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Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud - Politics - Nairaland

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Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by billante(m): 3:11pm On Oct 10, 2012
The Special Fraud Unit (SFU) of the Nigeria Police Tuesday arrested the Managing Director of Capital Oil and Gas, Mr. Ifeanyi Uba, for his alleged involvement in the fuel subsidy fraud, running intoN22.4 billion.


The SFU was said to have arrested him in Lagos at about 2.30pm.
Uba was taken to the SFU office in Ikoyi, where he was grilled by a team of detectives.
Police Public Relations Officer for SFU, Ngozi Isintume, an Assistant Superintendent of Police, confirmed Uba’s arrest, adding that the suspect is presumed innocent until investigations are over.
She said: “I cannot really say much for now because he is currently being interrogated by SFU detectives. Ifeanyi Uba was arrested because of his alleged involvement in the fuel subsidy scam.


“We are still investigating the case so I cannot say if he would be released at the end of today (Tuesday). He was indicted by the presidential committee on fuel subsidy verification.
“Our job is to thoroughly investigate the matter and then prosecute if it comes to that. We don’t want to pre-empt investigation by commenting on everything. As you are aware, investigation is still on.
“But be rest assured that the Commissioner of Police, Tunde Ogunsakin, would in line with his mantra of zero tolerance to corruption see this case to a logical end.


“Remember the law says one is innocent until otherwise proven guilty. That is the line we are towing until investigations are over.”
Uba, alongside other marketers, was indicted by the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments, led by Access Bank Plc Managing Director, Mr. Aigboje Aig-Imoukhuede.


The name of his company is on the list of the 25 companies indicted by the committee and recommended for criminal investigation for their alleged involvement in the N62,501,511,789.24 fraudulently obtained through the subsidy scheme.


In addition, Uba and his company are on the list of113 companies and 419 directors/shareholders that the Central Bank of Nigeria (CBN) has barred banks in the country from extending further creditto.
The CBN arrived at this decision because of the reluctance by the debtors to pay back their loans despite the purchase of the debts at an agreed price by the Asset Management Corporation of Nigeria (AMCON).
His company is said to owe over N48.014 billion to banks


http://www.thisdaylive.com/articles/-ifeanyi-uba-arrested-over-alleged-n22bn-subsidy-fraud/127289/

Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by k2039(m): 3:16pm On Oct 10, 2012
Nigeria is full of glorified thieves and fraudsters

2 Likes

Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by sylve11: 3:34pm On Oct 10, 2012
k2039: Nigeria is full of glorified thieves and fraudsters

I tell ya. cool
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by aryzgreat: 3:36pm On Oct 10, 2012
if found guilty, he should be prosecuted, likewise other marketers like otedola and co. no sacred cow!
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by Okijajuju1(m): 3:37pm On Oct 10, 2012
One Phrase... FRESH AIR!!!

2 Likes

Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by samguru: 3:37pm On Oct 10, 2012
@ op,please stop disturbing nairalanders with subsidy news again,abeg if u get beta torry to yan we wan read jooooor

1 Like

Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by vichofu(m): 3:37pm On Oct 10, 2012
Na so hand go dey touch una 1 after d oda.......we nid to dey hear PROSECUTION. not only ARREST.

1 Like

Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by mrperfect(m): 3:37pm On Oct 10, 2012
Let see how this goes.
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by executinal(m): 3:37pm On Oct 10, 2012
Naija just like bring up silly headlines to distract people from their internal loot. They always arrest and at the end nko? Were is Facrook and co
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by onatisi(m): 3:40pm On Oct 10, 2012
mrperfect: Let see how this goes.
it will go the same old way.nothing dey happen ,all na jokiiii
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by otunbacymbal(m): 3:40pm On Oct 10, 2012
come and see drama....session 5 episode 2......[color=#990000][/color] wink grin angry
executinal: Naija just like bring up silly headlines to distract people from their internal loot. They always arrest and at the end nko? Were is Facrook and co
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by justsayemma(m): 3:43pm On Oct 10, 2012
Y do Nigerians always fall 4 dis kinda news? We shud always learn 4 histry,all d people datwere previosly arested wat hapend 2 dem? Abi dem want try justify dia Transpiracy Int rating
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by Nobody: 3:43pm On Oct 10, 2012
Gra gra with no substance.
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by illitrate(m): 3:44pm On Oct 10, 2012
what will they do? grant him bail of 100m finish. angry angry angry angry angry
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by redcliff: 3:44pm On Oct 10, 2012
[size=30pt]IF U SEE THIS MAN;s HOUSE AT OMOLE PHASE II, U would curse yourself for being in the middle class..YOu would even curse urself for being rich cos compared to what he has, u r still poor[/size]

4 Likes

Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by DeLaRue: 3:48pm On Oct 10, 2012
Oops...but people have been saying on nairaland that Yoruba, Hausa, Edo, Igbirra etc Billionaires are all crooks and their Igbo counterparts are all genuine, and industrious (yes o, that famous Igbo word!), with superhuman business brains etc

yeye people.

