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We’re not party to Ifeanyi Uba’s suit – Access Bank

BY FRANK ALLI

LAGOS – Access Bank Plc, Tuesday, said it was not a party to  a reported suit instituted by Patrick Ifeanyi Ubah and his company Capital Oil and Gas Limited in which judgment was given Monday by a Federal High Court sitting in Lagos as reported in news media.

The bank also affirmed that the court judgment did not have any negative effects on its efforts to recover the loan owed by Ifeanyi Uba

A statement by the bank, said: “The Honourable Court in its considered judgment of Monday February 18, 2013 did not make any declaration nor grant any perpetual or interlocutory injunction against the bank in favour of the plaintiff or any other party in the proceedings.

The statement read:
*For the avoidance of doubt, the bank confirms that the recovery actions it embarked upon against Dr. Patrick Ifeanyi Ubah and Capital Oil and Gas have not been in any form or substance affected nor prejudiced by the proceedings or judgments of the Honourable Court in the above mentioned suit.

*The Bank remains confident of the overwhelming success of the recovery actions it has initiated against Dr. Patrick Ifeanyi Ubah and Capital Oil and Gas Limited.

*The Bank will continue to furnish relevant regulatory authorities with updates on the status of its recovery actions and would fulfill its obligation to its depositors and shareholders regarding the recovery of debts due from Patrick Ifeanyi Uba and Capital Oil and Gas Limited.

*Our attention has been drawn to news media reports and text messages purporting that a Federal High Court sitting in Lagos presided over by Honourable Justice Chukwujekwu Aneke on Monday February 18, 2013 gave judgment against Access Bank Plc and three others in Suit No FHC/L/CS/07/13 involving Capital Oil and Gas Ltd and Patrick Ifeanyi Uba.

*The massive SMS campaign has triggered enquiries from our stakeholders regarding the status of our on-going debt recovery actions against Patrick Ifeanyi Uba and Capital Oil and Gas Limited. We deem it necessary to make the following clarifications to correct any unfortunate misinformation contained in the said reports.

*Access Bank Plc is not a party to the above captioned suit instituted by Patrick Ifeanyi Ubah and his company Capital Oil and Gas Limited.

*The subject of the suit and reliefs sought therein are unconnected with the actions instituted by the Bank for the recovery of the monies due to it from Patrick Ifeanyi Ubah and Capital Oil and Gas Limited.

The plaintiffs in the above suit did not seek any declaration, injunctive relief or damages against the Bank.


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