Capital Oil and Gas, Sen. Patrick Ifeanyi Unah, and AMCON Reach Amicable Dispute Resolution

To set the records straight, the solicitors to Capital Oil and Gas have carried out a strong resolution of the Dispute between Capital Oil and Gas, Senator Patrick Ifeanyi Ubah, and the Assets Management Corporation Of Nigeria (AMCON).

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 the 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 (CBN) 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).

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agreed that all cases and appeals filed by Senator Patrick Ifeanyi Ubah and Capital Oil and Gas against AMCON would be withdrawn and all Cases and Appeals by AMCON against Capital Oil & Gas and Senator Patrick Ifeanyi Ubah be also withdrawn.

The Federal High Court Lagos hearing the charge from when it 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 court’s 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.

It is also very pertinent to note that at the times when the dispute was ongoing and until it was resolved, Senator Patrick Ifeanyi Ubah was not a member of the All Progressives Congress (APC) but the Central Bank and Ministry of Finance in the last administration adopted a commercial disposition to the commercial transaction and resolved it.

AMCON is an apolitical financial institution as such, no political consideration came to bear in the amicable resolution. Rather, AMCON, the Central Bank, and the Federal Ministry of Finance, under their mandate restructured the facility which involved amongst others, Capital Oil and Gas making some payments to AMCON.

It is very appropriate to also reiterate that, Senator Patrick Ifeanyi Ubah’s movement to the All Progressives Congress (APC) 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.