http://thecitizenng.com/financial-crime/access-bank-coscharis-restrained-from-interferingwith-capital-oils-assets/

Federal High Court sitting in Lagos, presided over by Justice O. E. Abang, Monday restrained Access Bank Plc and Coscharis Motors Limited, who were absent when the order was given, from interfering with the properties of Capital Oil and Gas Ltd, pending the determination of a substantive suit before the court.

Access Bank Plc and Coscharis Motors Limited are defendants in a suit instituted by Capital Oil and Gas Limited and its Managing Director, Mr. Ifeanyi Patrick Ubah, before the court challenging the veracity of the defendants’ claims in respect of an alleged loan facility, the terms of which they claim have been breached by the plaintiffs.

When the matter came up for hearing last Friday before Justice Abang, the respondents were neither in court, nor represented by their counsel notwithstanding that they had been served with the court processes.

Counsel to the applicants, R. A. Lawal Rabana (SAN), informed the court that he was in court to move the application, dated October 30, 2012, and which was duly served on the defendants.

Rabana stated that the writ of summons was served on the defendants much earlier with the application and motion. The plaintiffs’ counsel also informed the court that the hearing notice of the motion was equally served on the first and second defendants on the 6th and 9th of November respectively.

The court noted that the defendants had seven days under the rules of the court to respond to the court processes served on them, whether positively or otherwise, and that by the records in the court’s file, the seven days had elapsed.

After confirming that the defendants were properly and duly served the originating court processes in respect of the application, including the hearing notices, the court satisfied itself that the respondents were fully aware of the sitting of the court and were not in court and did not send a lawyer or a letter to give reasons for their absence.

Capital Oil’s counsel therefore urged the court to allow him to move his application, which he termed “very urgent”. He informed the court that the respondents were moving at alarming speed to deal with and destroy the assets, properties and business interests of the applicants, including third party assets and businesses, which have dealings with the applicants.

Rabana also told the court that the respondents had arrested two ships carrying the goods and consignments belonging to the applicants. He said one of the ships was arrested in South Africa, while the other one was arrested in Nigeria.
The lawyer also informed the court that the respondents were wreaking great havoc on the business interests of the applicants.

The respondents, he said, filed an action at an English court, which they now use as a basis to go after the assets of the applicants worldwide.
Rabana therefore prayed the court to give a preservative order; otherwise, by the time they come back to the court, there will be nothing left for the defendant because the respondents would have destroyed the res (thing(s) as well as immovable or real property).

After listening to the applicants’ counsel, the court confirmed from the registry that the respondents were duly and properly served with the originating processes of the case, the court then allowed the applicants’ counsel to move the motion, and the court reserved ruling for Monday.

Giving its ruling yesterday, the court looked at the unchallenged depositions of the applicants’ counsel alongside the supporting affidavits and noted that it was the duty of the courts to protect the rules of court.

The judge therefore granted the interlocutory order restraining the defendants, their agents, privies and or servants or any other body acting on the instructions of the defendants from interfering with the properties and businesses of the applicants, pending the determination of the substantive suit.

The court also ordered the applicants to file an indemnity within 48 hours to indemnify the court in the event that the court ought not to have made this order or the order was found to be frivolous.
The matter was fixed for further hearing on January 21, 2013 and the court ordered that hearing notice be issued to the defendants.

The plaintiffs had in the Motion on Notice sought for an order of interlocutory injunction restraining the defendants/respondents, their agents, privies or any other person(s) acting for or claiming through them or acting on their behalf from interfering with the applicants’ properties and business interest, pending the final determination of the suit

If Maduaka and Access Bank were smart, he should have honoured the court, now the judge will feel undermined and look out for legal loopholes to empathise with Capital Oil.

Are u in support of Maduka and Acess bank? Ifeanyi Uba is a lucky billionaire who got his wealth from hardwork and luck. Do u know anything about Maduka(Coscharis)? Dont let me say it here. This is what is called 'eating of brother's flesh'. Maduka is greedy and being motivated by Politics especially those that are bent on destroying Ubas reputation.

Sealeddeal: Are u in support of Maduka and Acess bank? Ifeanyi Uba is a lucky billionaire who got his wealth from hardwork and luck. Do u know anything about Maduka(Coscharis)? Dont let me say it here. This is what is called 'eating of brother's flesh'. Maduka is greedy and being motivated by Politics especially those that are bent on destroying Ubas reputation.

