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.
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