Operatives of the Economic and Financial Crimes Commission on Tuesday evening questioned Jide Omokore, an ally of former president, Goodluck Jonathan, and Chairman of Atlantic Energy Drilling Concepts Nigeria Limited.
PREMIUM TIMES gathered the arrest was in connection with a series of multi-billion dollar petrol import and crude export deals.
Multiple security sources told PREMIUM TIMES that Mr Omokore, who was later released on Wednesday evening, made revealing statements.
Operatives said he was expected to return with some required documents.
Atlantic Energy Limited was one of the companies that allegedly received multibillion dollar worth of public assets without due process by the Jonathan administration in 2011.
The company, which was created less than a year earlier and had not produced a droplet of oil, was awarded controlling stakes in two lucrative oil blocks – OML 30 and 34 – for just over $50 million each.
The deal, which was signed by the immediate past minister of petroleum, Diezani Alison-Madueke, gave Atlantic Energy Limited a controlling 55 percent stake in the oil block.