OIL SUBSIDY SCAM: Capital Oil Boss, Uba Remanded

A Tinubu, Lagos Chief Magistrate’s Court this afternoon ordered that Capital Oil boss, Patrick Ifeanyi Uba and four others, Nsikan Usoro, 35, Chibuzor Ogbuokiri, 48, Goodfrey Okorie, 41, and Orji Joseph Anayo, 46, alleged to have been involved in oil subsidy scam, be remanded in police custody until the next 14 days.

Ifeanyi Uba, Capital Oil boss.

The order of the court was sequel to an affidavit in support of application for remand sworn to by a Chief Superintendent of Police, Francis A. Idu and filed before the court by a police legal officer, Effiong Asuquo.
In his affidavit, the deponent alleged that the suspects as senior company executives of Capital Oil and Gas Limited, fraudulently and with intention to defraud, obtained a total sum of N43.291 billion from the Federal Government of Nigeria by falsely pretending that it imported and sold 538.7 million litres of petroleum during the 2011 fiscal year through 26 transactions.
Considering the huge amount of money the suspects allegedly defrauded the government, Asuquo argued that they should not be released at this stage of investigation because they could stall or interfere with police investigation.
He added that they can also escape from the country.
Counsel to the five defendants, Dr. Joseph Nwobike, SAN, citing several authorities especially Section 264(5) of the constitution urged the court to admit his clients to bail.
In his ruling, the presiding Magistrate, Onwumi Martins, while adjourning the matter  till 30 October, 2012 said there is no formal charge before him but what was before him was an application for remand.
Therefore, he said the counsel can file an application for bail, if he so wished.
Consequently, he ordered that the defendants be remanded in police custody for the next 14 days.
Ifeanyi Uba’s company, Capital Oil and Gas was one of the oil marketers indicted by the Presidential Committee on Verification and Reconciliation of Fuel subsidy headed by Mr. Aigboje Aig-Imoukhuede.
The Special Fraud Unit, SFU, arrested the defendants on Tuesday while investigation into their alleged involvement in the scam is ongoing.
A formal charge will be brought against the defendants at the completion of police investigation.