The Abuja Division of the Court of Appeal has cleared the Economic and Financial Crimes Commission to continue its investigation and possibly prosecute Capital Oil and Gas Limited and its Managing Director, Mr. Ifeanyi Ubah, for their alleged complicity in a N43.29bn fraud perpetrated through the petroleum subsidy scheme.
The EFCC and the police had levelled against Ubah and his company allegations of obtaining subsidy payments by false pretences, stealing, money laundering and forgery with respect to the alleged fraudulent payment of N43.29bn in the transactions conducted in 2011.
A unanimous judgment of a three-man bench of the Court of Appeal headed by Justice Tinuade Akomolafe-Wilson clearing Ubah for probe and trial was delivered on May 12, 2017 but its copy was obtained by our correspondent on Sunday.
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