Capital Oil Plc slams N1bn suit on Ifeanyi Uba


Akin Kuponiyi
Ifeanyi Uba, CEO Capital Oil and Gas Limited
Capital Oil Plc who deals in petroleum products has slammed N1billion suit on a Nigerian businessman, Chief Ifeanyi Uba and his company, Capital Oil and Gas Industries Limited over an alleged unlawful use of part of its company’s registered name “Capital Oil” despite repeated pleas and warning by the plaintiff and directive from the Corporate Affairs Commission (CAC).
Joined as co-defendant in the ensuing legal hostility is the CAC.
In a statement of claim filed before a federal high court in Lagos, Southwest Nigeria by a Lagos-based lawyer Chioma Okwuanyi, Capital Oil Plc stated that it became aware of the existence of Capital Oil and Gas industries Ltd when correspondence meant for the company were delivered to it and upon inquiry it discovered that the company engages in the business of dealing in petroleum products which is the same line of its business,
The plaintiff (Capital Oil) notified CAC of the error in registering Capital Oil and Gas industries Ltd.
Thereafter CAC directed the company to change its name within six weeks, but the defendant refused to do so. When the confusion between the two companies became unbearable, the plaintiff dragged the defendant to court.
The suit was settled by a consent judgement, whereby Capital Oil and Gas industries paid N100 million to the plaintiff to remove Capital from its name however the money was refunded when it was discovered that the board of Directors of Capital Oil company was not carried along in the purported settlement which the company accepted.
Thereafter Capital Oil and Gas Industries sought the order of the court to compel the plaintiff to enforce the said consent judgement but Justice Okechukwu Okeke after review of the facts of the case absolved the plaintiff of any breach of the consent judgement, …Read More

Source:: PM Newspaper