Fuel Scam: Capital Oil Boss, Ifeanyi Uba Arrested, Quizzed 4 years ago 31


The Special Fraud Unit, Milverton Ikoyi, has arrested  the Managing Director of Capital Oil & Gas Industries Ltd, Mr Ifeanyi Uba, over alleged involvement of his companies in the fuel subsidy scam.

At press time, the oil magnate who arrived the Unit  in the company of his lawyers was still being interrogated.

His company was indicted by Mr Aigboje Aig-Imoukhuede-led 15-man presidential panel constituted by President Goodluck Jonathan to re-investigate the findings of the report of an earlier investigation panel set up by the Ministry of Finance on fuel subsidy payments valued at over N2 trillion.

But  the management of Capital Oil and Gas Industries Limited denied  that its managing director was arrested, stating that Uba voluntarily visited the Unit on a routine verification exercise on subsidy claim and returned to the office.

However, when Vanguard spoke with SFU’s Public Relations Officer, Ngozi Insitelu, at about 6.30p.m, she simply stated that Uba was still being interrogated over the oil subsidy scam. She could, however, not give detail on why it was taking the Unit long to release him.

At about 7.25pm, Vanguard reliably gathered that the oil magnate was still being quizzed by a seven-man detective team. It was also gathered that three management staff of his company were  undergoing interrogation in another room in the anti-fraud unit.

Clad in a blue caftan with a pair of black shoes, Uba, who was in the company of his lawyer, reportedly responded to some of the questions posed to him.

It could, however, not be ascertained whether he would be allowed to go home, as sources at  the Unit said the interrogation might take long. According to sources at the unit, “we are not done with the interrogation. He may or may not go home today.” Home Page

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