DSS ARRESTS IFEANYI UBAH FOR ALLEGED N11bn OIL THEFT

It’s mischievous, misleading –Capital Oil boss
The Department of State Services (DSS), yesterday, said it arrested the
Chairman of Capital Oil and Gas Ltd., Mr. Ifeanyi Ubah, over allegations bordering on economic sabotage.
The DSS, in a statement by Mr. Tony Opuiyo, disclosed that Ubah’s arrest on Friday followed his alleged “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).” Opuiyo further alleged that the products were estimated to cost N11 billion.
He said apart from the “negative impact” which the alleged act has on national economy, the Service had also established alleged plans by Ubah to undermine the government.
To buttress the Service’s allegation, Opuiyo noted that the Capital Oil boss had allegedly incited members of the Petroleum Tanker Drivers (PTD), to stop the lifting of products.
This, he argued, was preparatory to a full-blown strike. Opuiyo said: “In line with the statutory mandate of the Department of State Services (DSS) to investigate economic crimes of national security dimension, the Service, on 5th May, 2017, arrested Ifeanyi Ubah, Managing Director of Capital Oil and Gas Limited.
“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). “So far, it has been established that the products
(allegedly) stolen amount to over eleven billion naira (N11billion). There is no doubt that Ubah’s acts have the capacity to negatively impact on national economy.
“It is instructive to note that Ubah has 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.”
He continued: “This is part of his (alleged) 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.”
He said it was “consequent upon this that the Service arrested and will prosecute him forthwith.”
While assuring of the Services’ readiness to ensure uninterrupted distribution of petroleum products nationwide, Opuiyo pledged that the secret police will support relevant agencies to bring perpetrators of acts of sabotage to justice.
The NNPC had on March 17 revealed that about 100 million litres stored at the Capital Oil & Gas depot and over 30 million litres in MRS Limited depot, all in Lagos, were not found when needed.
Henry Ikem-Obih, who is NNPC’s COO, had said the infraction by the two companies was a clear violation of existing contract which prohibited the firms from tampering with the volumes in their custody without express permission of the corporation.
He said the companies were called to explain and given two options to either return the full volume of what was stored in their depots litre-for-litre or pay the full value of the products taken without approval.
He had also mentioned that NNPC alerted the Directorate of State Service (DSS), the Economic Financial Crime Commission (EFCC) and relevant committees of National Assembly with oversight function on the corporation’s downstream operation to help recover the assets.
The MRS paid for the 30 million litres that vanished in its own depot. But Capital Oil and Gas insisted on reconciling its accounts with the NNPC. Ubah described the allegation of theft against his company as mischievous and misleading.
He said the NNPC also failed to tell the public that it also owed Capital Oil billions of naira from their mutual business transactions.
“It is normal for parties in businesses to owe each other in business relationships and that if reconciliation is carried out with the NNPC, the firm will find out that there may be very little or nothing for Capital Oil to pay the corporation.
A fall-out of the missing petrol was the sack in April by the NNPC management of Mrs. Esther Nnamdi- Ogbue, Managing Director, NNPC Retail Ltd; Mr. Alpha P. Mamza, Executive Director, Operations, NNPC Retail Ltd; and Mr. Oluwa Kayode Erinoso, Manager, Distribution, NNPC Retail Ltd.
The organisation then immediately appointed Mr. Adeyemi Adetunji, as the new Managing Director of NNPC Retail Ltd; Engr. Lawal Bello, Executive Director, Operations, NNPC Retail Ltd; Mrs. Affiong Akpasubi, Executive Director, Services, NNPC Retail Ltd; and Mr. Agwandas A. Andrawus, Manager, Distribution, NNPC Retail Ltd.