Just In: Ifeanyi Ubah arrested over N11 billion Oil theft

The Department of State Services was today arrested the Chairman of Capital Oil and Gas Limited, Ifeanyi Ubah over N11billion oil theft.

This revelation was revealed by the agency spokesman, Tony Opuiyo.

According to the report, Opuiyo said Ubah was arrested on Friday in connection with the theft of petrol kept by the Nigerian National Petroleum Corporation, NNPC, in his tank farm in Lagos. The product was valued at over N11 billion. The agency said Ubah’s action amounted to economic sabotage, with “capacity to negatively impact on national economy”. Opuiyo gave additional reasons for Ubah’s arrest. He said he 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. ” The public is hereby reassured that the Service will collaborate with appropriate agencies to ensure that the mischievous activities of any person or group(s) to engage in illegal activities will not affect the effective distribution of products across the country. It will also support such agencies to bring to book individuals or companies involved in any criminal act that undermines the nation’s economy”.

The NNPC had on March 17 revealed that about 100 million litres stored at the Capital Oil & Gas depot and over 30 million litres in MRS Limited depot, all in Apapa area of Lagos, were not found when needed.

Henry Ikem-Obih, who is the COO for (Downstream) in NNPC had said the infraction by the two companies was a clear violation of existing contract which prohibited the firms from tampering with the volumes in their custody without express permission of the corporation.

He said the companies were called to explain and given two options to either return the full volume of what was stored in their depots litre-for-litre or pay the full value of the products taken without approval.

He had also mentioned that NNPC alerted the Directorate of State Service (DSS), the Economic Financial Crime Commission (EFCC) and relevant committees of National Assembly with oversight function on the corporation’s downstream operation to help recover the assets. The MRS paid for the 30 million litres that vanished in its own depot. But Capital Oil and Gas insisted on reconciling its accounts with the NNPC.