Access Bank vs Capital Oil: Court Condemns Seizure Of Uba’s Asset

Channels Television  
Updated January 28, 2013

The Federal High Court sitting in Ikoyi has condemned Access Bank for scandalising the Nigerian judiciary.

Presiding Justice Okon Abang made this condemnation while ruling on Monday in a suit filed by the Managing Director of Capital Oil and Gas Limited, Patrick Ifeanyi Uba accusing Access Bank and Choscharis Motors Limited of undermining Nigeria’s judiciary by obtaining an order from a London Court which violates an existing order of the Federal High Court in Lagos.

The Federal High Court in Lagos had restrained Access Bank and Choscharis Group from tampering with the assets of Capital Oil and Gas Limited pending the conclusion of a case filed against them by Mr Uba.

The court had also restrained the respondents from doing anything against the business interests of Mr Uba and Capital Oil.

In his ruling on the disobedience of Access Bank, Justice Abang said “Capital Oil is at liberty to initiate criminal & civil contempt proceedings against the bank and its directors both executive and non-executive.

The court also ordered Access bank to file a notice of discontinuance in the London Court against Capital Oil and Gas, Ifeanyi Ubah, their properties and that of their business partners and a report of the compliance with the order is to be made to Justice Abang’s court within 48 hours.

Justice Abang also ordered Capital Oil to monitor and report the compliance with the discontinuance order.