A Federal High Court in Abuja has ordered the Asset Management Corporation Of Nigeria (AMCON) to pay Capital Oil and Gas Limited the sum of 26 billion Naira as contained in the consent judgment delivered in 2013.
Justice Abdul Kafarati in his judgement held that the court has powers to enforce its judgment or the verdict of any lower court in the country.
The trial judge also restrained AMCON from exercising any power over Capital Oil and Gas Limited and its assets and from processing any assignment and transfer among others.
Justice Kafarati, who resolved all four issues canvassed by Capital Oil, advised the agency to live up to its statutory responsibility of reviving the nation’s economy through positive support for businesses to thrive.
A Federal High Court in Lagos had on May 6 struck out a suit commenced by AMCON against Capital Oil and Gas Industries on the grounds that the suit was premature.
AMCOM sought to circumvent existing suits in different courts on issues relating to the alleged indebtedness of Capital Oil and Gas which was currently under dispute.
The Federal High Court sitting in Lagos says it cannot stop the Police or any other security agencies from performing their constitutional duty.
Justice Saliu Seidu, gave this ruling today in a fundamental rights application filed by oil magnate, Mr Ifeanyi Ubah.
Mr Ubah is seeking a perpetual injunction restraining the Economic and Financial Crimes Commission, EFCC, the Inspector-General of Police, IGP, and the Attorney-General of the Federation, AGF, from arresting, investigating and prosecuting him over alleged forgery.
Mr Ubah and his oil company, Capital Oil and Gas Limited, had urged the court to restrain the respondents from the continued witch-hunt, threat of arrest and detention against him in a matter involving lease of land and/or purchase of shares of a subsidiary of DTV Limited.
He claimed that the case is purely a civil transaction.
The lawyers to the IGP and AGF have urged the court to dismiss Mr Ubah’s application for lack of merit.
They both contend that the allegation against the applicant is a criminal matter which their agencies are constitutionally empowered to investigate and prosecute.
A legal practitioner and financial analyst, Tilewa Oyefeso on Thursday said the bill before the National Assembly, seeking to amend the Central Bank of Nigeria’s (CBN) act is the most important in the history of the country. Speaking as a guest on Channels Television’s breakfast programme, Sunrise Daily, Mr Oyefeso said it is wrong to allow just one person decide the fate of Nigerians in terms of currency in use.
Citing section 17, 20 and 22 of the CBN act which says “The bank shall have the sole right of issuing currency notes and coins throughout Nigeria and neither the Federal Government nor any State Government, Local Government, other person or authority shall issue currency notes, bank notes or coins or any documents or tokens payable to bearer on demand being document or token which are likely to pass as legal tender.
“The bank shall arrange for the printing of currency notes and the minting of coins; issue, re-issue and exchange currency notes and coins at the bank’s offices and at such agencies as it may, from time to time, establish or appoint; arrange for the safe custody of un-issued stocks of currency notes and for the preparation, safe custody and destruction of plates and paper for the printing of currency notes and disc for the minting of coins; and arrange for the destruction of currency notes and coins withdrawn from circulation under the provisions of section 20 (3) of this Act or otherwise found by the bank to be unfit for use.”
Mr Oyefeso said the National Assembly’s ambition to take back the powers vested on the governor of the CBN is the motive of the lawmakers to seek an amendment of the act that established the bank.
“There is a contest for power; the National Assembly, they want to take back that power. There has always been this conflict which may eventually be resolved by the Supreme Court,” he said.
The Chief Executive Officer of Capital Oil and Gas Industries Limited, Ifeanyi Uba, who has been in police custody for over two weeks, on Monday regained his freedom.
Mr Uba was arrested by the Nigerian security operatives for his alleged role in oil subsidy theft. The bail conditions require the Capital oil’s boss to report daily at the Police Special Fraud Unit, Ikoyi. Court rejects bail request
A Federal High Court Lagos on Monday struck out a bail application filed on the behalf of Chief Executive Officer of Capital Oil and Gas, Ifeanyi Uba, and four others charged with alleged fuel subsidy fraud.
Justice Okon Abang in his ruling described the application as incompetent, defective and incurable by amendment.
