Attempts by Capital Oil boss, Mr. Ifeanyi Uba, to exonerate himself of alleged N43 billion Fuel Subsidy scam may have hit the rocks as the police have tightened the noose around him.

News Express can report that a police special investigation report implicated Uba and strongly recommended further investigations into his assets and accounts following the work of the presidential committee on the fuel subsidy payment verification.

Meanwhile, reports indicate that more marketers are deserting the embattled Capital Oil boss and have accepted to correct their ways and make necessary refunds to the Nigerian Government.

News Express learnt that some of the marketers are unhappy with alleged attempts of Uba to use the National Assembly in a matter they see as a business relationship involving the law courts and anti-corruption agencies.

To quote one of the marketers: “Uba’s desperation is worsening the issue as Nigerians already know the facts and no amount of public hearing can save the day. The option we have is to cooperate with the Federal Government.”

Details of the police report alleged that “Capital Oil and Gas Limited forged documents, made fraudulent representations, obtained by fake pretences and stole federal Government money by claiming monies paid on these fraudulent presentations.”

According to the report: “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 police also noted that these fraudulent practices were formatted from the point of ship to ship transactions involving mother vessel and daughter vessel documentations, cargo quantity inflation and other underhand practices perfected to undermine transparency in the petroleum subsidy payment process.

Irrespective of its findings, the police concluded that to establish a prima facie case against the suspects, it would be necessary to obtain details of all the transactions from the Federal Ministry of Finance from the Office of the Accountant General of the Federation to obtain the financial instruments, as the original documents that were forged would be needed to establish forgery.

It went further to allege that the “response of the suspect (Ubah) confirmed the concern of the presidential committee and investigation team,” adding that it was on this note that it became necessary to detain the suspect for further interrogation.

Feelers from the police however indicated that the investigation has been extended to cover Uba and Capital Oil accounts in other banks other than Access Bank even as oil chief is said to have been put under surveillance to prevent him from escaping from the country.

•Photo: Embattled Uba.

Update news