He was arrested and detained on Monday afternoon.
Popular socialite and businessman, Obinna Iyiegbu, also known as Obi Cubana, has spent close to 48 hours in the custody of the Economic and Financial Crimes Commission (EFCC).
He was arrested and detained on Monday afternoon.
SaharaReporters learnt that Obi Cubana had remained in the custody of the anti-graft agency up till Wednesday.
Recall that the agency on Tuesday granted administrative bail to Obi.
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The businessman had been granted administrative bail but had yet to perfect the bail conditions as of the time of filing this report.
A source in the EFCC told SaharaReporters that it is routine for any detained suspect in its custody to be granted administrative bail.
"It is routine that once anyone is detained beyond a day, we give 'Administrative Bail' conditions but he is still with them because he hasn’t met the conditions.
"He has not been released yet contrary to some reports," a source in the EFCC said.
It is, however, not clear what the conditions attached to the bail are.
The Cubana Group Chairman was taken to the Abuja headquarters of the anti-graft agency on Monday afternoon regarding alleged offences bordering on alleged money laundering and tax fraud.
Obi Cubana made headlines in July when he hosted an ostentatious burial for his mother in Oba, Anambra State, in which over 200 cows were reportedly killed.
The lavish display of wealth generated controversies with many Nigerians questioning his source of wealth.
Several celebrities, business people and politicians turned out in large numbers for the funeral.