Ifeanyi Uba Arrested Over N22.4 Billion Fraud

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Mr Ifeanyi Uba, the Managing Director of Capital Oil & Gas Industries Ltd has been arrested by the Police Special Fraud Unit over the involvement of his firm in a N22.4 Billion subsidy fraud.


Pointblanknews.com reports that the alleged arrest of Mr Uba occurred at exactly 2.00pm on April 7, Tuesday. He was said to be in the company of his lawyers at the time of his arrest.

The arrest of Mr Ifeanyi Uba follows an investigation by Mr Aigboje Aig-Imoukhuede’s led 15-man Presidential Panel constituted by President Goodluck Jonathan, which indicted Capital Oil for fraud.

Pointblanknews.com learnt that NNPC allocated to Uba’s Capital Oil 75% of kerosene supplies to distribute to the entire country at N50 pump price.

But the cheapest of the product at the depot is N120 per litre & N135 at the filling stations while Capital Oil makes more than N70 on each litre of kerosene sold.

Uba is alleged to have illegally made over N60 billion from payments from kerosene subsidy with his Capital Oil as the major player in the kerosene deals.

Sources hinted that Uba who made a payment plan of N2 Billion with AMCON reneged severally and started playing hide and seek anytime the Mustapha Chike Obi led agency approaches him to pay up his debts.

Capital Oil is one of the firms which received dodgy payments running into billions of naira from the Petroleum Products Pricing and Regulatory Agency (PPPRA) on kerosene, petrol and diesel subsidy.

Government paid a total sum of N3.655 trillion to beneficiaries of fuel subsidy between 2006 and 2011, while amount jumped to a whooping N1.426 trillion between January and August last year.

Uba who is rumored to be nursing the ambition to take over from Mr. peter Obi as the next Governor of Anambra played a key role in President Jonathan’s re-election campaign.

He was the brain behind the Transformation Ambassadors of Nigeria (TAN) – a group which claimed to have secured 18 million signatures across the six geo-political zones endorsing Jonathan’s re-election bid.

Source: Pointblank


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