Ifeanyi Uba’s Capital Oil Petitioned over Another Fuel & Subsidy Scam
Ifeanyi Uba
Chiemelie Ezeobi
There is more trouble ahead for the beleaguered owner of Capital Oil and Gas Limited, Mr. Ifeanyi Uba, who was remanded in police custody Thursday for fraudulently claiming N22.4 billion from the Federal Government through the fuel subsidy scheme.
As he is battling to extricate himself from the allegation, he faces a fresh allegation of fleecing his financier in a $289.517 million transaction between his company and an auto firm, Coscharis Motors Limited.
The auto company has petitioned the police to investigate the alleged criminal diversion of imported petrol by Capital Oil.
Coscharis, in the petition dated October 9 and addressed to the Commissioner of Police, Special Fraud Unit (SFU), Lagos, accused Capital Oil of reneging on an agreement between the two companies in which the auto firm would finance the importation and sale of petrol.
Coscharis, in the petition, signed by its President/CEO, Dr. Cosmas Maduka, to the Commissioner of Police, SFU, Mr. Tunde Ogunshakin, said his company entered into a joint venture agreement with Capital Oil in July 2011 to import petrol.
