DSS arrests Ifeanyi Ubah over N11b oil theft

Ifeanyi Ubah

Founder and Managing Director of Capital Oil and Gas Limited, Ifeanyi Ubah, has been arrested by the Department of State Services (DSS) for the alleged theft of petrol kept in his tank farm in Lagos by the Nigerian National Petroleum Corporation (NNPC).

The DSS in a statement by spokesman, Tony Opuiyo, on Saturday said Ubah was arrested on Friday over the product valued at over N11 billion.

It said Ubah’s action amounted to economic sabotage, with “capacity to negatively impact on national economy”.

The secret police said the 45-year-old 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 implication 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.”