A London High Court of Justice, Queen’s Bench Division, has placed a worldwide order (mareva injunction) against the assets of Mr. Ifeanyi Ubah and his company, Capital Oil and Gas Industries Limited.

This is just as the feud between Ubah and the Chairman of Coscharis, Mr. Cosmos Maduka, has taken a new twist as the Capital Oil boss Wednesday sent a petition to the Inspector-General of Police (IG), Mohammed Abubakar, alleging threats to his life. He demanded the arrest of Maduka over the alleged threat.

The order by the UK court, which was granted sequel to an application by Access Bank Plc, is aimed at preserving the assets of the respondents pending the determination of the suit brought before it by the bank.

The bank had alleged that Ubah and his company had fraudulently diverted the petroleum products it financed under the joint venture agreement between Capital Oil and Coscharis Motors Limited.

Also restrained alongside Ubah and Capital Oil and Gas Industries Limited, are Rofos Navigation Limited, Xifias Navigation Limited, Heli Navigation Limited and Tutbury Maritime Limited.

[b]THISDAY checks revealed that the order of the UK court, obtained last Friday, was given three days after Ubah and his company obtained a similar injunction in Nigeria restraining the bank and Coscharis Motors Limited from interfering with his assets.
[/b]The court, presided over by Mr. Justice Cooke, ordered that until the return date or further order of the court, Ubah and company, Capital Oil, must not remove from England, Wales or any other part of the United Kingdom, any of their assets which are in England and Wales valued at over $133 million or in any way dispose of, deal with or diminish the value of any of their assets up to the same value.

The injunction covers the following assets: The property and assets of the respondent’s business known as Capital Oil and Gas Industries Limited at 1, Capital Oil Close, Westminster; Ibru Jetty Complex, Ibafon Apapa, Lagos State; or the sale of the money, if any of them have been sold.

The court also ordered that until a further order of the court, the respondent and each of the parties are prohibited from taking any steps whatsoever, whether directly or indirectly, to dissipate, dispose or in any way impinge on Access Bank’s right in and to any product covered by six Bills of Lading dated October 8, 2011, October 14, 2011, October 18, 2011, November 10, 2011, November 13, 2011, and December 21, 2011 including (but not limited) to products that have been and will be received into the shore tanks at Apapa, Lagos, and in particular, approximately 40,000 metric tonnes received in June/or August 2012.

The court further directed that Ubah and Capital Oil should within seven days of service of the order swear and serve on Access Bank’s solicitors an affidavit of all their assets worldwide exceeding £50,000 in value whether in their own names or not and whether solely or jointly owned, giving the value, location and details of such assets.

It noted that failure by the respondents to comply with the orders of the court would be tantamount to contempt of court.

The court also spelt out other consequences, which the respondents would face should they fail to comply with the orders to include being fined or have their assets seized.
The court further added that Ubah and officers of the company could be sent to prison and their assets seized should they fail to obey the orders.

The order of the court warned thus: “If you Capital Oil and Gas Industries Limited disobey this order, you may be held to be in contempt of court and may be fined or have your assets seized and your officers may be sent to prison, be fined or have their assets seized.

“If you Ifeanyi Patrick Ubah, disobey this order, you may be held to be in contempt of court and may be imprisoned, fined or have your assets seized.
“Any other person who knows of this order and does anything which helps or permits either of the respondents to breach the terms of the order may also be held to be in contempt of court and may be imprisoned, fined or have their assets seized.”

The court adjourned further hearing in the suit until November 16, 2012.
But Ubah, in a letter written to the IG through his counsel, Robinson Apkua, alleged that Maduka has been threatening his life.

The letter reads: "We are solicitors to Mr. Ifeanyi Ubah of Capital Oil and Gas Industries Ltd. and on whose behalf and mandate we write this petition.
“We write to formally inform you about the libellous publications against our client and also threats to his life by Chief Cosmas Maduka of Coscharis Group.

“Our client informed us that sometime in 2011 he entered into a business transaction with Maduka. The business was flourishing until Maduka became dissatisfied with the outcome of the business, consequent upon which he has filed a petition to your office.

