The Police Special Fraud Unit, Ikoyi has arrested oil magnet, Mr Ifeanyi Uba, the Managing Director of Capital Oil & Gas Industries Ltd over the involvement of his companies in the fuel subsidy scam.

Uba was taken into custody at exactly 2.20pm this afternoon with his team of lawyers and is being currently 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.

– The Citizen Newspaper