N22BILLION SUBSIDY FRAUD: SFU ARREST IFEANYI UBA (CAPITAL OIL)

Police Arrest Ifeanyi Uba over Alleged N22.4 Billion Subsidy Fraud

Chiemelie Ezeobi

These are certainly worst times for Uba as it would be recalled that recently, the Central Bank of Nigeria barred banks from extending further credit line to 113 companies including Uba’s company which allegedly owes over N48.014 billion to banks.

The Special Fraud Unit (SFU) of the Nigeria Police yesterday arrested the Managing Director of Capital Oil and Gas, Mr. Ifeanyi Uba, over his alleged involvement in the fuel subsidy scan running into N22.4billion.

The SFU led Commissioner of Police, CP Tunde Ogunsakin, was said to have arrested the oil magnate at about 2.30pm in Lagos, who upon arrest, went with his team of lawyers.

As at press time, Uba was still being interrogated a crack team of detectives at SFU’s office at Milverton Road, Ikoyi.

It would be recalled that alongside other marketers, Uba was indicted by the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments led by Mr. Aigboje Aig-Imoukhuede.

However, in a recent publication in one of the national dailies, Uba had previously debunked media reports linking him with the subsidy fraud, adding that it was propagated by charlatans and disgruntled elements out to smear his image.

Speaking to THISDAY in a telephone conversation yesterday, the Police Public Relations Officer for SFU, Ngozi Isintume, an assistant superintendent of police, confirmed the arrest, adding that the suspect is presumed innocent until investigations are over.

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 (yesterday). 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 preempt 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.”

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