Federal High Court sitting in Lagos has struck out the charge filed by the Asset Management Corporation of Nigeria (AMCON) against Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited, over an alleged N135bn indebtedness.

Justice Nicholas Oweibo struck out the charge following an oral application by counsel for AMCON, Oluwaseun Onabowu, seeking the withdrawal of the suit.

However, Ubah, representing Anambra South Senatorial District, was absent in court.

At the court's last sitting on June 13th, the court had directed that criminal summons be issued to Ubah and his company, Capital Oil and Gas Limited.

AMCON had, in its 8-count amended charge, alleged that Ifeanyi and his company conspired in making false claims about the actual values of certain assets transferred to AMCON under a consent judgment he and his company made with the agency.

The Defendants were also alleged to have obstructed AMCON in realising part of his outstanding debt of N135 billion by frustrating the sale of a property at Banana Island in Lagos.