Managing Director of Capital Oil and Gas Limited, Dr. Ifeanyi Ubah,has been released from the custody of the Department of State Services (DSS).
Sources said the oil mogul was released on Monday evening unconditionally after a “No Case” was established, following a tedious investigation by the DSS in his rift with the NNPC.
The DSS had arrested Dr. Ubah over his alleged connection with a claimed theft of petrol kept in his tank farm in Lagos by the Nigerian National Petroleum Corporation.
The product, it said, was valued at over N11 billion. The agency said Ubah’s action amounted to economic sabotage, with “capacity to negatively impact on national economy.”
A statement by its spokesman, Tony Opuiyo, said further that Ubah was also arrested because he 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.