Friday 7 October 2016

Ifeanyi Ubah Hits Big as Abuja High Court Orders AMCON to Pay N26.5billion to Capital Oil & Gas

Justice Abdul Kafarati of the Federal High Court sitting in Abuja on Thursday, in a judgment, ordered the Asset Management Corporation of Nigeria to pay Capital Oil and Gas Industries Limited N26.5 billion 

Billionare mogul, Ifeanyi Ubah
The Federal High Court, Abuja, on Thursday ordered the Asset Management Corporation of Nigeria to pay Capital Oil and Gas Industry Limited N26.5 billion as contained in a consent judgement delivered in 2013.
Justice Abdul Kafarati, in his judgment, held that the court had powers to enforce its judgment or that of any lower courts in the country.
He said, “An order is granted for AMCON to provide Trade Finance Facility in the sum of N16 billion for revamping of the plaintiff’s business and to pay the plaintiff’s trade creditors.

“I also grant an order compelling the defendant to comply with the consent judgement and to make the additional sum of N10.5 billion available to the plaintiff.

“This money is the payment of sundry creditors who continue to threaten the plaintiff’s business.”
Kafarati also restrained AMCON from exercising any powers over Capital Oil and Gas Limited and its assets. These include attempts at processing any assignment or transferring same on behalf of the company.
A Federal High Court in Lagos on May 6 struck out the suit brought by AMCON against Capital Oil and Gas Industries Limited on these issues.
The court held that the suit was premature and could circumvent pending suits relating to the alleged indebtedness of Capital Oil and Gas Limited.
The plaintiff (Capital Oil and Gas Industry Limited) had approached the court to decide whether having regards to the consent judgement, AMCON was not under obligation to restructure its debt.
The plaintiff also asked the court to decide whether the actions of the defendant and agreements reached by parties since the consent judgement did not constitute a waiver of the requirement for compliance.
The court was also asked to decide whether the defendant was not wrong to have failed to restructure the plaintiff’s debt.
The plaintiff further sought the determination of the court whether if the defendant did not by its action fail to avail it trade facility in the sum of N16 billion to pay its trade creditor.
Reacting to the judgement, Mr Ajibola Oluyede, counsel to the plaintiff, described it as a landmark decision.
He, therefore, urged the defendant to accept the judgement, adding that such step would encourage growth of private businesses in the country.
Source: NAN
No need to visit Tonygists just  use the android application click for more info Tonygists android application

Trending Now: Download Tonygists Android Application NOW

Visit some of the website built by tonygists

1. south south penpushers : south south pen pushers
2. kingdom builders :  Kingdom builders

Tonygists bro: honest zone

Are You On youtube? subscribe to Hot GIST Channel Latest Updates - @Hot Gist

Are You On youtube? subscribe to Gospel World (which is also owned by Tony Gists) youtube Channel Latest Updates - @Gospel world

Are you on audio mack? Follow Tonygists on audio mack to listen and download to the latest Mfm sermons Latest Updates - @Tonygists

Follow Tonygists on LinkedIn to get more jobs opportunities Latest Updates - @Tonygists

Are You On youtube? subscribe to Honest Ose Channel Latest Updates - @Honest Ose

Are You On youtube? subscribe to Honest Web Solutions Channel Latest Updates - @Honest Web Solutions

Are You On youtube? subscribe to Xtremely Honest Channel Latest Updates - @Xtremely Honest

Are You On Twitter? Follow Us Now For Latest Updates - @tonygists

Are You On FACEBOOK? Like Our Page For Latest Updates - tonygists

Are You On FACEBOOK? Join Our Group For Latest Updates And Interactions - TonyGists

© 2024 Tonygists | Portions are © 2024 Associated Press. All rights reserved. This material may be published, broadcast, rewritten, or distributed.

Share This Post Via

Related Posts

Next Post »

Reliance Training and Management Consulting, a dynamic, fast growing indigenous entity, was established and duly registered with the aim to nurture, develop and innovate people and organisations through customized training, development and management consulting services, with excellent performance, deep sense of commitment, transparency, honesty and responsibility, to demonstrate the highest standard of technical and operational expertise.

Reliance is competently positioned to provide technical knowledge and skills relevant to practical management and business problems, to stimulate the creativity and innovation necessary to build a better community, a better nation and a better world with a committed mind set to contributing our best to the maximization of personal potentials and skills toward optimizing productivity and achieving organisational goals.