The Managing Director of Capital Oil and Gas Limited, Dr. Ifeanyi Ubah, has been released from detention by the Department of State Services after several weeks. Sources said the oil mogul was released Monday 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.
The DSS had arrested Ubah over his alleged connection with theft of premium motor spirit (petrol) kept in his tank farm in Lagos by the NNPC.
The product, it said, was valued at over N11bn. The agency said Ubah’s action amounted to economic sabotage, with “capacity to negatively impact on national economy.”
A statement by DSS spokesman, Tony Opuiyo, had added that Ubah was also arrested because he allegedly 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, 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 implication of this on law and order is 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, a source from Ubah’s camp who also confirmed his release said the oil magnate decided to lie low, following his freedom.
It may be recalled that the NNPC had accused Ubah of diverting its product in his tank farm amounting to N11bn.
But Ubah had denied the allegation, maintaining he is innocent while providing evidence that the NNPC was not sincere.
Ubah had, through an official letter from his firm, confirmed that he had a face-off with the NNPC over unpaid and overdue debt amounting to over N16bn owed his company, Capital oil & Gas. (NAN)