The
managing director of Capital Oil and Gas Limited who was detained for
several weeks has been released on a 'no case' submission.
Dr. Ifeanyi Ubah, the managing director of Capital Oil and Gas Limited
Dr. Ifeanyi Ubah, the managing director of Capital Oil and Gas
Limited has been released from DSS’s detention after several weeks.
Sources said the oil mogul was released yesterday night
unconditionally by the Department of State Services after a “No Case”
was established, following a tedious investigation by the DSS in his
rift with the NNPC.
The DSS had arrested Dr. Ubah over his alleged connection with a
claimed theft of petrol kept in his tank farm in Lagos by the Nigerian
National Petroleum Corporation.
The product, it said, was 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 said further that
Ubah was also arrested because he 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”.
However, the source from Ubah’s camp who also confirmed his release
said the oil magnate decided to keep his release on a low key.
Recall that the Nigerian National Petroleum Corporation, NNPC, had
accused Ubah of diverting its product in his tank farm amounting to
N11billion.
But Ubah had denied the allegation, maintaining he is innocent
while providing proves that the NNPC was not sincere with its position
against him.
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.
-NAN
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