BREAKING: Capital Oil Boss, Ifeanyi Ubah Released by DSS

The 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​.​

EFCC and the police had levelled against him, 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.

Ubah’s stay in custody was extended on May 25 by Justice Yusuf Halilu of the FCT Federal High Court 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 ordered the Economic and Financial Crimes Commission to continue its investigation of Ubah, for alleged complicity in a N43.29bn petroleum subsidy scheme fraud.

​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.