Ifeanyi Ubah, a prominent oil mogul in Nigeria, has been arrested by the country’s secret police over what the federal security agency says is ‘economic sabotage’.
The State Security Services, SSS, also known as DSS, on Saturday, May 6, 2017 issued an e-mailed statement to The Trent detailing the arrest of the Capital Oil and Gas managing director and an alleged N11 billion theft of oil products by the company.
“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 statement signed by Tony Opuiyo, a spokesperson of the DSS, said.
“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.
“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.
“The public is hereby reassured that the Service will collaborate with appropriate agencies to ensure that the mischievous activities of any person or group(s) to engage in illegal activities will not affect the effective distribution of products across the country. It will also support such agencies to bring to book individuals or companies involved in any criminal act that undermines the nation’s economy,” the statement ended.