N11billion Fuel Fraud: How Billionaire Businessman, Ifeanyi Ubah was Released from DSS

Billionaire businessman and the managing director of Capital Oil and Gas Limited, Ifeanyi Ubah, has been released after being arrested by the Department of State Services.

Over the weekend, the operatives of the Department of State Services (DSS) arrested controversial businessman and Managing Director of Capital Oil, Ifeanyi Ubah.

The arrest was disclosed in a statement issued by the DSS signed Mr. Tony Opuiyo, the statement explained that Ubah was arrested on Friday for "economic crimes of national security dimension".

"So far, it has been established that the products stolen amount to over N11billion. There is no doubt that Ubah’s acts have the capacity to negatively impact on national economy," the DSS stated.

According to an exclusive report by SaharaReporters, Ifeanyi Ubah who was arrested by the Special Fraud Unit under Police Commissioner Tunde Ogunsakin (now rtd AIG), confessed that he imported fake fuel into the country and was paid N11 billion from the Petrol Subsidy Fund on the orders of former President Goodluck Jonathan.

It was gathered that Ubah's release from detention was ordered by the former President. To stop any further investigation of the fraud, Ubah's lawyer, Chief Wole Olanipekun (SAN) sued the Police, EFCC and co. Even though Ubah was arrested and detained in Lagos, the case was instituted in Abuja.

The judge who decided the case was Justice Abdu Kafarati of the Federal High Court. In a matter of days, the judge granted all the reliefs of the lawyer. Specifically, the judge granted a perpetual injunction restraining the police and EFCC from ever arresting and prosecuting Ubah in connection with the fraud of N11 billion.

When some whistleblowers recently petitioned President Buhari over the case he was very angry over the use of a Nigerian judge to cover up the fraud of N11 billion.

Since the Department of State Security was not restrained by the federal high court President Buhari directed it to recover the entire proceed of crime.

It is not clear whether Ubah has briefed his lawyer to file a new case against the DSS.

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".