Subsidy Fraud: Uba Denies Allegation

Daily Sun

21 January 2012

Subsidy Fraud: Uba Denies Allegation

The chairman of Capital Oil and Gas, Mr. Ifeanyi Ubah, has debunked media reports linking him with subsidy fraud on importation and marketing of kerosene in the country. Media report had alleged that Capital Oil inordinately made N22.4 billion from fuel subsidy and that the Federal Government, through the Assets Management Corporation of Nigeria (AMCON), had given the company 60 days to pay back N5 billion or he (Mr. Ubah), as its chairman, would be arrested and prosecution.

Describing the news reports as deliberate fallacies, propagated by charlatans and disgruntled elements to smear his image, the Capital Oil Chairman insisted that the reports were mere rumours, without basis.