Ifeanyi Ubah, Nigerian Billonaire Arrested By DSS For N11bn Oil Theft

The Department of State Service  on Saturday said, that oil tycoon, Chief Ifeanyi Ubah is in its custody over an alleged engagements which in acts, the security operatives described as calamitous to national security.

Ifeanyi, who is the managing director of Capital Oil and Gas Limited, was accused of stealing, diversion and illegal sale of petroleum products stored in his tank farm by the Nigeria Petroleum Products Corporation.

The DSS stated this in a statement signed by its spokesperson, Mr. Tony Opuiyo, in Abuja on Saturday, who said that the cost of the oil sold illegally by Mr. Ubah is more than N11bn, and that such acts were impacting negatively on the national economy.

He said that the arrest and the detention of Ubah was sequel to the power giving the DSS to investigate economic crimes of national secure dimension.

The statement said, “In line with the statutory mandate of the DSS to investigate economic crimes of national security dimension, the Service, on May 5,  2017, arrested Ifeanyi Ubah, Managing Director of Capital Oil and Gas Limited. 

He went further to say that,   “It is instructive to note that UBAH has 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, a critical player in the downstream sub-sector of the Petroleum Industry, to refuse/stop the lifting of products.