IFEANYI UBAH HAS BEEN ARRESTED. DSS arrests Ifeanyi Ubah over economic sabotage, alleged N11bn oil theft

The Department of State Service said oil magnate, Ifeanyi Ubah is in its custody - He was arrested on Friday over his alleged engagements in acts described as inimical to national security - He was also accused him 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). In a statement issued on Saturday, May 6, by its spokesman, Tony Opuiyo, 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.

Ubah who was arrested on Friday was accused of stealing, diversion and illegal sale of petroleum products stored in his tank farm by the Nigeria Petroleum Products Corporation 

 (NNPC). The cost of the oil was valued at more than N11billion.

 

Opuiyo said such acts amounted to economic sabotage and had the capacity to negatively impact on national economy. The statement read: “It is instructive to note that UBAH 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.”

Opuiyo assured the public that the service would collaborate with appropriate agencies bring to book individuals or companies involved in any criminal act that undermines the nation’s economy.

The NNPC had on March 17 revealed that about 100 million litres stored at the Capital Oil & Gas depot and over 30 million litres in MRS Limited depot, all in Apapa area of Lagos, were not found when needed.

Henry Ikem-Obih, who is the COO for (Downstream) in NNPC had said the infraction by the two companies was a clear violation of existing contract which prohibited the firms from tampering with the volumes in their custody without express permission of the corporation.

He said the companies were called to explain and given two options to either return the full volume of what was stored in their depots litre-for-litre or pay the full value of the products taken without approval.

He had also mentioned that NNPC alerted the Directorate of State Service (DSS), the Economic Financial Crime Commission (EFCC) and relevant committees of National Assembly with oversight function on the corporation’s downstream operation to help recover the assets.

The MRS paid for the 30 million litres that vanished in its own depot. But Capital Oil and Gas insisted on reconciling its accounts with the NNPC.

Ubah described the allegation of theft against his company as mischievous and misleading. He said the NNPC also failed to tell the public that it also owed Capital Oil billions of Naira from their mutual business transactions.

“It is normal for parties in businesses to owe each other in business relationships and that if reconciliation is carried out with the NNPC, the firm will find out that there may be very little or nothing for Capital Oil to pay the corporation.

A fall-out of the missing petrol was the sack in April by the NNPC management of Mrs. Esther Nnamdi-Ogbue, Managing Director, NNPC Retail Ltd; Mr. Alpha P. Mamza, Executive Director, Operations, NNPC Retail Ltd; and Mr. Oluwa Kayode Erinoso, Manager, Distribution, NNPC Retail Ltd.

The organisation then immediately appointed Mr. Adeyemi Adetunji, as the new Managing Director of NNPC Retail Ltd; Engr. Lawal Bello, Executive Director, Operations, NNPC Retail Ltd; Mrs. Affiong Akpasubi, Executive Director, Services, NNPC Retail Ltd; and Mr. Agwandas A. Andrawus, Manager, Distribution, NNPC Retail Ltd

Weeks ago, reports surfaced that Ubah had been arrested. In a swift reaction, he denied the report that operatives of the DSS arrested and detained him.