LAGOS — The prosecution told Justice Okon Abang of a Federal High Court, Lagos, yesterday, that the fund involved in the case against the Managing Director of Capital Oil and Gas, Dr. Ifeanyi Uba and four others can conveniently settle the monthly allocation of 11 states from the Federation Account.
The police prosecutor has, therefore, prayed the court to turn down the bail
application of the accused pending the conclusion of investigation, arguing that
Ifeanyi Uba can interfere with the investigation,
The officials of Uba’s company detained with him are Joseph Orji, Chibuzo
Ogbuokiri, Gidfrey Okorie and Nsikan Usoro.
In an affidavit filed by the police and argued by Mr Godwin Oblah and Prince
Aderemi Adekile to oppose the bail application by the Capital Oil boss and four
others, the police argued that releasing him now would jeopardise their on-going
investigations, which may truncate their case in court.
Uba, through his counsel, Mr Joseph Nwobike, SAN, however, urged the court
to discountenance the police arguments, saying detaining him (Uba) beyond 48
hours as stipulated by law was a violation of his fundamental rights.
He argued that the alleged offence for which the applicants were remanded did
not constitute a capital offence, stressing that the provisions of section 35(4)
of the 1999 constitution clearly protect the liberty of the individual which the
court must ensure it protects.
The police in its counter affidavit argued that contrary to what the
applicants filed in their ex-parte application, cogent facts were concealed from
the court to the extent that the applicants failed to show that they were
detained on the order of a magistrate court, and that it was done deliberately
to mislead the court.
According to the police, Uba was still being investigated on account of other
allegations on money laundering, forgery of shipping documents and stealing by
conversion of petroleum products worth about $280 million.
The police averred that “the applicants’ fraudulent acts were against the
entire Nigerian society and had impacted adversely on the economy and general
wel- being of the country.
“The total amount wrongfully and fraudulently obtained through the connivance
and activities of the applicants is equivalent to the monthly statutory
allocation from the Federation Account for 11 states in the federation.”