Department of State Services on the 6th of May revealed that the CEO of Capital Oil and Gas, Ifeanyi Ubah was in their custody.
Mr. Ifeanyi Ubah’s arrest was disclosed in a statement issued by the Department of State Services and signed by their spokesman Mr. Tony Opuiyo. The statement explained that Mr. Ubah was arrested on Friday for “economic crimes of national security dimension”.
His arrest, the DSS further stated, was specifically for acts of economic sabotage, which include stealing, diversion and illegal sale of petroleum products stored in his tank farm by the Nigeria National Petroleum Corporation (NNPC).
“So far, it has been established that the products stolen amount to over N11billion. There is no doubt that Ifeanyi Ubah’s acts have the capacity to negatively impact on national economy,” the DSS stated.
It also alleged that Mr. Ubah engaged in other activities inimical to national security and public order. The DSS claimed that the businessman has incited members of the Petroleum Tanker Drivers to refuse/stop the lifting of petroleum products. This, it said, Mr. Ubah did to undermine the Federal Government.
“This is part of Ifeanyi Ubah’s plans to curry their sentiments and cause them to embark on strike and also stage protests in his favor 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,” explained the DSS.
” 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”.