Capital Oil boss Ifeanyi Ubah indicted for oil subsidy fraud; ...'reportedly' stole N43.291billion!

A police report has found Mr. Ifeanyi Ubah, a notorious oil baron guilty of stealing about N43,291 Billion from the oil subsidy in 2011.

The report from the Special Fraud Unit, SFU, Ikoyi Lagos said Ubah and four other staff of Capital Oil namely: Executive Director, Operation, Mr. Orji Joseph; General Manager, Operations, Mr. Oguokiri Chibuzor; Depot Manager, Mr. Okorie Onuabuchi and Head of Training, Mr. Nsikan Usoro, all connived and stole the huge sums from the Federal Government.

The police, in the report signed by Mr. Ayotunde Ogunshakin, a Commissioner of Police, alleged that Capital Oil, its management, its associates and proxies, forged documents, made fraudulent representations, obtained under false pretence, and stole Federal Government money by claiming monies paid on the transactions

The report said “Import duty certifications, bill of ladings, Letters of Credits (LCs)/Form Ms and other documents were perfected with the active connivance of the Department of Petroleum Resources (DPR), Petroleum Products Pricing Regulatory Agency (PPPRA), bank officials, Nigerian Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA) and other port authorities clearing agencies.

The report said while 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, 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.

According to the report, irregularities were in the form of alterations, wrong reference numbers and duplication of vessels, coupled with cargo quantity inflation.