DSS arrests Ifeanyi Ubah for N11bn oil theft

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DSS arrests Ifeanyi Ubah for N11bn oil theft

Reports filtering in have it that the Department of State Services (DSS) has arrested Managing Director of Capital Oil and Gas Limited, Ifeanyi Ubah over N11 billion oil theft.

Confirming the arrest on Saturday, the DSS spokesperson, Tony Opuiyo claimed that Mr. Ifeanyi 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).

It was revealed that the stolen products were worth over Eleven Billion Naira (N11 billion)

“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 statement read.

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