The State Security Service, SSS, tuesday released Ifeanyi Ubah, Chairman of Capital Oil and Gas Limited, after keeping him in custody for almost six weeks.
The oil magnate was arrested by the SSS on May 5, over alleged diversion of petrol kept in his tank farm in Lagos by the Nigerian National Petroleum Corporation, NNPC.
He was accused of “economic sabotage” by the NNPC which reported him to security agencies.
The NNPC said the petrol kept in Mr. Ubah’s farm was valued at N11 billion, saying it was an attempt by the defendant to cause scarcity of the products in the country.
You may recall that there were conflicting ruling by two high courts in Nigeria which stalled Mr. Ubah’s initial bail application.
Meanwhile,the Nnewi community is said to be jubilation following the reports of his release from SSS detention facility