by Akan Ido

A Federal High Court sitting in Abuja yesterday granted the prayers of Capital Oil and Gas Industries Limited for the vacation of an order which allowed the Asset Management Company of Nigeria (AMCON) to shut down its facilities since November 13, 2012.

While discharging the order, Justice Kafarati, who presided over the case, said the court has the powers to set aside its orders considering that justice demands it.

Kafarati reportedly said since Capital Oil and Gas is an ongoing concern, it is only proper to allow it continue its business noting that the business of AMCON is not to stifle the company’s operations.

He urged AMCON to re-open the firm’s facilities and urged it to enter into negotiations with Capital Oil on how to pay the debt.

Capital Oil had on November 22 re-approached the court urging it to reconsider its interim injunction after it granted AMCON the right to immediately take possession of properties and assets of the oil firm following allegations that it is indebted to AMCON to the tune of N48.014 billion.

Counsel to AMCON, Ricky Tarfa standing on Order 28 of the court rules, asked the court to order the sales of products held in the capital oil storage facilities, he further asked that proceeds of the sale be held in an account as ordered by the court pending the determination of the owners of the fund.

Justice Kafarati adjourned the suit to the January 15, 2013 for definite hearing.