AMCON freezes Capital Oil Gas accounts

AMCON freezes Capital Oil Gas accounts

According to The Guardian the Federal High Court Lagos Division on Wednesday granted interim injunction against Capital Oil and Gas Industries Limited and Mr. Patrick Ifeanyi Ubah on the application of Asset Management Corporation of Nigeria (AMCON).

Justice M B Idris while granting the exparte order on the application of Mr. AB Mahmoud (SAN), counsel to AMCON restrained Capital Oil and Gas and Mr. Ubah from dealing with any assets or funds of the company within the jurisdiction of the court. The court also made an order freezing all the bank accounts of the company until the matter is finally determined.

AMCON purchased nearly N100billion debt of Capital Oil and Gas from several commercial banks and has been in protracted negotiations and court battles with Mr. Ubah, who is a major player in the downstream sector of the oil and gas industry in Nigeria.

About Capital Oil and Gas

Capital Oil and Gas Industries Ltd. is a privately owned, wholly Nigerian concern. A major player in the importation, storage, distribution, trading and retailing of oil products.

The Company was established in 2001 by Ifeanyi Patrick Ubah and the depot opened for business in March 2007. Dynamic,innovative company and rapidly becoming the leader in the downstream sector of the oil and gas industry in Nigeria.

 

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