I always knew this man was an A GRADE crook. I saw him on TV few weeks ago walking with a Minister - honest, you would think he owned Nigeria the way he pumped his chest out, swaggering his arms all over the place. Ah, Igbos and misplaced arrogance!

5 Likes

Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by uzo4real(m): 3:49pm On Oct 10, 2012
After arrest, what next? They shoild stop fooling dem selves making stupid arrest cus at d end nuttin happens. I hail u joor Uba...big boi joor

1 Like

Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by ednut1(m): 3:54pm On Oct 10, 2012
we are all involved in one scam or d oda, dis is life, only d fittest survive
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by Slizbeat(m): 3:54pm On Oct 10, 2012
Innocent until otherwise proven guilty?, isnt he guilty as we all have known and xperienced the effect of the subsidy. Am not here to judge based on sentiment even though i know Uba too well, we come from the same state, two of his cousins are friends of my sister. Well, till then, dont post anything about the case until he is guilty. If he is not, dont even let me know. 9ja i hail thee.
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by kkpopsy: 3:55pm On Oct 10, 2012
IF U SEE THIS MAN;s HOUSE
AT OMOLE PHASE II, U would
curse yourself for being in
the middle class..this man is a Glorified Thief!!

1 Like

Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by remmyton(f): 3:56pm On Oct 10, 2012
samguru: @ op,please stop disturbing nairalanders with subsidy news again,abeg if u get beta torry to yan we wan read jooooor

did you op force you to post on his thread, nairalanders and their foul smelling mouth angry
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by dayokanu(m): 3:57pm On Oct 10, 2012
The identity of those stealing the subsidy money is now coming out

Ifeanyi Ubah we dey watch
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by stagger: 3:57pm On Oct 10, 2012
Are we not still seeing his Kero Direct advert on AIT? HE WILL WALK FREE. Who wants to bet?
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by onatisi(m): 3:58pm On Oct 10, 2012
naija news is getting boring ,nothing positive is coming out.if it is not boko haram,kidnapping,someone been thrown from the 8th floor,flooding ,acn vs pdp,gej then it will be corruption ,it is really disheartneing.sad stories always seems to be the story of the day in naija.
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by Iranoladun(f): 3:58pm On Oct 10, 2012
God will catch all those thieves that are using their company as a conduit pipe to drain away our collective wealth. angry
This man and his company are among the oil thieves club of Nigeria angry
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by onatisi(m): 3:59pm On Oct 10, 2012
stagger: Are we not still seeing his Kero Direct advert on AIT? HE WILL WALK FREE. Who wants to bet?
he is already walking free

2 Likes

Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by SlyIg(f): 4:01pm On Oct 10, 2012
DeLaRue: Oops...but people have been saying on nairaland that Yoruba, Hausa, Edo, Igbirra etc Billionaires are all crooks and their Igbo counterparts are all genuine, and industrious (yes o, that famous Igbo word!), with superhuman business brains etc

yeye people.

I always knew this man was an A GRADE crook. I saw him on TV few weeks ago walking with a Minister - honest, you would think he owned Nigeria the way he pumped his chest out, swaggering his arms all over the place. Ah, Igbos and misplaced arrogance!
Even if you are given Nigeria as a birthday gift,would you collect?
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by Slizbeat(m): 4:02pm On Oct 10, 2012
DeLaRue: Oops...but people have been saying on nairaland that Yoruba, Hausa, Edo, Igbirra etc Billionaires are all crooks and their Igbo counterparts are all genuine, and industrious (yes o, that famous Igbo word!), with superhuman business brains etc

yeye people.

I always knew this man was an A GRADE crook. I saw him on TV few weeks ago walking with a Minister - honest, you would think he owned Nigeria the way he pumped his chest out, swaggering his arms all over the place. Ah, Igbos and misplaced arrogance!

And why did you believe them? The truth is that there is no tribe without stain. The only thing about it is how they use the money they got from fraud. So far i know, the igbos are better in investing whether fraud cash or not.

4 Likes

Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by onatisi(m): 4:06pm On Oct 10, 2012
the truth is that nigeria is messed up
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by hollypagan: 4:08pm On Oct 10, 2012
MY OGA WILL SOON COME OUT

1 Like

Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by DIG1: 4:11pm On Oct 10, 2012
I'm not supporting dis man in any ramification, but if u know dis man even small, u go know say dis man follow 4 people wey get dis country.
Re: Capital Oil Ifeanyi Uba Arrested Over N22bn Subsidy Fraud by asemota2012: 4:13pm On Oct 10, 2012
HE AND THE OTHER CULPRITS SHOULD BE TRIED AND PROSECUTED IF FOUND GUILTY;

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