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Saturday, May 6, 2017

We arrested Ubah for ‘stealing, diversion, illegal sale of petroleum products’ –DSS

anonymous informant     4:39 PM     No comments


The Department of State Service (DSS) on Saturday said its arrest and detention of the managing director of Capital Oil and Gas Limited, Chief Ifeanyi Ubah, was based on his
involvement in alleged stealing, diversion and illegal sale of petroleum products stored in his tank farm.
The petroleum product according to the DSS was kept in Ubah's tank by Nigeria National Petroleum Corporation (NNPC).
Ubah was invited by the security operatives and questioned some weeks ago over his involvement in the alleged act.
He was however arrested on Friday May 5, with the DSS claiming that the alleged act was inimical to national security.
The agency in a statement signed by a spokesperson, Mr. Tony Opuiyo, in Abuja on Saturday, said the petroleum product Ubah allegedly stole was said to be above N11billion.
"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.
"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 NNPC. So far, it has been established that the products stolen amount to over N11billion. 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. 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.
"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 are in fact, a common knowledge. It is consequent upon this that the Service arrested and will prosecute him forthwith."


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