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...Ifeanyi Uba Arrested Over Alleged N22bn Subsidy Fraud

10 Oct 2012

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 Ifeanyi Uba



By Chiemelie Ezeobi

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.

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.

Tags: Nigeria, Featured, News, Ifeanyi Uba

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  • Useless country! for those who care to listen there is no hope for this so called nation. It's a failed state, and no measure can make it better.

    From: Ugo

    Posted: 2 years ago

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