The Chairman of Capital Oil, Mr. Ifeanyi Uba, with
five others was today arraigned in Tinubu courts 5, Lagos State, over fuel
subsidy scam.
Uba
was arrested by detectives from Special Fraud Unit on Tuesday over allegations
of fuel subsidy fraud, running to N43 billion.
 |
| Uba |
OIL
SUBSIDY SCAM
SUSPECTS: DR PATRICK IFEANYI UBAH -
MD/CEO
MR
JOSEPH ORJI - EXECUTIVE DIRECTOR, OPERATIONS
MR
AFAM AZUBIKE - EXECUTIVE DIRECTOR, SPECIAL DUTIES
MR
CHIBUZOR OGBUOKIRI - GENERAL MANGER, OPERATIONS
MR
GODFREY OKORIE - DEPOT MANAGER
MR
NSIKAN USORO - HEAD, TRADING
The
Special Fraud Unit of the Nigeria Police continues its investigation of Oil
Marketers involved in the Oil Subsidy Scam.
The MD/CEO of Capital Oil & Gas Limited, Dr Patrick Ifeanyi Ubah and
five others who were arrested yesterday by operatives of the Unit are still
undergoing interrogation. The
investigation is at the instance of Aig-Imokuede led 15-member – Presidential
Panel constituted by the Ministry of Finance on Fuel Subsidy Payments valued at
over N2 trillion. The Commissioner of Police, Special Fraud
Unit, CP Tunde Ogunsakin is a member of the Presidential Committee. The SFU is anchoring the criminal
investigation of the Fuel Subsidy Payment.
The
arrest is thus sequel to the company’s indictment by the team of Auditors of
the Presidential Committee on Verification and Reconciliation of Fuel Subsidy
Payment.
Investigation
revealed that a total subsidy amount of N43.291 billion was due to Capital Oil & Gas Industries
Ltd based on N538.74 million litres of fuel imported during 2011 financial year
which comprises twenty-six (26) transactions.
W/ASP NGOZI ISINTUME
PPRO
Special Fraud Unit
Ikoyi – Lagos.
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