Capital Oil Boss, Dr Ifeanyi Ubah is free under “No Case” (details)

Capital Oil Boss, Dr Ifeanyi Ubah is free under “No Case” (details)

 

 

One of the Richest oil mogul  in Africa, Dr Patrick Ifeanyi Ubah ,has been  released on June 20th 2017 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.

He was said to be  arrested  over  alleged connection with a claimed stealing  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, but all was found to be untrue

The agency said Ubah’s action amounted to economic sabotage, with “capacity to negatively impact on national economy.”

 

 

Recall that the Nigerian National Petroleum Corporation, NNPC, had accused Ubah of diverting its product in his tank farm amounting to N11billion. (here)

But Ubah had denied the allegation, maintaining he is innocent while providing proves that the NNPC was not sincere with its position against him. Ubah had, through an official letter from his firm, confirmed that he had a face-off with the government-owned firm, NNPC over unpaid and overdue debt amounting to over N16billion owed his company, Capital oil & Gas.

The letter said NNPC surprisingly involved the DSS when Ubah paid himself N11Billion out of the N16billion owed him from products stored on his Apapa tank farm by the NNPC, an act he said was a simple issue of counterbalancing.

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