Friday, 21 December 2012

Fuel subsidy scam: Noose tighten around Uba

Attempts by the Chairman of Capital Oil and Gas Industries Limited, Mr. Ifeanyi Uba, to exonerate himself of alleged N53.4 billion fuel subsidy scam may have suffered a setback as the Nigerian Police, a London court and the Assets Management Corporation of Nigeria (AMCON) are tightening the noose around him.
Not long after the police authorities issued a report indicting him of involvement in the scandal, a London court which seized Uba’s asset worldwide has refused to vacate its order just as AMCON appealed a separate ruling in favor of the oil chief.
The Federal High Court, Abuja Division had on December 12, 2012 discharged an earlier order (of November 13, 2012) it had made freezing Uba’s property. The court had granted AMCON possession of property belonging to the company and its owner pursuant to Section 49 and 50 of AMCON Act.
The London court case was instituted by Access Bank, which, through Cosmas Maduka’s Coscharis Motors, had advanced Capital Oil a N21 billion loan for PMS importation last year, was again heard on Monday December 3, 2012.
The Special Fraud Unit of the Nigeria Police (in Ikoyi, Lagos) had detained Uba for alleged involvement in a N22.4 billion subsidy scam, just as an Aigboje Aig-Imoukhuede-led Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments, had indicted him, alongside many oil marketers.
It was learnt the oil magnet who is now being monitored by security operatives spent about 11 days in detention, and was released on October 19, 2012.
A police report had affirmed that ``Capital Oil and Gas Limited forged documents, made fraudulent representations, obtained by fake pretences and stole federal Government money by claiming monies paid on these fraudulent presentations.

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