Alleged N11b Oil Theft: DSS Announce Arrest Of Ifeanyi Ubah. Ifeanyi Ubah, the managing director of Capital Oil and Gas Limited has been arrested by the Department of State Services.
The agency revealed the arrest today in a statement by spokesman, Tony Opuiyo. Opuiyo said Ubah was arrested on Friday in connection the theft of petrol kept in his tank farm in Lagos by the Nigerian National Petroleum Corporation. The product was valued at over N11 billion.
The agency said Ubah’s action amounted to economic sabotage, with “capacity to negatively impact on national economy”.
Opuiyo gave additional reasons for Ubah’s arrest. He said he has further engaged in other activities inimical to national security and public order.
“In furtherance of his gimmicks to undermine the government and people of Nigeria, he has incited members of the Petroleum Tanker Drivers (PTD), a critical player in the downstream sub-sector of the Petroleum Industry, to refuse/stop the lifting of products.
“This is part of his plans to curry their sentiments and cause them to embark on strike and also stage protests in his favour with the ulterior motive of arm-twisting the NNPC to abandon the cause of recovering the stolen products. The implications of this on law and order is, in fact, a common knowledge. It is consequent upon this that the Service arrested and will prosecute him forthwith.
” The public is hereby reassured that the Service will collaborate with appropriate agencies to ensure that the mischievous activities of any person or group(s) to engage in illegal activities will not affect the effective distribution of products across the country. It will also support such agencies to bring to book individuals or companies involved in any criminal act that undermines the nation’s economy”.
In March, the Capital Oil and Gas boss reportedly visited the SSS office in Abuja, where he was held for days.
The Group Managing Director of the NNPC, Maikanti Baru, had said the corporation was committed to using all measures to fully recover the full value of the missing products.
Last month, four top NNPC officials were retired over the scandal.
Although Capital Oil disputes the figure given by the NNPC, the company has not come up with what the correct figure should be. The company says it has called for a reconciliation of debts owed the NNPC for products supplied since 2015.
Ifeanyi Ubah is also the owner of FC Ifeanyi Ubah football club in Nnewi.