Dr. Ifeanyi Ubah, the managing director of Capital Oil and Gas Limited has finally regained his freedom after being held for about six weeks in the custody of the Department of State Services (DSS).
According to sources, the oil mogul was set free yesterday night unconditionally by the DSS after a “No Case” was established, following a tedious investigation by the agency in his rift with the NNPC.
Confirming the release of Ifeanyi Ubah, an impeccable source who spoke to Daily Post on Tuesday afternoon, June 20, said: “Chairman is in Lagos at the moment, we are expecting him in Nnewi (in Anambra State) by the weekend.
“We don’t have details of his release and conditions attached. There was wild jubilation here when he spoke to one of our bosses this morning”.
The source from Ubah’s camp who also said the oil magnate decided to keep his release on a low key.
Dr. Ubah was arrested and detained by DSS on May 5, 2017, over his connection with a claimed theft of of petrol kept in his tank farm in Lagos by the Nigerian National Petroleum Corporation, NNPC, worth over N11 billion.
According to the DSS, Ubah’s action amounted to economic sabotage, with “capacity to negatively impact on national economy.”
A statement by Tony Opuiyo, DSS spokesman, had said claimed further that Ifeanyi Ubah was also arrested because he 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”.
However, Ubah had denied the allegation, maintaining he is innocent while providing proves that the NNPC was not sincere with its position against him.
Communicating through an official letter from his firm, Mr. Ifeanyi Ubah confirmed that he had a face-off with the government-owned firm, NNPC over unpaid and overdue debt amounting to over N16billion owed his company, Capital oil & Gas.
The letter said NNPC surprisingly involved the DSS when Ubah paid himself N11Billion out of the N16billion owed him from products stored on his Apapa tank farm by the NNPC, an act he said was a simple issue of counterbalancing.