London Court Freezes Ubah’s Assets Worldwide

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Ifeanyi Uba

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.