Oil Tycoon and Billionaire, Ifeanyi Ubah Sues DSS…See Details

Oil Tycoon and Billionaire, Ifeanyi Ubah Sues DSS…See Details

to April 14, 2017. The DSS had claimed that it arrested and detained Ubah for what it termed an act of “economic sabotage” involving an alleged diversion of petroleum products worth about N11bn.

The DSS claimed that the said petroleum products, belonging to NNPC Retail, stored in the Capital Oil farm in Lagos, went missing under controversial circumstances.

However, the company secretary, Oranuba, said the agreement leading to the keeping of the petroleum product with Capital Oil, allowed “conversion and diversion of IT products by operators as long as the operator is prepared to re-deliver the products within seven days of demand by the owner of the product or to pay a penalty for non-re-delivery.”

According to him, failure to re-deliver did not amount to a crime but is a mere breach of contract, which can be remedied by payment of a penalty to the owner.

“The agreement expressly states that any penalty due for non-re-delivery is to be treated as a debt and I verily believe that law enforcement agencies are not allowed to operate as debt collectors,” he said.

Oranuba claimed that NNPC is indebted to Capital Oil and Gas Limited in “excess of N13bn yet the company did not call law enforcement agencies to collect the debt, despite the length of time NNPC has held on to the money.”

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