Mr. Ubah, the Chief Executive Officer of Capital Oil and Gas Industries Limited, who has been in police custody for over two weeks has regained his freedom. Mr. Uba was arrested by the Nigerian security operatives for his alleged role in oil subsidy theft.

Mr. Ubah was granted administrative bail at minutes after noon time [October 22, 2012]. The bail conditions require Ifeanyi Uba will be reporting at the Police Special Fraud Unit, Ikoyi daily.

Sources close to the security officials indicate that Ifeanyi Uba may have offered the police over N150million for his release.

Stay tuned.