MD CAPITAL OIL AND GAS STILL IN POLICE CUSTODY

Ifeanyi Uba

This is not the best of time for Capital oil and gas boss Ifeanyi Uba as he is still currently holed up in a small cell at the Special Fraud Unit in Ikoyi. Uba was arrested on October 9th following accusations of fraud totaling N43billion from the Aigboje Aig-Imoukhuede led presidential committee on verification and reconciliation of fuel subsidy payments.

The committee discovered gross abuse by many marketers and reported the case to the police. His company leads the list of 25 companies indicted by the committee which discovered about N62 billion of subsidy fraud. abd from all indication Uba is now facing criminal investigation and prosecution for Capital Oil and Gas' involvement in fuel subsidy fraud.

Masquerade234 gathered that he was in court yesterday and the Special Fraud Unit of the Nigerian Police told the court that the money stolen by Ifeanyi Uba, could conveniently pay the monthly allocation of 11 states of the federation and asked the courts not to grant him bail, which they didn't. The case was adjourned to Monday October 22nd.

lets also tell you that his company Capital Oil and Gas Ltd has been blacklisted by banks on the recommendation of the Central Bank of Nigeria.