawal Rabana (SAN), who contended that such an application must come formally, adding that the said product belonged to the Nigerian National Petroleum Corporation (NNPC).

In his ruling, Kafarati directed AMCON to file a formal application since the issue was contentious in nature. He adjourned hearing on the case to January 15, 2013. The Central Bank of Nigeria (CBN) had earlier listed Uba and Capital Oil and Gas Industries Limited among the 113 companies and 419 directors/shareholders as AMCON debtors.

The commercial banks had since been barred from extending further credit to the debtor companies and their directors until they repaid their loans. AMCON had earlier approached the court through its counsel, Kemi Balogun, with a motion ex-parte seeking for the freezing of all Capital Oil and Gas assets for allegedly being indebted to it to the tune of N48.014 billion.

The court, however, granted the order as prayed. Not satisfied, Capital Oil and Gas went back to court through its counsel, Wole Olanipekun (SAN) and R.A Lawal-Rabana (SAN) urging it to vacate the interim order that was made against it, insisting that doing so would be in the interest of the public.

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  1. At last truth at the treshhold. Ebube Chukwu Uzo Nnewi (ifeanyi uba) must be vindicated. We all know what is happening. Nigeria is talking about unemployment and the little companies set my our own, offering employment is allowed to be played on by mischief makers. Is he the only bank debtor or does his glowing biz empire the nsogbu. How can people reap yam from where they sowed beans.

  2. D ealier we start understanding d politics of this country d better 4 us. Most Nigerian bizness heavy weights are in 1way or d othr owing banks. How many of thier biz are closed? Ndi banyi ka anyi muta ife. Ndi ala achohi ka onwe onye ibo gbasiri ike. Ka anyi nwe ezigbo nzoku ebe anyi ga na akpa ihe metutere anyi di ka ndi ugwu si eme. Ile anyi ogbua ha ejikola onu were otu obi na acho ochichi afor 2015. Umu ikoro na agbuhu ugbua ume ka di anyi, ka anyi ga akwudosike kere oke rulu anyi na alah. Ekene kwamu unu. Nkiti asato nkiti ato asaa ise ise itenani asaa ise ise.

  3. We must learn from this. Younger generation should be careful on how and where they invest. Some wicked and lazy politician are ready to take what belongs to another. And Igbos reallly need to fight back what Awolowo did in 1967 and what is happening now to capital,what happened to Savannah bank and what happened to slok airlines are all wickedness against Igbos. So let Igbos understand that they are being envied.

  4. @martin okeke, What concerns Awolowo of blessed memory with Amcon/Capital oil case again? You are aware that all the principal actors on this case are Igbo guys from the same state or from the same south east, so why are you interested in causing disaffection among the Yoruba and Igbo people?
    You should stop that nonsense if you have nothing to contribute on this enlightened forum.

  5. Very Clean with Full Options Blackberry 9800 Torch1 from RIM ,Canada @ a cheap price Per unit and for bulk buyer price goes down. 0-8-0-9-8-9-9-6-9-0-3

  6. @dele he is making referenc to awo post-civil war policy. So dnt b engulf wit fear as soon as d truth is mentioned i dnt knw y yaribas r jeolous of d igbos.see d fact remains dat nobdy can change God’s destiny,plans & purposes.

  7. gbaaam obu ka osiri mee!the young entreperenual shuld be allowed to operate his own business…..anaedo kweeenuuu,riiee nuu,muo nuu,zuo nuuu!de boy is good…

  8. The ruling is ok. How can one owed a bank and at same time u confiscate his business empire? Allow the company to move on and gradually the same debts will be offseted, simple. Very good judgment indeed by this learned judge Abbdul Kafarati.

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  10. Say you, Say me on

    @Nowayo, because a man creates employment we should let him get away with ‘blue murder’? Did the Banks not have employeea – the ones that couldn’t meet with recapitalisation were closed or merged and a lot of jobs were lost. This thing comes with the territory. it is called collateral damage. @Iyke, if you default on a bank loan, the bank holds on to your collateral, and if the house is sold off to recoup their money don’t the tenants get evicted. And finally, @Martin, this isnt a tribal thing. These warring parties Uba and Coscharis are from the same zone, same state and same LGA if I am not mistaken. So this has nothing to do with’ wickedness’ as you put it, against the igbos. Let the right thing be done. People should be made to pay for their deeds. Lets try and leave tribal or regional thinking out of our views.

