Billionaire businessman Ifeanyi Uba spends second week in detention

The billionaire businessman and MD of Capital Oil and Gas Ltd is currently in a small cell at the Special Fraud Unit in Ikoyi. He was arrested on October 9th following accusations of fraud totaling N43billion from the Aigboje Aig-Imoukhuede led presidential committee on verification and reconciliation of fuel subsidy payments. The committee discovered gross abuse by many marketers and reported the case to the police. His company leads the list of 25 companies indicted by the committee which discovered about N62 billion of subsidy fraud.

So he's now facing criminal investigation and prosecution for Capital Oil and Gas' involvement in fuel subsidy fraud. He was in court yesterday and the Special Fraud Unit of the Nigerian Police told the court that the money stolen by Mr Uba, could conveniently pay the monthly allocation of 11 states of the federation and asked the courts not to grant him bail, which they didn't. The case was adjourned to Monday October 22nd.

Meanwhile, his company has been blacklisted by banks on the recommendation of the Central Bank of Nigeria.