N11bn alleged petrol theft: DSS arrests Ifeanyi Ubah

N11bn alleged petrol theft:  DSS arrests Ifeanyi Ubah

The chairman of Capital Oil and Gas Limited, Ifeanyi Ubah, has been arrested by the Department of State Security (DSS) in connection with alleged theft of petrol.

The arrest was made on Friday.

The product which was said to have been stolen from the Nigerian National Petroleum Corporation (NNPC) tank farm in Lagos is worth N11 billion.

The actions of the businessman, according to the DSS, in a statement signed by its spokesman,Tony Opuiyo, amounted to economic sabotage.

The statement reads in part: “In line with the statutory mandate of the Department of State Services (DSS) to investigate economic crimes of national security dimension, the Service, on 5th May, 2017, arrested Ifeanyi UBAH, Managing Director of Capital Oil and Gas Limited.

“The arrest was sequel to UBAH’s engagement in 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 Eleven Billion Naira (N11bn). There is no doubt that UBAH’s acts have the capacity to negatively impact on national economy.

“It is instructive to note that UBAH has further engaged in other activities inimical to national security and public order”.

Opuiyo, in the statement, stressed that as part of Ubah’s gimmicks to undermine the government and people of Nigeria, he had 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 action, the statement said, was 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.

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