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Why Ifeanyi Ubah, Capital Oil boss was Arrested by Special Fraud Unit

By on October 10, 2012

Trucks Belonging to Capital Oil’s Kerosene Scheme

Capital Oil and Gas CEO, Ifeanyi Ubah was yesterday arrested by members of the Special Fraud Unit (SFU) over allegations of his company’s involvement in the fuel subsidy scam.

The Aig Imokhuede-led committee on on Verification and Reconciliation of Fuel Subsidy Payments indicted the oil marketer of subsidy fraud totaling about  N22.4 billion.

Spokesperson for the SFU, Assistant Superintendent Ngozi Isintume said the oil marketer whose name and company name is on the list of persons barred from being extended credit by banks, is presumed innocent until proven guilty.

She said, ““I cannot really say much for now because he is currently being interrogated by SFU detectives. Ifeanyi Uba was arrested because of his alleged involvement in the fuel subsidy scam.

“We are still investigating the case so I cannot say if he would be released at the end of today (Tuesday).  He was indicted by the presidential committee on fuel subsidy verification.

“Our job is to thoroughly investigate the matter and then prosecute if it comes to that. We don’t want to pre-empt investigation by commenting on everything. As you are aware, investigation is still on.

“But be rest assured that the Commissioner of Police, Tunde Ogunsakin, would in line with his mantra of zero tolerance to corruption see this case to a logical end.

“Remember the law says one is innocent until otherwise proven guilty. That is the line we are towing until investigations are over.”

 

One Comment

  1. Nd

    October 11, 2012 at 2:20 pm

    Wat of,aiteo,obat,ramaiyya and other companies dat their depots merely operated last yr and ones like pinnacle dat dnt even v a station and was paid N300billion and was told to pay back like N2b frm dat huge amt and is just planning to construct his depot nw. Wat of ontario energy and other portfolio marketers, and they r here persecuting a man dat brought 90% of his cargos which the oil field marketers can testify. A company dat operated day and night to enable them create haulage in their tanks for sided vessels.A man dat built d biggest oil facility with borrowed funds and govetnment could not secure his interest for him to pay back his loan. It is a pity. Ifeanyi ubah might not b a perfect business man but in dis case he is just a sacrificial lamb. This subsidy cartel/portfolio companies he fought in d dailys in 2010 and 2011 cos of governent sharing formular for allocation which favoured them more than d depot owners r now free frm d crime . I ask one question, is ifeanyi ubah being punished becos d system feels that he exposed the way and trick of subsidy fraud to d government or becos he is aspiring to succeed gov peter obi of anambra state as a government under a party other than d ruling PDP?.