“While your men are investigating the matter, which is purely a civil contractual relationship with its attendant rights and liabilities, Maduka went on air – Channels Television and AIT – to slander our client.
“He called our client all sorts of names ranging from a thief to an international fraudster. As though that was not enough and still not allowing your men to do their job, Maduka took four pages in some national newspapers libelled our client and repeated his slander.

http://www.thisdaylive.com/articles/london-court-freezes-ubah-s-assets-worldwide/130683/

“Our client's life is now being threatened as he receives anonymous calls urging him to pay those he owes, while also receiving text messages from unknown persons demanding that he must share the ‘loot’ apparently in reference to Maduka's allegation that he (Ubah) duped him of billions of naira.

“May we point out that our client has neither been convicted of any crime by any court law nor has he been adjudged liable for any breach of contractual business relationship with anyone, including Maduka."

Ubah’s counsel asked the IG to cause the arrest of Maduka, investigate the libellous publications and cause him to write a letter of apology within seven days or face legal action.

Apkua also asked the IG to warn Maduka to desist from further libellous publications against his client pending the conclusion of the police investigation and pending court case or he risks contempt of court.

Neo-Colonialism

5columnist: Neo-Colonialism

So the orders of a Nigerian court is not good enough for Access Bank, they must have something going for them in British courts, same thing with Akinbola of Intercontinental bank, probably Aig's school mate and accomplice in this forceful takover stragies reside in one of these British courts as a lawyer.

The Bristish has once again demostrated to Nigerians that our laws and entity is nothing but a make believe. It is up to our Judiciary system to stand up for itself now and go down the drain as Access Bank and its cronies in the UK are seeking to do.
Shame on Nigeria.

The British courts are independent of the Nigerian courts. They also refer to "assetts in the UK" and not assetts in Nigeria. He should fight it if he feels unjustly aggrieved. At least the UK courts are fair.

Atheist:-D:
The British courts are independent of the Nigerian courts. They also refer to "assetts in the UK" and not assetts in Nigeria. He should fight it if he feels unjustly aggrieved. At least the UK courts are fair.

Access Bank Plc and Coscharis Motors Limited have been restrained by a Federal High Court in Lagos from interfering with the assets of Capital Oil and Gas Limited owned by Mr. Chris Ubah. Justice O. E Abang gave the order in a suit instituted by Ubah and his company pending the determination of a substantive suit before the court. This happened three days before Aig and Co secured this exparte order.

Nigeria is just a jungle.... the British stopped Arik from operating from its busy airports in the past, it took that singular act for the avaition minister to assert our status as independent enoough to met out same treatment to British commrcial airlines.

What can our Judiciary do? The British and Access Bank just spat on our collective heads as Nigerians by ignoring the orders of a Nigerian court in desperate moves to forcefully take over the assets of a Nigerian business man.

Can our Judiciary act now or allow the principles of colonialism and slavery to become the order of the day. Nigeria, where is your bleeping pride!!!!

I ws looking at cosmos maduka's pure-water business this morning on lekki/epe expressway.
I ws like"there it is,the pure water business."

amiskurie: I ws looking at cosmos maduka's pure-water business this morning on lekki/epe expressway.
I ws like"there it is,the pure water business."

Cosmos does have a pure water business outfit...lol....

5columnist: Nigeria is just a jungle.... the British stopped Arik from operating from its busy airports in the past, it took that singular act for the avaition minister to assert our status as independent enoough to met out same treatment to British commrcial airlines.

What can our Judiciary do? The British and Access Bank just spat on our collective heads as Nigerians by ignoring the orders of a Nigerian court in desperate moves to forcefully take over the assets of a Nigerian business man.

Can our Judiciary act now or allow the principles of colonialism and slavery to become the order of the day. Nigeria, where is your bleeping pride!!!!

when will you ever have sence in your life. How many powerful criminals have your darling judiciary prosecute? It will give me pleasure to urinate on your head.

amiskurie: I ws looking at cosmos maduka's pure-water business this morning on lekki/epe expressway.
I ws like"there it is,the pure water business."

that's why you will continue to look arround and you will never get what you want in life. Ode.

uihebom: when will you ever have sence in your life. How many powerful criminals have your darling judiciary prosecute? It will give me pleasure to urinate on your head.

lol...lazy man and slave mentality dey worry you..lol

5columnist:

Access Bank Plc and Coscharis Motors Limited have been restrained by a Federal High Court in Lagos from interfering with the assets of Capital Oil and Gas Limited owned by Mr. Chris Ubah. Justice O. E Abang gave the order in a suit instituted by Ubah and his company pending the determination of a substantive suit before the court. This happened three days before Aig and Co secured this exparte order.

