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BREAKING NEWS: DSS ARRESTS NIGERIAN OIL MAGNATE BILLIONAIRE IFEANYI UBAH OVER ALLEGED N11BILLION OI


The Department of State Service revealed that oil magnate, Ifeanyi Ubah is in its custody

He was also accused of stealing, diversion and illegal sale of petroleum products stored in his tank farm

The DSS spokesperson, Tony Opuiyo, put the cost of the oil at more than N11billion

Ifeanyi Ubah, the managing director of Capital Oil and Gas Limited has been arrested by the Department of State Services (DSS).

On Saturday, May 6, its spokesman, Tony Opuiyo, issued a statement it said, the oil magnate was in its custody over his alleged engagements in acts which the security outfit described as inimical to national security.

Opuiyo added: he 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 (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 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.

” 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”.

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