A Federal High Court in Lagos Division has granted the request of the Asset Management Corporation of Nigeria for an interim injunction freezing the accounts of Capital Oil and Gas Industries Limited.
Chief Dr. Ifeanyi Ubah
Justice M. B. Idris of the Federal High Court in Lagos Division, on Wednesday, granted the application of the Asset Management Corporation of Nigeria (AMCON) for an interim injunction freezing the accounts Capital Oil and Gas Industries Limited owned by Billioanire oil mogul, Dr, Patrick Ifeanyi Ubah.
While granting the exparte order on the application of 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.
According to
Punch, the court also made an order freezing all the bank accounts of the company until the matter is finally determined.
It was reported that 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.