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Ubah: Court restrains Access Bank, Coscharis

•Adjourns till January 21

By LOUIS IBA

A Federal High Court in Lagos yesterday adjourned the suit filed by Capital Oil and Gas Ltd and its MD/CEO, Mr. Ifeanyi Patrick Ubah against Access Bank and Coscharis Motors Limited, to January 21, 2013.

Justice O.E Abang also restrained security agencies from harassing Mr. Ubah.

Coscharis Motors had earlier petitioned the Police that Capital Oil allegedly breached a joint venture bordering on importation and distribution of petroleum products.

According to Access Bank and Coscharis, the poor execution of the deal had resulted in the loss of over N21billion which was drawn as a credit from the bank with the Coscharis boss, Mr Cosmas Maduka being the guarantor.

The latest suit came up for hearing last week before Justice Abang. But the respondents were neither in court, just as there was no lawyer to represent them, even though they had been served with court summons.

Counsel to the applicants (Capital Oil), Mr. R. A. Lawal Rabana, (SAN), had said that he was in court to move the application, which was duly served on the defendants. Rabana said the Writ of Summons was served on the defendants much earlier with the application and motion and that the hearing notice of the motion was equally served on the first and second defendants on November 6 and 9 respectively.

He told the court that the defendants had seven days under the Rules of the Court to respond to the processes served on them, either positively or otherwise, adding that the seven days had elapsed.

The court, after confirming that the defendants were properly and duly served the originating court processes in respect of the application including the hearing notices and that the respondents were fully aware of the sitting of the court but they were absent and did not also send a lawyer or a letter to explain reasons for their absence, allowed the applicant’s counsel to move his application.

Addressing the court yesterday, Capital Oil’s lawyer informed that the respondents were moving at an alarming speed to deal with, and destroy the assets, properties and business interests of the applicants including third party assets and businesses, which have dealings with the applicants. He said that the respondents had arrested two ships carrying the goods and consignments of the applicants, adding that one of the ships was seized in South Africa while the other was impounded in Nigeria.

He alleged that the respondents were wreaking great havoc on the business interests of the applicants, and had even filed an action in an English court, which they now use as a basis to go after the assets of the applicants world-wide.

Rabana urged the court to give an order to preserve the res, otherwise, by the time they come back to the court, there would be nothing left for his client. Justice Abang granted the interlocutory order restraining the defendants, their agents, privies and or servants or any other body acting on the instructions of the defendants from interfering with the properties and businesses of the applicants pending the determination of the suit.

He also ordered the applicants to file an indemnity within 48 hours to indemnify the court in the event that the court ought not make this order or the order be found to be frivolous. Further hearing on the matter was fixed for January 21, 2013.

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34 Comments

  1. Genuine November 13, 2012 at 8:36 am

    No comments. Just waiting for the final whistle

    • k.o.peace November 13, 2012 at 5:00 pm

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  2. david November 13, 2012 at 8:42 am

    God is exposing how these so called rich men are using our God’s given wealth on there own alone!!!just imagine this tow criminals fighting because of money generated from importations of oil…hahahahaha

  3. Alar November 13, 2012 at 8:51 am

    They are all rogues, including their so-called lawyers. God’s anger will soon visit them

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  5. nakedicome November 13, 2012 at 9:03 am

    Lets see what will be the judgement come january:Still waiting!

  6. CHINONSO U November 13, 2012 at 9:37 am

    Is this how u want to gorv Anambra stste ?, God forbid for anamberian to vote a 419 in to d govment huz, but that gud that u siclet is open

    • AUSTIN November 13, 2012 at 2:54 pm

      @ chinonso u,the problem with ANAMBRARIANS are people like you who go on castigating noble and well deserving people like DR I.Ubah….what is wrong with a man pursuing his dream.He has managed his biz empire to an eviable state and thats has attracted distractors like you.please dont cast aspersions.the question is what is the integrity of people past and present ruling Anambra state and what are your parameters of calling and achiever a 419.please watch your tongue…ile ngbada!

      • Clay Uzoka November 13, 2012 at 5:35 pm

        Austin, have u taking time to research and read about Ifeanyi Ubah. He has been described as three in one: Fred Ajudua, Anajemba and Emma Nwude put together. He is knowns as a con man per excellence.

  7. Ede francis November 13, 2012 at 10:43 am

    Pls cosmos maduka leave ifeanyi uba alone.

  8. wodofmouf November 13, 2012 at 11:09 am

    Dog chop dog. Shame

  9. peter ndibe November 13, 2012 at 11:26 am

    Igba mgbasa!

