Justice Abdul Kafarati of a
Federal High court sitting in
Abuja, on Wednesday vacated
the November 13th exparte
order made against Capital
Oil and Gas in favour of the
Assets Management
Corporation of Nigeria to
take over its assets and
liabilities.
Ruling on the preliminary
objections raised by Capital
Oil and Gas through its legal
representative, Chief Wole
Olanipekun, against the
experte order, Justice
Kafarati said, both the court
and AMCOM were not
established to destroy
existing businesses but to
negotiate repayment plans
arising from any business
dispute.
According the ruling, the
order was vacated partly
because AMCOM had
commenced a recovery action
against Capital Oil and Gas on
the 9th of November, 2012
before approaching the court
for the order made on the
13th of November 2012,
contrary to section 34 sub
section 3 of the AMCOM act.
Justice Abdul Kafarati haven
dismissed the November 13
exparte order, directed
AMCOM to seek a negotiable
repayment plan with Capital
Oil with the view to recover
the proxy loan facility
granted through Coscharis
Motors Ltd.
The court also refused the
application made by AMCOM
to sell the petroleum
products in the sealed off
deport of Capital Oil and Gas
with a view to recoup parts of
the disputed sum for Access
Bank.
The matter was adjourned to
January 15th,2013 for hearing
in the substantive matter.

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