Ifeanyi Ubah, the managing director of Capital Oil and Gas Limited, has been arrested by the State Security Service (SSS) over alleged “economic sabotage”.
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”.
“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,” it said.
“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 implication 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.”