The Federal High Court sitting in Lagos has dismissed a case filed by the Asset Management Corporation of Nigeria (AMCON) against Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited, over an alleged N135 billion indebtedness.

Justice Nicholas Oweibo struck out the charge following an oral application by counsel for AMCON, Oluwaseun Onabowu, seeking the withdrawal of the suit. Ubah, representing Anambra South Senatorial District, was absent in court. At the last sitting of the court on June 13, the court had directed that criminal summons be issued on Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited.

The court gave the directive in the criminal prosecution of the Senator by the Federal Government of Nigeria on an 8-count charge bordering on his alleged indebtedness to AMCON. At the proceedings today, counsel for the complainant informed the court that following a consent judgements reached in a sister case which was before the Federal Capital Territory court in Abuja, parties had agreed that the case against the Senator should be withdrawn in the Lagos. The counsel urged the court to strike out the charge filed against the Defendants.

Counsel for the defendants, Mrs Ifeoma Esom, also confirmed to the court that agreements have been reached with the complainant. Subsequently, Nicholas Oweibo, the presiding judge, struck out the charge.