Why Ifeanyi Uba Was Arrested

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The Nation Newspaper has reported that The State Security Service (SSS) has arrested the managing director of Capital Oil and Gas Limited, Ifeanyi Ubah, over alleged “economic sabotage” it wrote.

It said Ubah was detained in connection with missing petroleum products.


“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),” the SSS said in a statement yesterday.

“So far, it has been established that the products stolen amount to over N11bn.

“There is no doubt that Ubah’s acts have the capacity to negatively impact on national economy.”

The fuel products, belonging to NNPC Retail, which was stored in the Capital Oil’s storage facilities in Lagos under a throughput arrangement, went missing under controversial circumstances.

In March, the Capital Oil and Gas boss reportedly visited the SSS office in Abuja, where he was held for days.

The Group Managing Director of the NNPC, MaikantiBaru, had said the corporation was committed to using all measures to fully recover the full value of the missing products.

Last month, four top NNPC officials were retired over the scandal.

In a statementby Tony Opuiyo, the SSS saidUbah had further engaged “in other activities inimical to national security and public order”.

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