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Fuel Subsidy scam: Capital Oil boss, Ifeanyi Uba arrested

The Special Fraud Unit , Milverton Ikoyi, has arrested  the Managing Director of Capital Oil & Gas Industries Ltd , Mr Ifeanyi Uba , over the  alleged involvement of his companies in the fuel subsidy scam.  As at 7 pm , the  oil magnate who arrived the Unit  in the company of his team of lawyers  was still being interrogated.

His company was indicted  by Mr Aigboje Aig-Imoukhuede’s 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 the Management of Capital Oil and Gas Industries Limited  denied  that its Managing Director was arrested, stating rather, that  Uba voluntarily visited the Unit on a routine verification exercise on subsidy claim and returned to the office.

However when Vanguard spoke with SFU’s Public Relation’s Officer, Ngozi Insitelu at about 6.30pm, she simply stated that Uba was still being interrogated over the oil subsidy scam. She could however not give further details on why it was taking the Unit long to release him, as she said she was driving then.


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