  11. @ say you, say me, i can align with some of ur good advise concerning tribal sentiments, but talking about debts being owed by capital oil to this new generation bank, I must say it without contradiction that the said bank honestly made a bad move to their customer IFEANYI UBA. This debt should have been repaid amicably if not by their over zealousness to obtain the said loan by forceful means.

    • @Owerri, you will have to as how long has d debt lasted? Will the bank wait endlessly? Do you know that the money belongs to depositors (bank customers), do you know that CBN has be after bad and doubtful debts? So many quesitons yearning for answers, Owerri.

  12. IFY……, u must be stupid for posting business item here.

    That has been the problem of Igbo man when other tribes are busy discussing how to better the life of their kinsmen Igbo man will always think everything is business.

    May God help us.

  13. Who has touched Dangote’s grandstanding companies? Who has looked towards Otedola and so many others that are not Igbos? The news was that Andi Uba was a thief. He looted. Does borrowing for business amount to stealing. Does Nigeria herself not owe? Obasanjo destroyed Savannah bank, Slok Airlines and others because they belonged to Igbos. He did everything to destroy Ibeto cement in preference for monopoly in cement for Dangote. The whole blame should be heaped on Igbo political leaders. They are too selfish and wicked to the Igbo race. Is it not a shame that they can’t do anything to harness the enviable material and human resources available in Igboland to develop Ala Igbo? Tufiakwa ! Ndi Igbo, k’anyi chee nu ihu n’ala Igbo. onye a juru anaghi aju onwe ya.

  14. Ifeanyi ubah never repays loans. Whether igbo or not. Think! These greedy guys dupe people and owe banks heavily hoping not to pay. This loan in question has lasted so long. Capital oil for the past 10months has not been importing fuel into this country yet he claims 35%. He and his cohorts went and destroyed the system 2b pipeline distributing PMS to the southwest and south east states so that NNPC can depend on using private depots to truck their products. It has always been NNPC using 3 tanks(First Nigerian independence oil tanks- a subsidiary of capital oil) without which capital oil and gas will be a grave yard cos no bank was willing to do business with him and when his brother agreed tohelp him, he duped him. He is still owing his workers 4months arrears till date. Go to his depot and see what goes on there. He prefers to dupe people and pay lawyers to defend him than to do clean business. His staff strength is only 1152 (drivers and motor boys inclusive) yet paying them is always headache. God will deliver of from lack of adequate information and these wicked and gullible people. Ndi igbo, ka uche anyi niile hara idi so nani ego ego

  15. @Kalu & co., Pls my igbo people, lets face the facts. lets stop killing our selves and pointing accusng fingers to others. Ifeany uba did very wrong. there is no sentiment in business, If you were the managers of such banks will you be sentimental? You dont make money at the detriment of other people’s jobs or business. Ifeany Uba is a very corupt citizen. he is fraudster and he has lost his dignity cos money is not everything. he is not a businessman that any honourable fellow will like to reckon with. ok see what he did to his own kinsman. that means he can even kill u guys comenting in his favour for money, cos he dont have conscience, all he is after is money to fund his flambouyant lifestyle. tufiakwa! WHAT SHALL IT PROFIT A MAN TO GAIN D WORLD AND LOSE HIS REPUTATION.

  16. Please lets not drag this issue. Lets be honest to ourselves.
    The young Man is running his business and he has the capacity to pay whatever debt he owe.
    The Bank can’t even lend him money if they don’t know his ability to repay.
    He’s even following his payment from the government for the products supplied.
    How can they just jump into his assets and trying to pull him down?
    Is he the only person indicted?
    Igbos should begin to learn their lesson. There’s nothing like one Nigeria here bcus this is different stroke for different folks.
    Am sure there’s more that meet the eyes in this very matter.
    Some people in Nigeria just don’t want to see Igboman prosper more than them.
    But they can’t stop that bcus it’s God that give and He does what please Him.

  17. Ifeanyi Uba defaulted on his agreement wt d bank & d man whose name & integrity helpd him get d loan,Cocharis.
    That havin bn said,d speed wt wich Amcon freezed all his assets is equally wrong.
    The content of dis latest judgement is wat shld hv bn done earlier.
    Seize d companies reg papers & gv d man time frame to pay up or forfeit sum of d assets dat equate to d amount hes owin.
    Ka Chineke mezie okwu!

