Ifeanyi Uba of Capital Oil, others, fraudulently cornered billions of petrol funds- police report
papers to clear Capital Oil.
An earlier investigation by the House of Representatives into the subsidy fraud recommended Mr. Ali’s removal and prosecution. Mr. Ali has retained his post despite the indictments being passed to the executive.
The key actors in the Capital Oil scheme were Mr. Ubah; the company’s Executive Director for Operations, Orji Joseph; the General Manager Operations, Chibuzor Ogbuokiri; the Depot Manager, Godfrey Okorie; and the Head of Training, Nsikan Usoro.
The police report said all the accused persons and officials from all the named government agencies were questioned.
Those interrogated were asked questions related to sourcing of documents, canal channel depths/width and storage capacity of their tank farms, retail outlets invoices and trucking activities from the tank farms.
The SFU however said investigations were continuing, and efforts were being invested to establish criminal liabilities against the officials of Capital Oil and Gas Limited, and others who conspired in fabricating documents.
“We have requested certified copies of all letters of credit, bills of lading covering PMS cargoes brought by Capital Oil and Gas,” the report said. “All these documents are needed to consolidate our proof of evidence. Investigation is ongoing to unravel all criminal infractions in the transactions, the report emphasized.”
The documents will enable case of conspiracy to commit felony, money laundering, forgery, stealing, obtaining by false pretence and economic sabotage to be filed against Capital Oil and Gas, Mr. Uba and the rest, the police said.
The Access bank connection
The report also indicted the bankers of Capital oil, saying they were complicit in the deals.
“These cloudy transactions of Capital Oil and Gas Limited was anchored on credit facilities provided by the bankers, which make the banks party to the transactions as original copies of the bills of lading were kept by banks as consignees of the cargoes, also proceeds of this fraudulent act were domiciled in banks,” the reports adds.
The report confirms earlier PREMIUM TIMES stories of how bank officials allowed their banks to be used to illegally receive billions of subsidy funds.
Mr. Aig-Imoukhuede’s ACCESS Bank financed a large chunk of the subsidy imports including those of Capital oil.
With more than a month since the completion of the document, it is not clear to what extent the police final investigation has reached.
Source: Premium Times
