The Managing Director of Capital Oil and Gas Limited, Ifeanyi Ubah, has been released by the Department of State Services.
Ubah, 45, was released unconditionally on Monday night, six weeks after his arrest on May 5 over alleged diversion of petrol kept in his tank farm in Lagos by the Nigerian National Petroleum Corporation (NNPC).
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”.
A statement by DSS spokesman, Tony Opuiyo, had said further that Ubah was also arrested because he further engaged in other activities inimical to national security and public order.
The statement said: “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.”
However, a source from Ubah’s camp, who also confirmed his release, said the oil magnate decided to keep his release low key.
Ifeanyi Ubah denies the allegation against him, insisting that the NNPC was not sincere with its position against him.
He had, through an official letter from his firm, confirmed that he had a face-off with the government-owned NNPC over unpaid and overdue debt amounting to over N16 billion owed his company.
Conflicting ruling by two high courts in Nigeria stalled his initial bail application.
While a High Court in Lagos ordered his release, an Abuja High Court approved his continuous detention.
