Subsidy Fraud: DMO Wants Case Reopened against Ubah

Mr. Ifeanyi Ubah

By Chiemelie Ezeobi

The Debt Management Office (DMO) has petitioned the Police Special Fraud Unit (SFU), Milverton Road, Ikoyi, Lagos, to reopen the allegation of fuel subsidy fraud levelled against the Chairman, Capital Oil and Gas Industries Limited, Mr. Ifeanyi Ubah.

Top police sources informed THISDAY Sunday that based on the strength of the petition, the police might be compelled to re-invite Ubah for further investigations and interrogation on the allegation surrounding his company's involvement in the subsidy crisis.

Ubah, last year, was arrested and kept in the custody of SFU for over a week based on the petition by Coscharis boss, Cosmas Maduka, over a business deal gone sour.

It was gathered that the DMO has requested the special unit to clarify issues on all transactions as petitioned by the Presidential Committee on Verification and Reconciliation of Fuel Subsidy claims which had earlier in their report pointed out discrepancies.

In the petition dated March 25, 2013, the DMO asked the SFU to further investigate and clarify the alleged discrepancy in the figures quoted in the report submitted by the presidential committee.

Sources said the recent petition might not be unconnected with recent media publications allegedly sponsored by Ubah claiming that his company had been exonerated of any fraud charges as alleged by the presidential committee.

The petition, which was addressed to the Commissioner of Police, SFU, Tunde Ogunsakin, reads in part; “Kindly note that the Presidential Committee on the Verification and Reconciliation of Fuel Subsidy Claims recommended the investigation on 26 transactions totalling N43, 290,043,936.54.

“But your investigation report indicated that the said oil marketer was cleared of only 13 transactions worth N245,584,093,220.50. The CP in charge of the Special Fraud Unit, Tunde Ogunsakin, is therefore called to further investigate the Capital Oil boss on the remaining 13 transactions, which were left out of the 26 levelled by the presidential committee.”

The petition also urged the police to confirm the difference in the value of the transactions and the amount for which Capital Oil was cleared, adding that clarification should also be sought to ascertain if the presidential committee actually forwarded only 13 transactions to the police for investigation.

The petition continued thus: “In the light of the aforesaid, the CP may wish to kindly confirm to the Coordinating Minister for the Economy and the Minister of Finance the following: That only the said 13 transactions were forwarded to you for investigation by the committee.”

However, sources at the SFU told THISDAY that the unit was yet to reply to the petition, adding that investigations were ongoing to address all the issues raised in the said petition so as to prevent a half-baked report from being submitted.

Meanwhile, the sources also revealed that contrary to speculation that the case between Ubah and Maduka had been swept under the carpet, he said concrete evidence was being gathered to tie up loose ends.

When contacted, SFU spokesperson, Ngozi Isintume, an Assistant Superintendent of Police, said she was not aware of any plan to rearrest or re-invite Ubah on the said petition.