Really? Did Ubah divert the imports or not?

More lessons to be learned. Can it be a case of one who lives in glass house should not throw stones or maybe its a case one going to equity with unclean hands.

The simple question:

How many cargos was the LC ( Confirmed oo) established for and how many was brought into the tank farm at Ibafon or any other jetty for the purpose of discharge of products?

When the PSF fund (Subsidy) dropped into the Access Bank account of Coscharis/Capital joint venture account for products not discharged...did Access Bank raise any alarm to the relevant authorities or they covered it?

Both the Coscharis guy, Access Bank and Ubah are involved in defrauding Nigeria and they have a case to answer.

ilugunboy: The simple question:

How many cargos was the LC ( Confirmed oo) established for and how many was brought into the tank farm at Ibafon or any other jetty for the purpose of discharge of products?

When the PSF fund (Subsidy) dropped into the Access Bank account of Coscharis/Capital joint venture account for products not discharged...did Access Bank raise any alarm to the relevant authorities or they covered it?

Both the Coscharis guy, Access Bank and Ubah are involved in defrauding Nigeria and they have a case to answer.

Wasnt this for imports in 2012? I dont think these transactions were part of the subsidy investigations.

Atheist:-D:


Wasnt this for imports in 2012? I dont think these transactions were part of the subsidy investigations.

The 4.5b or so that Ubah is claiming that Access Bank is sitting on is subsidy money that dropped into the accounts.

ilugunboy:

The 4.5b or so that Ubah is claiming that Access Bank is sitting on is subsidy money that dropped into the accounts.

For which year? All the main investigations have been for 2011 and earlier. None have looked at 2012 so far.

. . . . this case keeps getting interesting

Sealeddeal: Are u in support of Maduka and Acess bank? Ifeanyi Uba is a lucky billionaire who got his wealth from hardwork and luck. Do u know anything about Maduka(Coscharis)? Dont let me say it here. This is what is called 'eating of brother's flesh'. Maduka is greedy and being motivated by Politics especially those that are bent on destroying Ubas reputation.

I am just saying Maduaka and AIG are stupid for thinking they are above the law, yet they are shouting foul play. How dare they (Maduaka and Aig) disrespect a court of the land empowered by the set principles of the 1999 constitution of the Federal Republic of Nigeria. They should held contempt of the court and arrested as well.

Atheist:-D:


For which year? All the main investigations have been for 2011 and earlier. None have looked at 2012 so far.

Of course the money that came in is for transaction for period earlier than 2012.

ilugunboy:

Of course the money that came in is for transaction for period earlier than 2012.

My bad. I assumed they conducted this business transaction for q1 and q2 2012 or q4 2011. New guidelines for verification of payments was brought in for 2012. This is why none of the reports have looked into 2012 transactions.

it was time for change

Sealeddeal: Are u in support of Maduka and Acess bank? Ifeanyi Uba is a lucky billionaire who got his wealth from hardwork and luck. Do u know anything about Maduka(Coscharis)? Dont let me say it here. This is what is called 'eating of brother's flesh'. Maduka is greedy and being motivated by Politics especially those that are bent on destroying Ubas reputation.

If you don't know anything about someone why say stuff about the person. Cosmas Maduka has a book about himself, go and get yourself a copy. The Ifeanyi Ubah I know is nothing but a crook. He has been blacklisted from loan receipts and that alone should tell you about the nature of such man.

Ifeany Ubah is full of lies and deceit! He has been granted 25% assess to his account in UBA yet he has not payed any staff rather he is going up and down Hiring lying SANs to defend him and give advices that will not favour him. This guy claims he is the second highest importer of PMS yet for the past months he has not imported even a litre into this country. If not the presence of NNPC who are currently using the depot to load products going to the north, the depot would have been a grave yard in the past months. He is an acute debtor and dupe. He still lives the lifestyle of a gangstar and gun runner which was his way of life over there in Congo where he made his first millions. He has no concern for any of his workers, makes so much money yet pays a little and can sack any of them just by mere hear-say yet he claims he cares for much for his worker. He should be better reminded that God

cannot be mocked. He may pass through this one but .......... and quote me.......Nemesis must surely catch up with him