So?? They are referring to Assetts in the UK. How can Nigerian court jurisdiction have precedence over the UK court Jurisdiction. If Nigerian courts rule that Capital Assetts are "safe", that would only apply in Nigeria. For Capital assetts in the UK they would be under UK jurisdiction and liable to face court action and any necessary judgements in the UK courts.

From what I gather he can appeal and even go to certain higher courts if necessary.

Atheist:-D:


So?? They are referring to Assetts in the UK. How can Nigerian court jurisdiction have precedence over the UK court Jurisdiction. If Nigerian courts rule that Capital Assetts are "safe", that would only apply in Nigeria. For Capital assetts in the UK they would be under UK jurisdiction and liable to face court action and any necessary judgements in the UK courts.

From what I gather he can appeal and even go to certain higher courts if necessary.

The article equally mentioned that assets in Nigeria are covered by the exparte order... Isn't that in sane?

5columnist:

The article equally mentioned that assets in Nigeria are covered by the exparte order... Isn't that in sane?

Really? Now that is insane!!!!

Atheist:-D:


Really? Now that is insane!!!!

This is my annoyance... The British should learn to respect our country

uihebom: that's why you will continue to look arround and you will never get what you want in life. Ode.

Cocky Igbo business men.... If there is no motive behind access bank's dealing with Ubah, why did Aig led verification committee subdue facts put forward by CBN auditors that Ifeanyi has played by the books and queried certain documentation not produced which of course was domiciled with access in line with the guarantee he Ubah provided for cosmos to help him out. Let us all watch how all these plays out. Cosmos is so labelous and it will catch up with him. Just a little dig into his legal standing indicated that he is an exconvict. He has even lied to Usa embassy to secure visas for his girlfriends to usa. One of the lady he lied to American embassy happened to be a school teacher verified by sam Ugwu then eduction minister. The usa embassy decided not to pursue the case to a conclusive end because of the intervention of the federal government. No doubt both men has contributed to the development of nigeria. However the question is, amongst both characters who is in a better position to help the other. Ifeanyi made over 4billion naira for cosmos in four months. You need to imagine how many range rovers or BMW that a cosharis need to sell to make 4 billion naira in a short while. Cosmos got greedy and wanted to stifle things and find legal means to take over the hardworking man's business in oil and gas. Access really should be investigated for there role in all this. Every body knows that Aig and Herbert are lions and hawks who want to steal and dominate it all.

Well, Nigerian Judiciary are getting what they bargained for. In a sane society, why would a British court issue an order over Nigerian asset? The judges within the system compromised themselves, so they have no say. If they haven't, disobeying a direct court order, let alone, given deference to an foreign one, is enough to hold the banks execs in contempt. By the time the execs sleep in poor man's jail for 3-days with a 100million naira fine, it's not someone who will tell them to QUIT.

manny4life: Well, Nigerian Judiciary are getting what they bargained for. In a sane society, why would a British court issue an order over Nigerian asset? The judges within the system compromised themselves, so they have no say. If they haven't, disobeying a direct court order, let alone, given deference to an foreign one, is enough to hold the banks execs in contempt. By the time the execs sleep in poor man's jail for 3-days with a 100million naira fine, it's not someone who will tell them to QUIT.

I have certain passion for this country and when it looks like those set of passions are undermined by powers that be which includes the government of the day, I weep seriously. It has become very clear that government officials are not out to serve this entity but are all greedy and ready to cut the cake off hardworking Nigerians and not support them with set policies that can promote free enterprise. I even heard that the finance minister is an accomplice in all these unfolding scheme to stifle businesses because she may have been cut a deal by CBN and the the bank in question. It is sad to have a woman of her standing sit and scheme with a hogwash bank like access.