Breaking: 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: ×]K “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".