$11b Theft: DSS Arrests Oil Mogul Ifeanyi Ubah

By Dipo Olowookere

Managing Director of Capital Oil and Gas Limited, Mr Ifeanyi Ubah, has been apprehended by operatives of the Department of State Services (DSS) in connection with the petrol kept in his tank farm in Lagos by the Nigerian National Petroleum Corporation (NNPC) that developed wings.

According to Mr Tony Opuiyo, spokesman of the DSS, Mr Ubah was arrested on Friday and he is furnishing the agency with information concerning the issue.

The missing petrol is said to worth about N11 billion and is capable of having a negative “impact on national economy,” the DSS said in a statement.

Speaking further on why it nabbed the Capital Oil boss, the DSS said Mr Ubah “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 agency assured the public that it would ensure those involved in illegal activities that will affect the smooth distribution of products across the country are brought to book.

The DSS said the actions of Mr Ubah necessitated his arrest as his alleged incitement could cause a breakdown of “law and order.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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