The billionaire businessman and MD of Capital
Oil and Gas Ltd is currently in a small cell at
the Special Fraud Unit in Ikoyi. He was
arrested on October 9th following accusations
of fraud totaling N43billion from the Aigboje
Aig-Imoukhuede led presidential committee
on verification and reconciliation of fuel
subsidy payments. The committee discovered
gross abuse by many marketers and reported
the case to the police. His company leads the
list of 25 companies indicted by the
committee which discovered about N62
billion of subsidy fraud.
So he's now facing criminal investigation and
prosecution for Capital Oil and Gas'
involvement in fuel subsidy fraud. He was in
court yesterday and the Special Fraud Unit of
the Nigerian Police told the court that the
money stolen by Mr Uba, could conveniently
pay the monthly allocation of 11 states of the
federation and asked the courts not to grant
him bail, which they didn't. The case was
adjourned to Monday October 22nd.
Meanwhile, his company has been blacklisted
by banks on the recommendation of the
Central Bank of Nigeria.
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