Oil magnate and boss of Capital Oil & Gas Limited, Dr. Patrick Ifeanyi Ubah, has been arraigned before a Magistrate Court in Lagos.
The arraignment of Ubah on Thursday at Magistrate Court 5 in Tinubu, Lagos Island, followed allegations that he fraudulently obtained N43.291 billion from the Federal Government for the importation of fuel.
He was arraigned by the Special Fraud Unit of the Nigeria Police.
Ubah, who was taken in by the Lagos office of the SFU alongside five of his managers, was alleged to have fraudulently obtained N43.291 billion from the Federal Government for the importation of 538.74 million litres of fuel.
The transaction was for the 2011 financial year.
The sum covered 26 transactions.
Spokesperson of the SFU, Ngozi Isintume, confirmed the arraignment of Ubah to The Eagle Online.
As reported earlier on Thursday, other managers of Capital Oil & Gas Limited being held by the Special Fraud Unit of the Nigeria Police at its Ikoyi, Lagos State office are the Executive Director, Operations, Joseph Orji; the Executive Director, Special Duties, Afam Azubike; the General Manager, Operations, Chibuzor Ogbuokiri; the Depot Manager, Godfrey Okorie; and the Head, Training, Nsikan Usoro.
Ubah and his men were indicted by the Aigboje Aig-Imokuede Presidential Panel on fuel subsidy verification.
According to a statement on Wednesday by Isintume, an Assistant Superintendent of Police, the arrest of Ubah and his co-travellers was as a result of their indictment by the team of Auditors of the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payment.
The SFU boss and Commissioner of Police, Tunde Ogunsakin, was a member of the Aig-Imokuede-led presidential panel set up by President Goodluck Ebele Jonathan.
Isintume added in the statement: “The Special Fraud Unit of the Nigeria Police continues its investigation of Oil Marketers involved in the Oil Subsidy Scam.
“The MD/CEO of Capital Oil & Gas Limited, Dr Patrick Ifeanyi Ubah, and five others who were arrested yesterday (Tuesday) by operatives of the Unit are still undergoing interrogation.
“The investigation is at the instance of Aig-Imokuede-led 15-member Presidential Panel constituted by the Ministry of Finance on Fuel Subsidy Payments valued at over N2 trillion.
“The Commissioner of Police, Special Fraud Unit, CP Tunde Ogunsakin, is a member of the Presidential Committee.
“The SFU is anchoring the criminal investigation of the Fuel Subsidy Payment.
“The arrest is thus sequel to the company’s indictment by the team of Auditors of the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payment.
“Investigation revealed that a total subsidy amount of 43.291 billion Naira was due to Capital Oil & Gas Industries Ltd based on 538.74 million litres of fuel imported during 2011 financial year which comprises twenty-six (26) transactions.”
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