  10. awka November 13, 2012 at 11:42 am

    Use your head all this things is a set up , where are others my brother fith ur battle that is wht come to a man . one day u become a man like other (o-b-j, D-a-n-G, D-N-U/G) it is only a fool can critisise u here

  11. TuTumuch November 13, 2012 at 11:50 am

    AM JUST TOO SHORT OF WORDS CONCERNING WHAT I JUST READ ABOUT THIS IFEANYI UBAH. IS THIS THE SAME MAN THAT WANTED TO BECOME THE NEXT GOVERNOR OF ANAMBRA STATE? DEFINITELY HE WOULD AV BEEN WORSE THAN JAMES IBORI AND ALAMESYISA OF BAYELSA. APART FROM LATE LAM ADESINA OF OYO STATE, OTHER GOVERNORS WERE EITHER FRAUDSTERS OR BIG TIME THIEF BEFORE THEY BECAME GOVERNORS. I WATCHED HIS INTERROGATION BY THE HOUSE OF REP DUIRNG THE SUBSIDY SAGA AND I TOLD MYSELF, THIS MAN IS SURELY A BIG THIEF. HE SAID VIRTUALLY NOTHING TO DEFEND HIMSELF, JUST BEATING AROUND THE BUSH. THIS IFEANYI GUY IS SURELY AN INTERNATIONAL FRAUDSTER, BUT COSCHARIS HIMSELF MUST BE A GREEDY MAN! I DONT KNOW WHY IBO PEOPLE, ESPECIALLY FROM ANAMBRA ARE THIS CUNNY AND DUBIOUS? THIS IS ONE BIG REASON WHY AN IBO MAN CAN NEVER, I REPEAT, CAN NEVER BE PRESIDENT OF THIS COUNTRY. I REST MY CASE!

    • Manlife November 13, 2012 at 3:45 pm

      Tu Tumuch,
      Mind your statement it is too ambiguous and derogatory.

    • Clay Uzoka November 13, 2012 at 5:40 pm

      You are the most stupid man on earth to make such a wild assertion. You need to go and read Coscharis interview with Thisday Newspaper before you condemn him. Ifeanyi Ubah is a wolf in sheep clothing. Don’t bring tribe into this because there is no tribe in Nigerian you don’t have criminals or even worst thieves than Ifeanyi Ubah.

    • kpim November 13, 2012 at 11:58 pm

      Tu Tumuch, I guess OBJ, IBB,ABACHA and host of other looters are Igbos.
      You just cant help hating the Igbos.
      It runs in your blood.
      That’s why you will continue in the darkness forever until you accept the Igbos

  12. Engr.Ibe Sebastine November 13, 2012 at 1:13 pm

    SIR IFEANYI UBAH IS A GREAT MAN OF OUR TIME,WHETHER ENEMIES LIKE IT OR NOT YOU ARE MEANT TO BE A RICH MAN .GOD WILL GIVE YOU OPPORUNITY TO RULE ANAMBRA STATE IN FUTURE.FOR COSCHARIS CHANGE YOU LIFE,DON,T DENY YOU BROTHER BECAUSE OF MONEY…I WILL REST MY WORDS HERE….

  13. iyk November 13, 2012 at 1:31 pm

    MR OR MRS TUTUMUCH UR NOT GOD,I KNOW IF UR GOD RIAN CAN,T FOL, IDIOT!!!

  14. dona November 13, 2012 at 1:41 pm

    @tutumuch or whatever you call yourself ,who are you to detect who govern Nigeria?people like you can so angelic in disguise while devilishly preying for the gullible doves ,clean the stinky in your dirty stock before looking for whos stock to clean,there are people in your family ,community, town, state, including you that are ,more greedy more than the aforementioned individual above, finally i may recommend you as an advise to seek for desensitizing help especially from acute chauvinistic syndrome

  15. samconquer November 13, 2012 at 2:00 pm

    Am Loving This*smile* i love it when ‘big men’ fight is usualy childish,funny nd interesting.the other movie was FARCROOK OTEDOLA what is the title of this..*Laughin loud*

  16. odenjinji November 13, 2012 at 2:14 pm

    @TuTumuch
    My heart bleeds @ the thought of tthinking you might be right afterall.??
    Wherest thou ar.t Oh Idenmili /….”Nnewi”?????????? and the rest of our EAST CENTRAL STATE, yes ECS!!

    May the Lord grant us ALL (Igbos) the Wisdom to see facts, read this alarming Writing looming on the walls of Nigeria and put our house in order before its absolutely too late to change this damning destiny of ours that has become almost a Curse.
    the Root of All Evil.

    “ndi banyi ekene kweem unu!!!

  17. Owerri November 13, 2012 at 2:38 pm

    Access bank is playing to the gallery. I have not seen the difference between her and that of community bank. Continue to issue short term loans and expect ur customers to perfume miracles. Tomorrow u will flash Otedola, next could be another prominent business tycoon, just to tarnish their reputations in vain stupid bank.

