The Chief Executive Officer of Capital Oil and Gas Limited, Dr. Ifeanyi Ubah, the managing director of Capital Oil and Gas Limited has been released from Department of State Services’ (DSS’) detention after several weeks.
Ubah was released last night unconditionally by the DSS after a “No Case” was established, following a tedious investigation by the DSS in his rift with the Nigerian National Petroleum Corporation (NNPC).
The DSS had arrested Ubah over his alleged connection with alleged theft of petrol kept in his tank farm in Lagos by NNPC, valued at over N11 billion.
The agency said Ubah’s action amounted to economic sabotage, with “capacity to negatively impact on national economy”.
A statement by its spokesman, Tony Opuiyo had noted that Ubah was also arrested because he further engaged in other activities inimical to national security and public order.
DSS stated: “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.
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“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 are, 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.”
However, Ubah’s camp sources confirmed his release said the oil magnate but said the company has decided to keep his release a low key affair.
NNPC had accused Ubah of diverting its product in his tank farm amounting to N11billion.
However, Ubah denied the allegation, maintaining he is innocent while providing proves that the NNPC was not sincere with its position against him.
Recall that Ubah had, through an official letter from his firm, confirmed that he had a face-off with the government-owned firm, NNPC; over unpaid and overdue debt amounting to over N16billion owed his company, Capital oil & Gas.
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