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Economic Sabotage: DSS Arrest Capital Oil MD, Ifeanyi Ubah


The Department of State Services (DSS) is revealing for the first time that it has again arrested controversial businessman and Managing Director of Capital Oil, Ifeanyi Ubah. The arrest was disclosed in a statement issued by the DSS signed by Tony Opuiyo, the statement explained that Ubah was arrested on Friday for “economic crimes of national security dimension”.

His arrest, the DSS further stated, was specifically for 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 N11billion. There is no doubt that Ubah’s acts have the capacity to negatively impact on national economy,” the DSS stated. It also alleged that Ubah engaged in other activities inimical to national security and public order. The DSS claimed that the businessman has incited members of the Petroleum Tanker Drivers to refuse/stop the lifting of petroleum products. This, it said, Ubah did to undermine the Federal Government.

“This is part of his plans to curry their sentiments and cause them to embark on strike and also stage protests in his favor 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,” explained the DSS.


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