  18. prince November 13, 2012 at 4:56 pm

    Nobody own money. which ever one you have at hand is yours. Hold it well bc if i lay my hand on it wheather borrow or wayo, the ownership has changed unless if i decide otherwise. This is Nija biz law no 1.

  19. Hilary Okeke November 13, 2012 at 6:09 pm

    Truth, justice, equity, fair play and rule of law! No one is condemned before his or her guilt is proved beyond reasonable doubt by a court of law! We are too hasty to condemn even without evidence! Public authority should respect the rule of law and be responsible before demonising any person! Justice will be better served by impartial investigation, diligent prosecution and strict application of existing laws by our courts! This is the path to civilized social living.

  20. Onyeigbo November 13, 2012 at 6:16 pm

    In Nigeria,many poor people always speak in favor on rogues because they give a fraction of what they stole to few people that praise him.Who is Ifeanyi uba and where did he make his wealth?.People should learn to ask questions.Coscharis started his business from little and today everyone can feel his business wave.Uba has been a 419 and will continue to be a 419 unless God arrest him.If not that Nigeria is a rotten country,people like uba suppose to be serving life in prison now.

  21. xpriest November 13, 2012 at 7:20 pm

    this comments has a lot of loopholes that does not hold substance. when will people stop hating what they don’t have? you only read a news of sm1 who has a personal business ‘brush’ and all you could do was call names. is there a businessman who doesn’t borrow? if d bank wants to recover the money, let them go to court instead of using unwarranted force. when are we ever going to experience intellectual awakening? @tutumuch, ur comment is outright insultive and denotes a glaring show of ignorance and shallow reasoning. u need to consult your once to understand the difference between greed and hardwork.

  22. xpriest November 13, 2012 at 7:23 pm

    this comments has a lot of loopholes that does not hold substance. when will people stop hating what they don’t have? you only read a news of sm1 who has a personal business ‘brush’ and all you could do was call names. is there a businessman who doesn’t borrow? if d bank wants to recover the money, let them go to court instead of using unwarranted force. when are we ever going to experience intellectual awakening? @tutumuch, ur comment is outright insultive and denotes a glaring show of ignorance and shallow reasoning. u need to consult your dictionary once more to understand the difference between greed and hardwork.

  23. EZENWA November 13, 2012 at 8:27 pm

    Why all this nonsense!!! Access Bank is acting Script & Coscharis has been used. In no time, Truth must be Revealed!!. I LAUGHS !!!

  24. Nowayo November 13, 2012 at 8:41 pm

    At last, justice is coming forth. Likes of turn-saint maduka should avoid cutting corners. D brohaha is only making ebubechukwu-uzo shine out d more.

  25. Charles Ajaegbu November 13, 2012 at 9:49 pm

    Let us condemn what is evil! Ifeanyi Ubah is evil! And I am surprised that some people are supporting him for having successfully duped a hard-working Nigerian of billions of Naira! He may escape justice in Nigeria, but certainly not in London where, we understand, his victim has taken the case to; given that a leg of the fraud was allegedly perpetrated in England!!

    Anambra State has gone well beyond having such a fraud star as its Governor.

  26. Jasper November 14, 2012 at 12:59 am

    Na wa o, some people can still support Ubah, or are they not following the whole story, Judges are our problem, learn from Ibori.

  27. Eldorado November 14, 2012 at 7:13 am

    The comment column has become a place for people to abuse each other. I wonder if you guys commenting here are sane at all cause you are taking sides in issues that directly doesn’t concern you. Una don fight pass UBA and COSMAS MADUKA. They rich becoming richer, and you’re busy killing yourselves over other peoples businesses. Tutumuch or whatever you call yourself, let me remind you that out of the abundance of the heart, the mouth speaketh. This is the psychology you received from your family that no Igbo man can be trusted. Tell yourself and your family and friends that there 1million and 1 igbos they could trust even with their lives. And as for PRESIDENCY, Igbos will produce the next one after GOODLUCK JONATHAN. And then, you’ll cry in your heart

  28. Jp November 14, 2012 at 1:36 pm

    Having watched the chairman of
    coscharis group cosmas maduka
    on channels television about a
    week ago and subsequent news
    from d dailies, I have questions
    for coscharis, if he really is
    interested in getting his
    money back why does he insist
    that his debtor capital oil is
    fraudulent? Wouldnt that amount
    to suicide. Or does he wish d federal governmet to
    refuse paying capital oil so that
    he
    can corner ubas business.?
    Thats what it seams. Is cosharis
    more in a possition to agitate and maintain uba’ s
    culpability in subsidy fraud
    than the presidential
    commitee? Theres something
    fishy somewhere.

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