Ifeanyi Ubah, the managing director of Capital Oil and Gas Limited has been arrested by the Department of State Services (DSS). In a statement issued on Saturday, May 6, by its spokesman, Tony Opuiyo, it said the oil magnate was in its custody over his alleged engagements in acts which the security outfit described as inimical to national security.
Ubah who was arrested on Friday was accused of stealing, diversion and illegal sale of petroleum products stored in his tank farm by the Nigeria Petroleum Products Corporation (NNPC). The cost of the oil was valued at more than N11billion.
Opuiyo said such acts amounted to economic sabotage and had the capacity to negatively impact on national economy.
Opuiyo assured the public that the service would collaborate with appropriate agencies bring to book individuals or companies involved in any criminal act that undermines the nation’s economy. Weeks ago, reports surfaced that Ubah had been arrested. In a swift reaction, he denied the reportthat operatives of the DSS arrested and detained him.