Ifeanyi Ubah

The Directorate of State Services (DSS) yesterday night unconditionally released the Managing Director of Capital Oil and Gas Limited, Dr. Ifeanyi Ubah after a “No Case” was established against him following thorough investigations.

The DSS had arrested and detained Ubah following his alleged connection with the disappearance of over N11 billion worth of petrol kept in his tank farm in Lagos by the Nigerian National Petroleum Corporation (NNPC).

The service also alleged that Ubah’s action had the capacity to impact negatively on the nation’s economy and amounted to economic sabotage, an offence which they said was punishable by death.

Ubah had however, through an official letter from his firm, confirmed that he had a face-off with the federal government-owned NNPC over unpaid and overdue debt amounting to N16 billion owed Capital Oil and Gas, his company.

The letter also said NNPC surprisingly involved the DSS when Ubah paid himself N11 billion out of the N16 billion through the sale of the products stored in his Apapa tank farm by the NNPC, an act he described as a case of counter balancing.