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.
An impecable source confirmed the development to DAILY POST
Tuesday afternoon.
“Chairman is in Lagos at the moment, we are expecting him in
Nnewi (in Anambra State by weekend”
“We don’t have details of his release and conditions
attached. There was wild jubilation here when he spoke to one of our bosses
this morning”, our source said.
Ubah was arrested and detained by DSS on May 5, 2017, for
alleged engagement in acts of economic sabotage which include stealing,
diversion and illegal sale of petroleum products stored in his tank farm (in
Lagos) by the NNPC.
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.
EFCC and the police had levelled again Ubah allegations of
obtaining subsidy payments by false pretences, stealing, money laundering and
forgery with respect to the alleged fraudulent payment of N43.29bn in the
transactions conducted in 2011.
By Wale Odunsi
