Ubah goes to court to prevent AMCON from winding up Capital Oil

Businessman, Ifeanyi Ubah and his company, Capital Oil and Gas Industries Limited have sued the Asset Management Company of Nigeria (AMCON) and its Managing Director, Ahmed Lawan Kuru, over the alleged violation of terms of a consent judgment they all entered in 2012 over Capital Oil’s N81billion debt.

In a fresh motion for committal brought against AMCON and Kuru before the Federal High Court, Abuja,  Ubah and his company stated that as a way of resolving the dispute between them and AMCON over N81billion debt owed to banks and business associates, parties entered into a consent judgment in 2012 part of which terms allows AMCON to run Capital Oil for two years, pay out all its debts and inject N16billion into the company to enhance its liquidity.

Ubah and Capital Oil added that after they had met their terms of the judgment, which saw the businessman handing assets valued at N78billion to AMCON, but the company (AMCON) has failed to meet its terms of the judgment and was allegedly plotting to appoint a receiver manager for Capital Oil with the intention of winding it up.

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