Dr. Ifeanyi Patrick Ubah, chairman of Capital Oil and Gas Limited has been released from detention. He regained his freedom on Monday 19th June, 2017. Ifeanyi Ubah has been detained by the DSS for some time now over N11billion oil scam allegation.
While in detention, the Nnewi, Anambra State born businessman revealed that he was not involved in any N11billion oil scam as widely circulated. He said the Nigerian National Petroleum Corporation (NNPC) owes his company over N16billion.
The oil magnate said the claim by the DSS that he was involved in theft of petrol kept by the NNPC in his tank farm in Lagos was a wrong accusation. The DSS had arrested Ubah over his connection with the missing petroleum product, which was valued at over N11billion. The department said Ubah’s action amounted to economic sabotage, with “capacity to negatively impact on national economy”.