Justice Abang also said that counsel to the applicant, Joseph Nwobike had failed to inform the court that the applicants were detained on a subsisting order of remand made by Magistrate Martins Owumi.
He said that this fact was not deposed to by the applicant counsel in their affidavit of urgency before the court; neither did they inform the court that they had a pending bail application before the same magistrates’ court.
“I have gone through the affidavit filed by the applicant counsel, and I find no place where it is stated that there was a subsisting order for remand by the magistrate court.
“I cannot possibly comprehend why the learned SAN (Senior Advocate of Nigeria) has chosen to hide this fact from the court.” He said
He said though the applicants could bring an application for bail before the court, they could not do so under the Fundamental Human Rights Enforcement Procedure Rules.
“Where bail is refused an applicant at the magistrates’ court, he has the right to bring his application before a higher court, but he has to do so within the confines of the law.
“I cannot make findings on the bail application of the applicants, brought pursuant to the Fundamental Human Rights Enforcement Procedure Rules.
“The applicants cannot use this rule to challenge a subsisting order of court. Whether the magistrate had or exceeded its jurisdiction is entirely a different issue.
“The learned SAN should have employed either of three mode in bringing his bail application before this court;
“The applicant could have appealed against the order for remand made by the magistrate, before the High court, pending the arraignment of the applicants, or, apply for an order of Cetorarai, to purge that order, pending their arraignment, or, apply to the high court for a fresh summons for bail pursuant to Section 118 of the Criminal Procedure Act (CPA).
“I cannot consider counsel’s application for the applicants to be released on bail under the fundamental rights enforcement procedure; this relief cannot be sought under that law.
“This is not a sentimental or emotional issue; it is an issue of law, because there already exist a subsisting order of court.
“The police possess the constitutional right to arrest any person accused of committing an offence, even if it is based on suspicion.
“In the final analysis, the preliminary objection of the respondent subsists in part and the application of the applicants struck out, with no order as to cost. I so hold” Justice Abang ruled.
Mr Nwobike in his remark informed the court that the applicants had already been admitted to administrative police bail on Friday Oct. 19 by the SFU.
Ifeanyi uba, Nsika Usoro, Godfrey Okorie, Chibuzor Ogbuokiri, and Joseph Orji, were ordered to be remanded on 11 October by Magistrate Martins Owumi of a Tinubu Magistrates’ court, for 14 days at the special fraud unit (SFU).
The order for remand was made based on an application for remand signed by Superintendent of Police of the SFU, Effiong Asuquo, against the five suspects over an alleged fuel subsidy fraud.
Mr Asuquo had stated that the suspects were reasonably suspected to have committed the offences of economic sabotage, obtaining money by false pretence, stealing of N43.291 billion, property of the Federal Republic of Nigeria, money laundering and forgery.
He had further alleged that the fraud was discovered by the Presidential Committee on the Verification and Reconciliation of Fuel Subsidy Payments Auditors, and reported to the SFU, Ikoyi
Mr Nwobike had filed an exparte bail application before the court under the fundamental human right enforcement procedure rules, seeking an order for release of the applicants on bail.
This exparte motion was however converted by the judge to a motion on notice, and time abridged in favour of the respondents to respond.
The embattled CEO of Capital Oil and Gas, Ifeanyi Ubah, has again been denied a bail application by a Federal High Court sitting in Lagos.
The court also denied some of Mr Ubah’s senior executive staff namely Nsikan Usoro (Head of Trading), Godfrey Okorie (Depot Manager), Chibuzor Ogbuokiri (General Manager, Operations) and Orji Joseph Anayo (Executive Director, Operations).
The Capital Oil management had approached the court through an ex-parte application seeking for bail from police detention.
However, Justice Okon Abang, in his ruling denied their application and asked them to inform the respondents through a motion on notice. The case is to be reheard today.
The respondents in the case are the Inspector General of Police, Lagos State Commissioner of Police, and a Chief Superintendent of Police with the Special Frauds Unit.
The suspects are in custody for their alleged involvement in a fuel subsidy scam that cost Nigeria N43.29 billion.
They stand accused of defrauding the Federal Government “by falsely pretending that the company had imported and sold 538, 74 million litres of Premium Motor Spirit (pms) during the 2011 fiscal year through 26 transactions.”