  18. I cant understand some comments here. Some of which are out of naive, ignorance and what have u. Say u say me, has succintly put everything we ought to know. I dont know whether commentators know this CO owner very well. His dealings with NNPC were clearly made public. In short d man revels in debt. takes great great great pleasure in reneging his responsibilities, his exposures, he doesnt like paying his debts. He is strong willed as a typical igboman (which I am). We know ourselves (common!!). We know our brothers. We know what we can do & cant do. Please let us leave tribalism here. Dangote is a great economist. He manages his capital investments well. He doesnt overtrade so as meet with his exposures, but CO executive is conversely and sharply opposite of this. So many things need be said here but not convenient.

  19. Ugo Abia,i don,t think you know anything about this issue.First the FGN is owing this company in the name of subsidy,the CBN which is a part of FGN barred the company from obtaining credit while the subsidy debt could have been more than enough to pay and service this loans. Coascharis who is one of the biggest share holder of access bank used his power to confiscation this company through legal but dubious means via the Yorubas in Amocn and who he entrusted most of his company to..Go to his head office and confirm this.We have seen in recent times the igbo companies obansanjo killed and also seen that no yoruba person made money without defrauding government.Let Amcon tell Nigerians the details of Otedeola Settlement,all this are geared towards taking the igboman out of business or give another person upper hand in the distribution of the product.They tried integrated oil and failed now is capital oil meanwhile otedola who has a case to answer in lawal saga is still moving around freely.

  20. Did I here someone say Savannah bank? Jim Nwobodo? Igbo unity? No! We should call a spade a spade. Nwobodo aligned with the PDP faction that denied Alex Ekwueme the founding Chairman of PDP the Presidential ticket in Preference to OBJ at the Jos convention. But when he started facing challenges, he started weeping ethnic sentiment. The truth is that tribalism is the bane of Nigerian’s problem. I pity anyone supporting Ifanyi Uba because he is and Ibo man. Corruption is evil and must be condemned by all irrespective of who is involved. Business ethics and principles must be logically followed and applied for a healthy and strong economy. If Otedola do it and goes free now does not mean he is free forever, so also Dangote or anyone else. There is the law of Carma and judgment day for everyone. Igbos we need to be a shinning example, we are hardworking and we can make all the money through hard work. Please we need to get this correct. If you must be proud of your Identity, be proud of it with outstanding and impeccable qualities.

  21. Ugo, I praise you sense of judgement, kalu is just not being very unrealistic and tribalistic.Ifeanyi Uba is a thief and a know thug,am not sure there is a better name for him.Its all over him. A confirmed one at that.Its certainly not about an hausa, Ibo or Yoruba. I was to work for him as a senior executive,but recinded my decision after interview with his firm.Kalu let the truth be said.

  22. dangote 9jeria gave him enough play ground to do his business,even u think they did not borrow money 4m 9jeria b4 the came to this level.but when an ibo man is involved nigeria wil be awake.look at cbn governor reportn as if he loves nigeria

  23. I dont need to say anything again. Am so happy that we have mixed reactions hear even from same tribe. Face the trueth. If you are educated enough to access the inetrnet and this online newspaper, then you should be knowlegable in Security for bank Lending and Recovery Proceedure, You should also know the meaning of when a bank declares you a Bankrupt.

    Please and please, let the Yoruba people be. You are hitting on us so much. We are taking datas of your attitude of we hosting you in Lagos here. You are gradually building up conflict that you may not be able to resolve. Most of your business asset is station in lagos here.


  24. In Nigeria Judges collect bribes and vacate the very order they themselves give.Why was the order given in the first place? I feanyy uba swindled the federal government and coscaris company of several billions to fund his business this same thief was arrested by the police for stealing 27 billion from cosharis company.In nigeria as long as you steal and can oil the wills of justice with bribe you are free.That is why nothing works.Leaders and their children are stealing and led watch with utter dismay.Only revolution will save this country.If it was other climes this very important thief will be short.Go to hell Nigeria.

  25. capital is great,strong,helping,employment, if order gov. officials invest in the nation like him..i bet their will be no unemployment,long life capital to pay ur dept.

  26. Nyke. U are a complete pretender. GOD can never create ur type to be an Igbo guy. U wish u are so in ur widest dream never imagine being let alone claiming u are. Shameless Son of a fulani decent.

  27. Hmmmmm, We know it all. Anambra’s election is fast approaching, d slang is get dat post by all means. My fellow nigerians, lets not castigate one in order to get favour or be noticed by another and support no evil cos it shall come back to ur house. In my own opinion, lets justice prevail. Remeber, No matter d amount of money accumulated by Anyi Uba, He can’t sustain quater of Anambra pple. He shld pay his debt so odas can be able to sustain their family. But if this is to dent his image cos of d fast approaching election or to intimidate the Igbos, may God vindicate him.

