Court Strikes Out AMCOM's suit against Capital Oil

A  Federal High Court sitting in Lagos, has struck out the suit instituted by Assets Management Company of Nigeria, AMCON against Capital Oil and Gas Ltd, holding  that the suit is premature and seeks to circumvent existing suits in different courts on issues relating to the alleged indebtedness of Capital Oil and Gas, which is currently under dispute.


Accorsing to Vanguard, trial judge in the matter,  Justice Idris, consequently struck out a petition by AMCON for the freezing of Capital Oil and Gas’ accounts and winding up of Capital Oil and Gas over alleged inability to pay the disputed debt.

In the ruling delivered in Suit No. FHC/L/CP/506/2016, the judge upheld the contention of Capital Oil and Gas’ counsel, Ajibola Oluyede, that the winding up proceedings filed by AMCON against Capital Oil and Gas was intended to circumvent the existing actions in suits FHC/ABJ/CS/430/15; FHC/ABJ/CS/514/15 and FHC/L/CS/1529/15 wherein live issues pertaining to the consent judgment in FHC/ABJ/CS/714/2012 which is the subject matter of the winding up petition are pending in. According to the court, “Until the issues raised in those suits are determined, it will be premature to say that the judgment debt has crystalized as provided in clause 2.4 of the consent judgment.”

In its defence, Capital Oil in its counter affidavit in opposition to AMCON’s petition, had contended that AMCON grossly violated the terms of the consent judgment entered between the two parties.