Obi Cubana released after 24 hours in EFCC custody.

Written by on November 3, 2021

Celebrated socialite and businessman, Obinna Iyiegbu (aka Obi Cabana) has been released after spending about 24 hours in the custody of the Economic and Financial Crimes Commission, EFCC, in Abuja.

The businessman’s friend and colleague,Onwumelu Valentine, announced this via his Instagram page tuesday evening.

The 46-year-old nightlife promoter also confirmed his release in a terse post via his Instagram page, saying he remains unbroken.

It is understood that he was released on administrative bail.

But, a top source explained that although the anti-graft agency plans to prosecute Cubana for sundry economic and financial offences, the trial would not commence any time soon.

Asked why the trial would not commence at once, the source said there were many issues for which Obinna would be charged.

Among the charges are those bordering on abuse of the naira, tax fraud and money laundering based on what the source called “verified business transactions.

It will be recalled that the EFCC had on Monday invited the businessman to its head office to answer questions on sundry issues, which the agency merely classified as tax fraud and money laundering but declined to give specifics, apparently to avoid jeopardising the probe.

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