Temporary relief yesterday came the way of Capital Oil and Gas Industries Limited when a Federal High Court in Abuja varied an earlier order it made granting the Asset Management Corporation of Nigeria (AMCON) immediate possession of properties belonging to the company and its Managing Director, Ifeanyi Ubah.
The company’s lawyer, Mr. Lawal Rabana (SAN), asked that his client be allowed access to 50 per cent of the credit balance in some of his accounts with the United Bank of Africa (UBA) to enable the company pay salaries and attend to personal needs.
But plaintiff’s counsel, Kemi Balogun (SAN), opposed the application on the basis that the account balance presented to the court was incorrect. He said the defendants had met with his client and given an undertaking not to challenge the order made last Tuesday.
Varying the order, Justice Abdul Kafarati said the defendants could withdraw 25 per cent of the amount disclosed by UBA in its affidavit. Meanwhile, the court has fixed November 30 to hear the defendants’ application seeking to set aside the order.
In the application, Rabana is seeking an order of interlocutory injunction restraining the plaintiff from disposing, selling or leasing properties belonging to his client pending the determination of the suit.
An affidavit in support of the motion said both parties had agreed on modalities for re-payment of the loans and rescheduled payment to be spread over a period of eight years from 2013.
Rabana said the order made for immediate possession was in breach of the agreement and unless it was vacated the company could not pay salaries of its workers.