More trouble for Capital oil boss, as SFU impound properties

More trouble for Capital oil boss, as SFU impound properties

There seems not to be any let up for the Managing Director of Capital Oil and Gas, Ifeanyi Uba, as officers of the Special Fraud Unit (SFU) on Wednesday stormed his residence and impounded some exotic cars to recoup part of his debts.

Our correspondent saw a GMC Yukon, with Lagos plate number and a Bentley with special inscription ’Jack Barclay’ as its registered number owned by said to be owned by Uba inside the Milverton Street premises of the anti-fraud police unit.

A reliable source inside the SFU said the unit is moving to recover assets belonging to the oil magnate that can be used to offset his liabilities.

“As you know, here we take advantage of all situations available to us. While we are investigating the man, we are also trying to see how we can lay our hands on some of his properties which can be used to offset his indebts to various petitioners who have risen against him” he said.

Meanwhile, the Chief Executive of Coscharis Motors, Cosmas Maduka has alleged that Mr Uba criminally diverted 130,000 litres of petroleum products belonging to the his company in collusion with the shippers of the consignment.

In a petition titled ”Criminal diversion of PMS imported into the country by Capital oil and Gas Industries limited”, Maduka claimed that his company received a credit facility of $180 million from Access Bank in July 2011 and entered into an agreement with Capital Oil and Gas to provide logistics for the import and sales of PMS.

He also said part of the consignment was delivered and backed by ten bill of ladings,

However, the oil marketer only have delivered six consignments but diverted four others totalling about 130, 000 metric tons.

According to the petition, his company is in deficit of about N21 billion and Mr Uba has not been able to explain the where about of about 56, 568, 587 litres of PMS.

The petition also stated that the products have been delivered and discharged into the accused company’s tank farm without the original bills of lading.

“We implore you, to use your good offices to investigate this matter, sir. We also note that the delivery and discharge of the products without the original bills of lading is a serious criminal act capable of tarnishing the image of the country in the eyes of the international community,” the petition reads.

A Lagos Magistrate court, last week remanded Mr Uba in the custody of the SFU till October 31, 2012 while a Lagos High Court also refused his plea for bail earlier in the week.