Capital Oil Boss, Ifeayi Uba In Trouble For Bankrolling Political Party, APGA!

…Why he may not excape business crippling sanctions over fuel subsidy scam

Investigations revealed, Mr Ifeanyi Uba’s recent arrest and detention goes beyond fuel subsidy issues.

The celebrated money man indicted for subsidy fraud to the tune of N22billion just provided veritable platform for political opponents to ‘hang him’ sources divulged.

Uba, touted as having great interest in the Governorship seat of Anambra state, is widely believe to be a major sponsor of political party, APGA in the South East.

Ironically it is now revealed,the capital Oil boss made the bulk of his wealth via contract from Federal government- with rival Political Party, PDP in charge.

The celebrated businessman using his contacts ‘within the government in power’
Ifeanyi Uba, Capital Oil Boss

and ‘money influence’ became a major stakeholder in the Haulage world and ‘abundantly’ added to ‘his riches’.

But unfortunately for him, major probe of that sector found him wanting and deceitful in alleged fraud of N22billion.

And to compound his woes- it is equally alleged he used the proceeds fighting to over throw the system that created the wealth for him.

And according to an insider ‘that is his current albatross’

‘The people he sponsored candidates against believe, the best way to curtail his activities is to limit his business successes- and the added benefit of wealth’ a source disclosed.

And Uba provided that chance, legally, with his alleged fraud in the subsidy scheme.

Name sake, rival in the politics of Anambra state and senator of the Federal Republic of Nigeria- Andy Uba is listed as one of the arrow heads of the campaigns against the subsidy fraud man.

And they are operating under the theme ‘ we can’t continue to enrich our enemy, particularly one not above board’ in the campaign thwarting Ifeanyi’s survival antics.

Outside of the subsidy issue- the Capital Oil front person also has the issue of huge indebtedness to financial institutions on his neck.

The banks ( with Enterprise engaged in messy debt recovery tactics with him) are calling for their debt, but he doesn’t have the credit facility to pay.

Divulged a source ‘ that is another front of campaign against him. He actually survived arrest and assets seizure on this front not too long ago’

Societynowng.com’s investigation however revealed with the N22billion subsidy fraud ‘doing him in’- it appears all the problems he kept at bay have risen up against him.

The Special Fraud Unit is said to be using the opportunity to clinically scrutinise all the petitions he had dodged in the past. (He had always wriggled out of the net of sister anti-fraud agency, the Economic and Financial Crimes Commission)

And according to a source ‘they (the petitions) are quite weighty- and the main reasons he was remanded in custody’

Charges are expected to be proffered against him based on the outcome of the investigation.

Insiders however revealed as result of the behind the scene powers involved, evidences of indictments and other major factors at play- there are strong indications, the Capital Oil may not escape business crippling sanctions.

According to an insider ‘ based on the case(s) against him and interests at play, he is certain to be sanctioned and heavily too, for his offences and to satisfy those aggrieved with him as well…except of course he comes up with an out of this world compromise’