This Day (Lagos)

11 October 2012

Nigeria: UBA, Six Others to Remain in Custody Pending Conclusion of Investigation

The Special Fraud Unit (SFU) Wednesday arrested six managers of Capital Oil and Gas for their alleged involvement in the fuel subsidy fraud.

The oil firm is owned by Mr. Ifeanyi Uba who was on Tuesday picked up by the unit,

However, THISDAY gathered that barring any unforeseen circumstance, Uba is expected to remain in custody pending the conclusion of the investigation and interrogation over his role.

The five managers arrested with Uba include, Executive Directors, Operations and Special Duties, Mr. Joseph Orji and Mr. Afam Azubuike respectively.

Others are, General Manager Operations, Mr. Chibuzor Ogbuokiri; Depot Manager, Mr. Godfrey Okorie and Head, Training Unit, Mr. Nsikan Usoro.

The six managers are currently in custody with their boss.

The oil magnate was arrested at about 2.30pm on Tuesday in Lagos by operatives of SFU for his alleged involvement in the fuel subsidy fraud.

His company, Capital Oil and Gas, was indicted by the Aigboje Aig-Imoukhuede led Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments.

According to the panel, out of the sum of N62,501,511,789.24 obtained fraudulently through the fuel subsidy structure, Uba's company alone was allegedly involved to the tune of N22.4 billion.

Confirming Uba's detention in SFU alongside six of his managers Wednesday, the Police Public Relations Officer (PPRO) of the unit, Ngozi Isintume, an Assistant Superintendent of Police, said investigations were still ongoing.

"Uba and six of his managers who were arrested by SFU are still in our custody. They have not been released because we are still investigating them.

"In fact, SFU operatives are still questioning them about their involvement in the fuel subsidy scam. They might be released once the investigative team is done with them.

She added: "We however still maintain our stance that they are not guilty until otherwise proven. We can only arrive at a conclusion when we are done with our investigations so that the law would run its full course."

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