Capital Oil boss, others remanded in prison

Uba

The chairman of Capital Oil, Ifeanyi Uba, has been remanded in prison for 14 days over fuel subsidy scam running to N43.291 billion.

The remand was given at the Tinubu Magistrate Court 5 in Lagos State, on Thursday morning.

To share his confinement are the company's Head of Trading, Nsikan Usoro; Depot Manager, Godfrey Okorie; General Manager, Operations, Chibuzor Ogbuokiri and Executive Director, Operations of Capital Oil and Gas Limited, Orji Joseph Anayo

The Magistrate, Martins Owunmi ruled that the accused be remanded to enable them file their application properly.

The Special Fraud Unit (SFU), Millerton Ikoyi, Lagos, in their request for remand brought in pursuant to section 264 Administration of Criminal Justice Law,2011.

It said the fraud was discovered by the Presidential Committee on the Verification and Reconciliation of Fuel Subsidy Payments Auditors and reported to the Special Fraud Unit, Ikoyi, Lagos for investigation.  It also said most of the evidence and exhibits of the criminal acts will be destroyed by the suspects, if released from custody at this stage of the investigation.

Police lawyer argued that it was in the nation’s interest that the suspects are remanded to stop them from destroying evidence and exhibits.

According to the affidavit in support of application for the remand, deposed by CSP Francis Idu, the 26 importation and sales transaction claimed by the company were never done but the oil company fraudulently obtained N43.291billion from the Federal government.

He said the fraud was suspected when the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payment engaged auditors to conduct field examination of each oil marketing and trading company.

Courtesy daily trust.com.ng