After hearing an oral request for the dismissal of the lawsuit by AMCON's attorney, Oluwaseun Onabowu, Justice Nicholas Oweibo dismissed the charge.
The court had ordered that criminal summonses be issued against Ubah and his business, Capital Oil and Gas Limited, at the court's most recent session on June 13.
The Federal Government of Nigeria is accusing the Senator of being indebted to AMCON on eight counts, and the court issued the order in that criminal case.
In the hearings on Wednesday, the complainant's attorney advised the court that the case against Ubah should be dropped in Lagos as a result of a consent judgment made in a related case that was before the Abuja court.
The attorney requested that the court drop the accusation brought against the defendants.
Agreements have been struck with the complainant, according to Ifeoma Esom, attorney for the defendants, who also informed the court of this.
Justice Oweibo threw out the charge in his decision.
Ubah and his business, Capital Oil and Gas Industries Limited, were accused of conspiring to make false statements in AMCON's eight-count amended accusation.
It claimed that the claims related to the true values of some assets that had been given to AMCON as part of a consent judgment he and his business entered into with AMCON.
The defendants were also accused of impeding the sale of a property on Banana Island in Lagos, which would have allowed AMCON to recover some of his outstanding N135 billion debt.