Ifeanyi Uba DSS arrests Capital Oil boss

The DSS arrested the businessman after many weeks of investigation over his involvement in theft of petroleum products kept in his care.

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Capital Oil MD, Ifeanyi Uba play

Capital Oil MD, Ifeanyi Uba

(Elombah)
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The chairman of Capital Oil and Gas Limited, Ifeanyi Ubah, has been arrested by the Department of State Services.

Multiple reports claimed the DSS arrested the businessman on Friday, May 5, 2017 after many weeks of investigation over his involvement in theft of petroleum products kept in his care by the NNPC.

The product, which has left Ubah embattled, was stolen from his tank farm in Lagos.

It was also reported that the petroleum product was valued at over N11 billion.

The NNPC had on March 17, 2017 said that it would take full measures to recover about N11 billion worth of Premium Motor Spirit (PMS) which it stored in the facilities of Capital Oil and Gas Ltd in Lagos.

ALSO READ: NNPC borrowed products worth billions from Capital Oil in 4 months - Ifeanyi Ubah

Ubah, who didn't argue NNPC's claims said the NNPC also failed to tell the public that it also owed Capital Oil billions of Naira from their mutual business transactions.

Ubah is yet to respond to his alleged arrest and detention by the DSS.

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