Reports on Thursday say the owner of Capital Oil, Ifeanyi Ubah has been arrested and detained by the Nigeria Department of State Services (DSS).
The reason for his arrest is not yet known. The businessman, who also owns Nigeria Professional Football League (NPFL) side, Ifeanyi Ubah Football Club, had been previously implicated in a fraud saga with the Nigerian National Petroleum Corporation, NNPC. 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 17th March 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.