Subsidy scam: EFCC arrests Ifeanyi Ubah

The Managing Director of Capital Oil and Gas Industries Limited, Mr. Ifeanyi Ubah has been arrested by the Economic and Financial Crimes Commission, EFCC, DailyPost has gathered.

The Billionaire businessman, according to sources was arrested by a team from the Commission, at his Maitama home in Abuja on Tuesday.

A close insider at the Agency had hinted that Mr. Ubah had snubbed earlier invitations extended to him by the EFCC to willingly appear for interrogation regarding his involvement in the multi-billion dollars oil subsidy scam.

DailyPost learnt that he is currently undergoing interrogation at the Abuja offices of the EFCC.

No fewer than 40 persons have been arraigned so far by the EFCC in connection with the said scam.

It would be recalled that Ubah was a guest of the Nigeria Police at the Special Fraud Unit,SFU, Milverton, Ikoyi, Lagos, for almost a week.

Ubah, was granted bail in the evening of Friday, October 19, after spending over a week at the SFU.