An interim investigative police report on the involvement of Capital Oil and Gas Limited in the fuel subsidy scheme has established that the company and its Managing Director/Chief Executive Officer, Mr. Ifeanyi Ubah, and four of the company’s staff, colluded with others to defraud the Federal Government of Nigeria of billions of naira.
The four indicted staff of Capital Oil are its Executive Director, Operations, Mr. Orji Joseph; General Manager, Operations, Mr. Ogbuokiri Chibuzor; Depot Manager, Mr. Okorie Onuabuchi; and Head of Training, Mr. Nsikan Usoro.
The report showed that Capital Oil was involved in 26 transactions covering the importation of 538,740,000,000 litres of petrol and was paid N43.291 billion as subsidy claims in 2011. The report detailed the arrest and interrogation of Ubah and four others by the SFU between September and October, during which it was discovered that the alleged irregular claims were made based on fraudulent fabrication and forged documents in which about N43.291 billion was paid to Capital Oil as subsidy claims. The report noted the irregularities were in the form of alterations, wrong reference numbers and duplication of vessels, coupled with cargo quantity inflation.