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Federal Court Denies Capital Oil Boss, Ifeanyi Uba, Others, Bail

By on October 16, 2012

 

Embattled CEO of Capital Oil and Gas, Ifeanyi Ubah, has again been denied a bail application by a Federal High Court sitting in Lagos.

The denial was also denied some of his company’s senior executives namely Nsikan Usoro (Head of Trading), Godfrey Okorie (Depot Manager), Chibuzor Ogbuokiri (General Manager, Operations) and Orji Joseph Anayo (Executive Director, Operations).

The Capital Oil management had approached the court through an ex-parte application seeking for bail from police detention.

However, Justice Okon Abang, in his ruling denied their application and asked them to inform the respondents through a motion on notice. The case is to be reheard today.

The respondents in the case are the Inspector General of Police, Commissioner of Police, and a Chief Superintendent of Police with the Special Frauds Unit.

The suspects are in custody due to their alleged involvement in a fuel subsidy scam that cost Nigeria N43.29 billion. They stand accused of defrauding the Federal Government “by falsely pretending that the company had imported and sold 538, 74 million litres of Premium Motor Spirit during the 2011 fiscal year through 26 transactions.”