The
Special Fraud Unit (SFU) of the Nigeria Police Tuesday arrested the
Managing Director of Capital Oil and Gas, Mr. Ifeanyi Uba, for his
alleged involvement in the fuel subsidy fraud, running into N22.4
billion.
The SFU was said to have arrested him in Lagos at about 2.30pm.
Uba was taken to the SFU office in Ikoyi, where he was grilled by a team of detectives.
Uba was taken to the SFU office in Ikoyi, where he was grilled by a team of detectives.
Police
Public Relations Officer for SFU, Ngozi Isintume, an Assistant
Superintendent of Police, confirmed Uba’s 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 (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.”
Uba,
alongside other marketers, was indicted by the Presidential Committee
on Verification and Reconciliation of Fuel Subsidy Payments, led by
Access Bank Plc Managing Director, Mr. Aigboje Aig-Imoukhuede.
The
name of his company is on the list of the 25 companies indicted by the
committee and recommended for criminal investigation for their alleged
involvement in the N62,501,511,789.24 fraudulently obtained through the
subsidy scheme.
In
addition, Uba and his company are on the list of 113 companies and 419
directors/shareholders that the Central Bank of Nigeria (CBN) has barred
banks in the country from extending further credit to.
The
CBN arrived at this decision because of the reluctance by the debtors
to pay back their loans despite the purchase of the debts at an agreed
price by the Asset Management Corporation of Nigeria (AMCON).
His company is said to owe over N48.014 billion to banks.
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