Why Ifeanyi Ubah, Capital Oil boss was Arrested by Special Fraud Unit?

Trucks Belonging to Capital Oil’s Kerosene Scheme

Capital Oil and Gas CEO, Ifeanyi Ubah was yesterday arrested by members of the Special Fraud Unit (SFU) over allegations of his company’s involvement in the fuel subsidy scam.
The Aig Imokhuede-led committee on on Verification and Reconciliation of Fuel Subsidy Payments indicted the oil marketer of subsidy fraud totaling about  N22.4 billion.
Spokesperson for the SFU, Assistant Superintendent Ngozi Isintume said the oil marketer whose name and company name is on the list of persons barred from being extended credit by banks, is presumed innocent until proven guilty.
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.”
 BusinessNews