Thursday, October 18, 2012
Billionaire businessman Ifeanyi Uba spends second week in detention
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.