Capital Oil boss, Ifeanyi Uba released from bailed from police custody

by Isi Esene

Reports say the managing director and chief executive officer of Capital Oil and Gas, Ifeanyi Uba has been released from the custody of the Special Fraud Unit after spending more than a week in confinement.

Uba was accused of engaging in fraudulent activities with regards to the management of fuel subsidy funds received from the Federal Government for the importation of petroleum products into the country.

The billionaire businessman was indicted by the Aigboje Aig-Imoukhuede led presidential committee on the verification and reconciliation of fuel subsidy payment and arrested on October 9 for fraud totally N43bn.

The committee discovered gross abuse by many marketers.

Uba was released Fridayevening after he fulfilled his bail conditions.

One comment

  1. Nigeria is a very interesting society. You steal 10,000 naira less than 100 USD spend years in prison awaiting trial but another loots 300 million naira but gets detained in a comfortable facility. It is now obvious that there are laws for the rich like Ifeanyi Uba and another for the poor

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