Why was Nigerian tycoon Obi Cubana arrested?

Top Nigerian tycoon Obi Cubana made headlines over the past several days after he was arrested by the country’s anti-graft agency.

The Popular socialite and businessman, Obinna Iyiegbu, aka Obi Cuban, spent three nights with investigators at the Economic and Financial Crimes Commission (EFCC) who grilled him on alleged tax fraud, currency abuse and money laundering.

Spokesman for the EFCC, Wilson Uwujaren, confirmed late on Thursday that Cubana had been released from its custody.

He had been held and interrogated since Monday afternoon when he honored an invitation from the anti-graft agency.

However, Abba Bichi, a son of the Director-General, the Department of State Services (DSS), Yusuf Bichi, has faulted the arrest and detention of Cubana. Reacting on his verified Instagram page, Abba faulted arrest, showing his support for Cubana as he posted his picture with a caption, "A man of honour and dignity."

Meanwhile, EFCC has disclaimed a trending photograph involving Cubana. The selfie shows the socialite and a dozen people, posed in a selfie picture.

EFCC spokesman, Wilson Uwujaren, in a statement on Friday said the individuals are not the agency’s staff.

The commission advised the public “not to be misled by another mischievous stunt by Cubana’s publicists.”

There are indications that the businessman would be summoned in future to defend himself in court over issues bordering on currency abuse, tax fraud and money laundering based on what a top source called ‘verified business transactions’.

Sources say that the socialite’s international passport may have been confiscated, pending when he will be charged to court.