CAPITAL OIL/COSCHARIS FACE-OFF: REPS ACCUSE IMOKHUEDE, OKONJO-IWEALA OF STALLING INVESTIGATION

The House of Representatives Committee on Public Petitions yesterday accused the Group Managing Director of Access Bank Plc, Mr Aigboje Aig-Imokhuede and the Minister of Finance, Dr Ngozi Okonjo-Iweala of frustrating its efforts at resolving the dispute between Capital Oil Plc and Coscharis Motors Limited.

To this end, the Uzor Azubuike-led committee threatened to issue warrants  of arrest on Aig-Imokhuede and the Okonjo-Iweala over their continued refusal to appear before the committee

The public hearing however went on with presentations from the Chairman, Coscharis Group, Mr. Cosmas Maduka and Mr. Ifeanyi Uba, Managing Director, Capital Oil and Gas Industries Limited.

Maduka reiterated his stance that he was constrained from providing answers to issues raised in the petition of Capital Oil because the matter was already before the courts, hence any statement might be subjudice. Maduka's lawyer, Mr. Osita Mbamalu went ahead to submit evidence in form of court papers showing that the issues were before the courts.

Capital Oil's counsel, Mr Ben Nwosu disagreed that entertaining the matter will be subjudice. He sought the Committee on Public Petitions to prevail on the Central Bank of Nigeria (CBN) to effect the payment of Capital Oil's Sovereign Debt Note of N2.1billion which, according to him, has been approved by the Debt Management Office.