Saturday, January 21, 2012

SUBSIDY FRAUD: FG ORDERS IFEANYI UBA OF CAPITAL OIL TO PAY N5 BILLION WITHIN 60 DAYS


PointBlankNews
19 January 2012


The Federal Government through the Assets Management Corporation of Nigeria (AMCON) has given Capital Oil owned by Ifeanyi Uba 60 days to pay back N5 Billion being rogue proceeds he made from Kerosene subsidy or risk arrest and prosecution.

Capital made N22.4 Billion from petrol subsidy.

Sources told Pointblanknews.com 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.

Pointblanknews.com learnt that Uba illegally made over N60 billion from payments from kerosene subsidy with his Capital Oil as the major player in the kerosene deals.

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.

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