A Tinubu Magistrate Court in Lagos Thursday ordered that the Chief
Executive Officer of Capital Oil Limited, Chief Ifeanyi Ifeanyi Ubah be
remanded in a Lagos prison for 14days over N43.291billion subsidy
fraud.
Also to be remanded are the company's Head of Trading, Nsikan Usoro; Depot Manager, Godfrey Okorie; General Manager, Operations, Chibuzor Ogbuokiri and Executive Director, Operations of Capital Oil and Gas Limited, Orji Joseph Anayo.
Presiding Magistrate, Martins Owunmi ruled that the accused be remanded to enable them file their application properly.
He turned down the oral applications for bail made by their counsel,Joseph Nwobike (SAN) on the ground that the money involved is much.
"In view of the section 264(1) of the administration of criminal justice and considering the huge money involved,the court will not have jurisdiction to entertain the matter.But if the still want to argue their case for bail, they should do so by written application.I hereby rule that they should be remanded in prison for 14 days".
The Special Fraud Unit of the Nigerian Police Force, Ikoyi, Lagos, in their request for remand brought in pursuant to section 264 Administration of Criminal Justice.
Also to be remanded are the company's Head of Trading, Nsikan Usoro; Depot Manager, Godfrey Okorie; General Manager, Operations, Chibuzor Ogbuokiri and Executive Director, Operations of Capital Oil and Gas Limited, Orji Joseph Anayo.
Presiding Magistrate, Martins Owunmi ruled that the accused be remanded to enable them file their application properly.
He turned down the oral applications for bail made by their counsel,Joseph Nwobike (SAN) on the ground that the money involved is much.
"In view of the section 264(1) of the administration of criminal justice and considering the huge money involved,the court will not have jurisdiction to entertain the matter.But if the still want to argue their case for bail, they should do so by written application.I hereby rule that they should be remanded in prison for 14 days".
The Special Fraud Unit of the Nigerian Police Force, Ikoyi, Lagos, in their request for remand brought in pursuant to section 264 Administration of Criminal Justice.
Law,2011 said the officials of Capital Oil and Gas Limited are reasonably suspected to have committed the offences of economic sabotage,obtaining money by false pretences,stealing of N43.291billion,property of the Federal Republic of Nigeria,money laundering and forgery within the Lagos Magisterial District in the
year,2011.
In its 11-grounds for the remand of the accused,the Special Fraud Unit said the suspects defrauded the Federal government of the sum of N43.291billion by falsely
pretending that their company had imported and sold 538,74million litres of Premium Motors Spirit during the 2011 fiscal year through 26t transactions.
It said the fraud was discovered by the Presidential Committee on the Verification and Reconciliation of Fuel Subsidy Payments Auditors and reported to the Special
Fraud Unit, Ikoyi,Lagos for investigation.
It also said most of the evidence and exhibits of the criminal acts will be destroyed by the suspects,if released from custody at this stage of the investigation.
It further said it is in the national interest that the suspects are in custody to prevent them from tampering and preventing the gathering of evidence and exhibits in
question.
According to the affidavit in support of application for the remand, deposed by CSP Francis Idu, the 26 importation and sales transaction claimed by the company were never done but the oil company fraudulently obtained N43.291billion from the Federal government.
He said the fraud was suspected when the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payment engaged auditors to conduct field examination of each oil marketing and trading company.
