Oil businessman Ifeanyi Ubah has welcomed last Monday's court order restraining the police from prosecuting or arresting him on the basis of the report of the presidential committee on verification of oil subsidy payments.

In a statement yesterday, Ubah Chief Executive Officer of Capital Oil and Gas Limited expressed hope that the judgment would give the company the opportunity to rebuild and focus on its objectives after what was described as a trying time.

Ubah had last Monday secured a perpetual injunction from a Federal High Court sitting in Lagos which also awarded N10 million damages in his favour and against the police for detaining him on the basis of the report of the presidential committee.

In his reaction issued by his company, Capital Oil and Gas Limited yesterday, Ubah expressed regret that some political and business rivals had sought to use his troubles to get the advantage over him in the political and business arena.

"The general public may recall that various media were awash with all forms of baseless allegations against the company of collecting subsidy payments without importing or discharging any fuel. The smear campaign was so bad that the company was even labeled an 'oil thief' even when no judicial pronouncement had been made in that regard."