It will be recalled that Uba and four of his company’s executives were arrested on October 9 by men of the Police’s Special Fraud Unit (SFU), Ikoyi, Lagos, for allegedly defrauding the country of N43.291billion in fuel subsidy fund.
The officials of Uba’s company detained with him are Joseph Orji, Chibuzo Ogbuokiri, Gidfrey Okorie and Nsikan Usoro.
Uba and his officials had earlier approached the court through an ex-parte application, praying it to grant them bail from police detention.
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.”
However, Uba was released today after he fulfilled his bail conditions.