30th April, 2013
Nigeria’s Economic and Financial Crimes Commission, EFCC, arrested and quizzed Ifeanyi Ubah, Managing Director of Capital Oil and Gas Industries Limited for allegedly defrauding the Federal government of N43 billion through fraudulent fuel subsidy payments.
P.M. NEWS learnt that the arrest of the oil marketer followed his failure to honour earlier invitations to answer questions on the subsidy fraud.
Ubah, it was learnt was first invited to meet with the operatives on April 11 but he failed, necessitating another invitation on April 19 which he also did not honour.
It was gathered that Ubah was picked up from his Maitama Abuja residence and taken to EFCC head office by the operatives of the anti-graft agency early this morning.
Ubah was compelled to make a written statement and quizzed over fraud allegations against him before he was released on administrative bail later in the evening.
Capital Oil and Gas was alleged to have received N43.3 billion for the importation of 538.74 millions litres of fuel through forged documents in a report on investigations of fraudulent fuel subsidy payments by the Special Fraud Unit of the Police in 2012.
The SFU report detailed how top government officials in the Petroleum Products Pricing and Regulating Agency, Nigerian Ports Authority, Department of Petroleum Resources and Nigerian Maritime Administration and Safety Agency collaborated to receive billions of naira in subsidy with forged documents.