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BREAKING: DSS arrests Ifeanyi Ubah

Alleged N11bn oil scam: NNPC owing Capital Oil over N16bn – Ifeanyi Ubah

Ifeanyi Ubah, the owner of Capital Oil, has been arrested and detained by Nigeria’s Department of State Services (DSS).

The main reason is not yet known.

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But the businessman had been previously implicated in a fraud saga with the Nigerian National Petroleum Corporation, NNPC.

Recall that Ubah’s company, Capital Oil was accused of expropriating 82 million liters of premium spirit (PMS) also called petrol stored in its depot.

The  NNPC had on March 17 said that it would take full measures to recover about N11 billion worth of Premium Motor Spirit (PMS) which it stored in the facilities of Capital Oil and Gas Ltd in Lagos.

A source close to Ubah confided with that he was truly arrested.

Details later…