A limited liability company, Capital Oil Plc, has written a letter to Chief Ifeanyi Ubah and his company Capital Oil and Gas industries to pay consent judgement sum of N100 million.

Capital Oil Plc, had in 2008 slammed N1 billion suit on Chief Ifeanyi Ubah and his company, Capital Oil and Gas Industries Limited over an alleged unlawful use of part of its name “CAPITAL OIL” and and that despite repeated pleas and warning by the plaintiff and directive from the Corporate Affairs Commission, the defendants did not desist.

Corporate Affairs Commission (CAC) was joined as co- defendants.

In a statement of claim filed before a Federal High Court in Lagos by a Lagos lawyer, Chioma Okwuanyi, Capital Oil Plc stated that it became aware of the existence of Capital Oil and Gas Industries Ltd. when correspondences meant for the company were delivered to it and that 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 Corporate Affairs Commission 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 (Capital Oil Plc) dragged Chief Ifeanyi Ubah and his company Capital Oil and Gas industries Plc to court.

The suit was later settled by a term of settlement filed before the court and entered as consent judgement, whereby Chief Ifeanyi Ubah and his company Capital Oil and Gas industries agreed to pay and indeed 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 the presiding judge then Justice Okechukwu Okeke after a review of the facts of the case absolved the plaintiff of any breach of the consent judgement in the sense that since the defendant accepted the money refunded by the plaintiff, the judgement has been repudiated.

Thereafter, the defendants agreed for the sum of N230million as settlement, but the defendants refused to make any payment.

Sometime in 2013, the plaintiff received several calls from its clients who demanded to know how it had been so much engrossed in huge indebtedness that led to the take over of the management of the company by Asset Management Corporation of Nigeria AMCON.

This embarrassed the plaintiff and tore its good will into shreds, as the company taken over by AMCON was Capital Oil and Gas industries and not Capital Oil Plc.

Thereafter, the Plaintiff file a suit seeking an order to restrain Chief Ifeanyi Ubah from using the name ‘Capital Oil.’

By judgement of Justice M B. Idris, the argument of Chief Ifeanyi Ubah and his company was upheld, stating that the consent judgement was still valid and subsisting.

Capital Oil, dissatisfied with the said judgement, appealed to the court of Appeal.

The court of Appeal, while delivering its judgement dated 19th May 2021 upheld the judgement of the lower court and found the judgement of Justice M. B. Idris to be valid and subsisting.

Upon the delivery of the judgement of the court of Appeal, the Capital Oil company instructed its solicitors to write a letter to Chief Ifeanyi Ubah and his company demanding the payment of the N100 million judgement sum.

https://pmnewsnigeria.com/2022/02/08/capital-oil-plc-writes-ifeanyi-ubah-demands-payment-of-n100m-judgement-sum/

Ifeanyi Uba will be laughing hard at these people,

The courts awarded N1 billion naira judgement against the FG and in favour of Mazi Nnamdi Kanu, and the FG hasn't paid the money yet.

There is a precedent, nobody will pay any court judgement awarded money till Nnamdi Kanu gets his payment

A limited liability company, Capital Oil Plc, has written a letter to Chief Ifeanyi Ubah and his company Capital Oil and Gas industries (Limited) to pay consent judgement sum of N100 million.

Is it that an editor did not read the opening line before publishing this? How can same LLC be PLC at the same time?

Capital Oil Plc is a Public Liability Company listed on the Nigeria Stock Exchange NGX so introducing it as an LLC and putting Plc at the end of its name is not right.

I don't understand why the writer described PLC as a limited liability company when the company is yet to be delisted from NGX.

I don't even see much difference between both 'Capital':

one capital is owned by the serial bank debtor, Sen. Ifeanyi Uba, who owes banks billions

while the other Capital on NGx owes investors probably billions as dividends for donkey years.

Anyone doing business with both 'Capital' is in "one chance ", you can even hardly find buyer for your shares if you have capital oil plc shares.

FreeStuffsNG:
A limited liability company, Capital Oil Plc, has written a letter to Chief Ifeanyi Ubah and his company Capital Oil and Gas industries (Limited) to pay consent judgement sum of N100 million.


Capital Oil Plc is a Public Liability Company listed on the Nigeria Stock Exchange NGX.

I don't understand why the writer described PLC as a limited liability company when the company is yet to be delisted.

Well spotted.....The journalist will also be sued for misrepresentation!

[img]https://c./i2kmn1YBoXIAAAAC/hi-hallo.gif[/img]

NwaNimo1:


Well spotted.....The journalist will also be sued for misrepresentation!

[img]https://c./i2kmn1YBoXIAAAAC/hi-hallo.gif[/img]

[quote.

I don't understand why the writer described PLC as a limited liability company when the company is yet to be delisted from NGX.
.[/quote]

Actually, the journalist is correct. A PLC is also a limited liability company.

There are 3 types of limited liability companies.

1. Private limited company (this is the most common type). The company name usually ends with 'Limited' or 'Ltd'.

2. Public limited company (often large companies). The company name usually ends with 'PLC'.

3. Public company limited by Guarantee (usually referred to as Public Guarantee Company)

The 'Limited Liability' feature in their structure simple means that the liability of the shareholders (owners) of such companies is limited to their investment in the company. That is, ordinarily, creditors of the company cannot go after the personal assets of the shareholders (owners).

These types of companies contrast with sole proprietorship (Enterprise, as it is called bin Nigeria), where the concept of limited liability doesn't apply. In this case, the law does not recognise any difference between an Enterprise and it's owner. If your Enterprise runs into a debt, you are personally liable, hence the creditor can come after any of your personal assets.

Also, 'LLC' is an American terminology, not Nigerian. Using it in the Nigerian context will only confuse you more.

[quote author=DeLaRue post=110076098][/quote]

Thank you for your detailed clarification sir.

By default, I immediately saw LLC as Limited Liability Company instead of the generic use of limited liability company (not as LLC used by the Americans) . But for your clarification, I would never have immediately seen that he was using the generic not LLC.

I agree with you that the journalist is right and quite obviously, he is writing for a Nigerian audience so its quite adequate.
Thank you sir.

NwaNimo1:


Well spotted.....The journalist will also be sued for misrepresentation!

[img]https://c./i2kmn1YBoXIAAAAC/hi-hallo.gif[/img]

ipob and money are like 5 and 6