Nigerian billionaire businessman, Obi Cubana is yet to be released hours after he was arrested by the Economic and Financial Crimes Commission.

The socialite whose real name is Obinna Iyiegbu spent Monday night at the Abuja headquarters of the Economic and Financial Crimes Commission (EFCC) following his arrest.

He is still being held at the commission up till Tuesday morning, the News Agency of Nigeria reported.

Obi Cubana was arrested on Monday by the commission over alleged money laundering and tax evasion.

Allegations against the Anambra born Obi Cubana were sketchy but a source disclosed that his case bordered on alleged money laundering and tax fraud.

The source said, “Obi Cubana was arrested and brought to the EFCC headquarters on Monday afternoon over allegations of money laundering and tax fraud.

“He is being grilled by detectives as we speak,” the source said.

The EFCC spokesman, Wilson Uwujaren, when contacted by NAN, declined comment.

He said “he is yet to be briefed on the development”.

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