Mr Ifeanyi Uba,
the Managing Director of Capital Oil & Gas Industries Ltd, has been arrested
over the involvement of his firm in a N22.4 Billion subsidy fraud. He was
arrested at exactly 2.00pm Tuesday
Mr Aigboje
Aig-Imoukhuede’s led 15-man Presidential Panel constituted by President
Goodluck Jonathan to re-investigate the findings of the report of an earlier
investigation panel indicted Capital Oil for fraud.
The findings
revealed that Uba made a whooping N22.4 Billion from the subsidy scam.
According to the
sources, it was learnt that NNPC allocated to Uba’s Capital Oil 75% of kerosene
supplies to distribute to the entire country at N50 pump price, but the cheapest of the product at the depot is
N120 per litre & N135 at the filling stations while Capital Oil makes more
than N70 on each litre of kerosene sold.
Sources hinted
that Uba who made a payment plan of N2 Billion with AMCON reneged severally and
started playing hide and seek anytime the Mustapha Chike Obi led agency
approaches him to pay up his debts.
Capital Oil is one
of the firms which received dodgy payments running into billions of naira from
the Petroleum Products Pricing and Regulatory Agency (PPPRA) on kerosene,
petrol and diesel subsidy.
Government paid a
total sum of N3.655 trillion to beneficiaries of fuel subsidy between 2006 and
2011, while amount jumped to a whooping N1.426 trillion between January and August
last year.
Investigations
reveal that Uba, is one of the most notorious subsidy scammers, has several
collaborators.
The EFCC has already been mandated to
investigate all the subsidy beneficiaries, which include Oando, Integrated Oil
and Gas, MRS, AA Rano. A-Z Petroleum, ASB, Arcon Oil, African Petroleum, Aminu
resources, Con Oil, Avante Guard, Avido, Boffas and Brila Energy.
Other are D Jones
Petroleum, Downstream Energy, Dosil Oil Inco Ray, Eternal, Folawiyo Energy,
Frado International, First Deepwater, Heden Oil, Honeywell Petrol, AMP, Channel
Oil, Fort Oil, Bovas, Obat Oil, Ipman Investment, Atio Oil, AMP, and Ernac Oil.
Read more :HERE
No comments:
Post a Comment