Tuesday, 20 June 2017

Ifeanyi Ubah finally released by DSS after six weeks

The managing director of Capital Oil and Gas Limited, Ifeanyi Ubah has reportedly been released from DSS’s detention after about six weeks in custody​.

Vanguard reports that he was released yesterday night unconditionally by the DSS after a “No Case” was established, following a tedious investigation by the DSS in his rift with the NNPC.

The DSS had arrested and detained the oil mogul on on May 5, 2017 over his alleged connection with a claimed theft of petrol kept in his tank farm in Lagos by the NNPC.

The DSS claimed the product was valued at over N11 billion, therefore accusing him of economic sabotage, with “capacity to negatively impact on national economy.”

But Ubah had denied the allegation, maintaining he is innocent while providing proves that the NNPC was not sincere with its position against him.

Ubah had, through an official letter from his firm, 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.

The source from Ubah’s camp who confirmed his release said he decided not to make his release public.

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