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The Department of State Services (DSS) has arrested Managing Director of Capital Oil and Gas Limited, Ifeanyi Ubah over N11 billion oil theft.
The DSS spokesperson, Tony Opuiyo, Ubah on Saturday said, Mr. Ubah was arrested on Friday for alleged stealing, diversion and illegal sale of petroleum products stored in his tank farm by the Nigeria National Petroleum Corporation (NNPC).
The statement noted that the products stolen amount to over Eleven Billion Naira (N11bn).
Opuiyo also said Ubah incited the Petroleum Tanker Drivers to stop lifting the product.
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".
The DSS spokesperson, Tony Opuiyo, Ubah on Saturday said, Mr. Ubah was arrested on Friday for alleged stealing, diversion and illegal sale of petroleum products stored in his tank farm by the Nigeria National Petroleum Corporation (NNPC).
The statement noted that the products stolen amount to over Eleven Billion Naira (N11bn).
Opuiyo also said Ubah incited the Petroleum Tanker Drivers to stop lifting the product.
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".
