Ifeanyi Ubah, Capital Oil boss, put in detention for two weeks

The head of one of Nigeria’s largest indigenous oil marketing company, Ifeanyi Ubah, will be in police cell for the next two weeks based on the order of a Lagos Magistrate Court.

The Court, Thursday, ordered the Police Special Fraud Unit (SFU) to keep Mr. Ubah, the Chief Executive Officer of Capital Oil and Gas Limited, in police custody for two weeks. Mr. Ubah will however not be alone as he would be accompanied in the police cell by four of his employees based on the court order

The court said the reason is for the police to complete its investigation into a the N43 billion subsidy fraud levelled against Mr. Ubah and his company.

The operatives of the SFU had, earlier this week, arrested the Capital Oil and Gas boss and five members of his staff for interrogation, following the company’s indictment by the Aig-Imokuede led 15-member Presidential Panel constituted by President Goodluck Jonathan.

The committee, in which the Commissioner of Police, SFU, Tunde Ogunsakin, is a member; is charged with the verification and reconciliation of fuel subsidy payments.

The SFU said that they are investigating the suspects for “economic sabotage”, in addition to obtaining money under false pretences, money laundering and stealing the property of Nigeria.

Ongoing investigations revealed that Mr. Ubah’s company received N43.291 billion as subsidy payments for the importation of 538.74 million litres of fuel in 26 transactions in 2011, according to the SFU.

Other members of Capital Oil and Gas who are to be remanded in custody with Mr. Ubah include Joseph Orji, Executive Director, Operations; Chibuzor Ogbuokiri, General Manager, Operations; Godfrey Okorie, Depot Manager; and Nsikan Usoro, Head, Trading.

Effiong Asuquo, counsel to SFU, who filed the application for remand of the suspects, had requested that the suspects be in custody for 30 days to enable the police conclude its investigations.

“There is a very high risk of the suspects escaping out of the country to prevent prosecution,” Mr. Asuquo said.

Martins Owumi, the presiding magistrate, noted that the suspects had not been charged with any offence, and approved only 14 days.

The suspects can however file a bail application before the two weeks lapses.

 

Others too

Another group of suspects involved in a N13 billion fuel subsidy fraud also appeared before Mr. Owumi, on Thursday.

They included Abdulkabir Aliu, the Managing Director/Chief Executive, Matrix Energy Limited; Yusuf Oyolola, the Operations Manager; and Adewale Akinde, the Accountant.

Mr. Owumi ordered that they be remanded in custody for 15 days, also for the police to complete their investigations.

The magistrate also stated that the suspects can file a bail application before the remand order expires.

The cases were adjourned till October 31.


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  • Af am Offor

    So
    this guy is a big thief with all the shows and bogus parties with Nollywood
    babes? So he has been acting half clever? If Nigeria had a good philosophy of
    addressing corruption, all these men and their family members would never see
    sunshine outside their prison confines. Goodluck Jonathan needs to use Ubah and
    his cohorts to make a point. It is an irony of life that such men exist in a
    democracy that claims it is fighting corruption. The Judge should not grant him
    bail until he forfeits all the ill gotten wealth. God bless Lamorde of EFCC.

    afamoffor2222@yahoo.com

    • Oscar,Ezebinenu

      You are a stupid idiot,why must Uba should be use as a example.Why not your family and your poor Father that put birth you.Oscar
      Osca1969@yahoo.com
      ————————
      My Ibo Brother this is 100% cheat, why must Ifeanyi Uba remain in detention up till this day, Well I believe without being told that the Civil War is still on, because I see no reason why other people that was caught in the same act has already enjoying their freedom, It is time Ibo people should wake up and speak, we should stop looking into it as Mr. Uba Case alone, every Ibo Man Case has become a GORDIAN KNOT in this Nigeria. That shows that Ibo people cannot get justice. The Southerners has been reaping on this Subsidy for years before the only Ibo Oil Merchant Ifeany Uba come into Existence few years back.
      The Father of every Ibo region is gone, no one to speak for Ibo again, Ifeany Uba God is with you and God must give you justice very soon. Do not be afraid the Enemy of Progress must see you bouncing back. You are only being tested but God must lift you high very soon and people will celebrate you.

      Just believe that the battle of the Lord and we are praying that the Almighty God will fight your battle. Just read Psalm 24 and see God in action today.
      God bless you and your workers.
      Oscar Nzewi
      Festac Town Lagos

  • Af am Offor

    So
    this guy is a big thief with all the shows and bogus parties with Nollywood
    babes? So he has been acting half clever? If Nigeria had a good philosophy of
    addressing corruption, all these men and their family members would never see
    sunshine outside their prison confines. Goodluck Jonathan needs to use Ubah and
    his cohorts to make a point. It is an irony of life that such men exist in a
    democracy that claims it is fighting corruption. The Judge should not grant him
    bail until he forfeits all the ill gotten wealth. God bless Lamorde of EFCC.

    afamoffor2222@yahoo.com