Chairman of Capital Oil and Gas Limited, Ifeanyi Ubah, has been released by the Department of State Services (DSS).
Ubah regained his freedom today after about six weeks in custody.
Sources said the oil mogul was released yesterday night unconditionally by the Department of State Services after a “No Case” was established, following a tedious investigation by the DSS in his rift with the NNPC.
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.”
On May 25, Justice Yusuf Halilu of the FCT Federal High Court extended the detention on Ubah following an ex-parte application the DSS filed through its lawyer Mr. G.O.A. Agbadua.
Recall that last week, an Abuja Division of the Court of Appeal gave the Economic and Financial Crimes Commission asked DSS to continue its investigation of Ubah, for alleged complicity in a N43.29bn petroleum subsidy scheme fraud.