  28. Ricky Tarfa (SAN) from all indications to me is a lawyer to all questionable characters in this country. From Tafa Balogun to Ndume, to Access bank and coscharis. we can see how they make their money

  29. ik anonyuo[ihiala] on


  30. Yes, Slok Airlines, Savanna Bank, Ibeto Cement and now Capital Oil, what a coincidence. Nigerian Government please allow Igbo Business to thrive like their counterparts of other other tribes. Agba mbu o tu n’ogwe, agba abo o tu n’ogwe, o bu so ogwe ka apiara aku?

  31. Onuoha success on

    Let them live capital oil, negotiate thats all,ifeanyi dnt worry God wil close their eyes 1 by 1. Only God can judge nt them

  32. pls wht do i hav to say abt dis kind of thing wen the court are there for d interest of does who hav wht it takes to obtain ‘justices’. applying extrajudicial means can not help our nation so much, let d will of the law prevails without minding who is a victim of it. Ifeanyi is a good man 4 our skul cuz he is building a very big DATABASED building for our skul dat is gud on its own, but u dnt rob peter to pay paul!

  33. @ oyewole why are u trying to show yourself here while some other yoruba brothers are making reasonable contribution,talking about seizing,confiscating or chasing Igbos out of Lagos, they no born you well to even think am,wetin your great grand father no fit do na wetin u won try just no go that side for the sake of peace,every yoruba dey claim Lagosian even those wey come from the remotest part of osun,u or ur papa get half plot for any part of Lagos,nwokem isi jukwaa gi oyi ooh

  34. Any concerned socio- cultural association of igbo extract should follow up this case to avoid a repeat of the past clam down on igbomen property.

  35. Defining VIP looting from business issues so that we will not confuse the two.
    However, VIP looting/stealing, is big business in Nigeria today. VIP looting is when one steals enough that will go round to all the agents of civility that are meant to check iniquity; to get them enough “up-front” that will blind them to see/say/act the truth.
    The more you look, the less you see. That is Nigeria for you today. More grease to your hands.

  36. I am the child who habits the Land of the Rising Sun, Biafran. I am the young man with the midas touch in business, Biafran.
    I am the child whose singing stupefies the sparrows to awe, Biafran, I am the pearl dazzling betwixt pebbles, Biafran.
    I am the suckling smiling between favored bosoms, Biafran. I am the teen ruling among my peers, Biafran, I am the merchant, the envy of the chines and marvel of the Germans, Biafran. I am the bombarded cathedral that haboured the oppressed innocent, yound and old, Biafra. I am the churning stomach of a 2yrs old on a troubled soil, Biafra. I am a victim of progrom sparked by paranoia, Biafra. I am the deepest fear of brute of hausa / fulani and yoruba beast clad in human skin, Biafra. I am the gold emerging from a million degrees furnace, pure, Biafran. I am the ball which the harder it is bounced, the higher it will rise, Biafran. I am the largest ethnic group though 3million sprouts of me were withered by hausa / fulani and yoruba brutes, Biafra, I am i am the billionaire with a 20pounce capital, Biafran. I am the captain of the famished horde that pledged allegiance to a cause and a husband who stood gallant with bare foot to defend my country not soon to be, Biafran. I am the starving child in 1967 whose musty bones still call out for freedom, Biafran. I am the scientist who inventd the OGBUNIGWE, and built my armured car, Biafra, I am Biafra a grail Country which by and by shall be.

  37. It is a shame that my fellow igbos in the name of stolen money they are benefiting from in one way or the other will see a glaring truth and just decide to show their backs to it. A fraudster, 419er and complete thug. I so wish Ifeanyi Ubah will rule Anambra state for just a day and let me see if 1kobo will remain in that purse. Some who personally campaigned for Andy Ubah so that they will share Anambra state amongst themselves and made sure there was no election that day yet declared themselves winners. I have worked closely with both Ibeto in PH and capital oil in his depot. Both men are two different men. Ibeto is a simple igbo man doing his honest business while Ifeanyi Ubah is just a big thief from Congo looking for whom to steal from. IF YOU THINK IFEANYI UBAH IS YOUR HERO, TELL ME ANYONE WHO HAS PERSONALLY DONE BUSINESS WITH HIM WITHOUT GETTING HIS HANDS AND LEGS BRUISED.

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