Controversial businessman, Ifeanyi Ubah is currently being detained by the Department of State Service (DSS) on account of stealing, diversion and illegal sale of petroleum products worth over N11 billion kept in his custody by the Federal Government.

The Federal Government, through the Nigeria National Petroleum Corporation (NNPC), had been storing petroleum products in Ubah’s farm tank. It suddenly discovered that Premium Motor Sprit (PMS), popularly known as fuel worth over N11 billion kept in his farm tank had disappeared when the government wanted to use it.

Ubah who is the Chairman of Capital Oil and Gas, was arrested Friday over acts alleged to be inimical to national security.

The worth of the petroleum products, according to the DSS Spokesman, Tony Opuiyo, is more than N11 billion.

Opuiyo, in a statement on Saturday, confirmed that Ubah is currently in its custody.

Further, Opuiyo contended that Ubah’s acts amounted to economic sabotage and had the capacity to negatively impact on national economy.

According to the statement, “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.

“This is part of his 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. It is consequent upon this that the Service arrested and will prosecute him forthwith.”

The DSS assured that it would continue to collaborate with the public and relevant government agencies to prosecute and bring to individuals or companies involved in any criminal act that undermines the nation’s economy.

It would be recalled that there had been series of rumors in the past suggesting that Ubah had been arrested but it turned out to be false.