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Ifeanyi Ubah, Capital Oil Boss, Loses Millions To Theft

By Bright Bassey

Ifeanyi Uba, billionaire owner of Capital Oil, has lost millions of naira to theft. Police investigation into the case say two men, Olajide Olatunji, 28, and Maurice Kale, 34, stole the sum of N3,141, 216 between September 2016 and January 2017 at one of the company’s offices located at 34, Adeniyi Jones, Ikeja.

According the prosecution team, the suspects’ deed contravened Section 278 and Section 285 of the Criminal Law of Lagos state.

The two suspects pleaded guilty to the charge of stealing. After listening to both the prosecutor and the defendants, presiding Magistrate Abegunde Davies admitted the latter to a bail of N200,000 with two sureties in like sum. The magistrate added that the sureties must present evidence of tax payment to the Lagos State Government.The case was adjourned the case till February 1 2017 for further mention.

About Ademola Aderele

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