Fuel Subsidy scam: Capital Oil boss, Ifeanyi Ubah arrested, quizzed

LAGOS- FOLLOWING the fuel subsidy scam currently rocking Nigeria The Special Fraud Unit, Milverton Ikoyi, Lagos has arrested  the Managing Director of Capital Oil & Gas Industries Ltd , Mr Ifeanyi Ubah, over  alleged involvement of his c

Ifeanyi Ubah

ompany in the fuel subsidy scam.

As at the time of filing this report the  oil magnate who arrived the Unit  in the company of his lawyers  was still being interrogated.
His company was indicted by Mr Aigboje Aig-Imoukhuede-led 15-man Presidential panel constituted by President Goodluck Jonathan to re-investigate the findings of the report of an earlier investigation panel set up by the Ministry of Finance on fuel subsidy payments valued at over N2 trillion.
But in a swift re-action, the management of Capital Oil and Gas Industries Limited  denied  that its managing director was arrested, stating that Ubah voluntarily visited the Unit on a routine verification exercise on subsidy claim and returned to the office.
However, the SFU’s Public Relations Officer, Ngozi Insitelu, earlier this evening simply stated that Ubah was still being interrogated over the oil subsidy scam. She could, however, not give details on why it was taking the Unit long to release him.
Biztellers reliably gathered that the oil magnate was still being quizzed by a seven-man detective team. It was also gathered that three management staff of his company were  undergoing interrogation in another room in the anti-fraud unit.
Clad in a blue caftan with a pair of black shoes, Ubah, who was in the company of his lawyer, reportedly responded to some of the questions posed to him.
It could, however, not be ascertained whether he would be allowed to go home, as sources at  the Unit said the interrogation might take long.
According to sources at the unit, “we are not done with the interrogation”.

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