The Managing Director of Capital Oil, Patrick Ifeanyi Ubah has been released unconditionally from custody by officials of Department of State Services after a "no case" was established at the end of investigation.
Ubah who was released last night by the DSS was arrested and charged with economic sabotage after the Nigerian National Petroleum Corporation (NNPC) claimed that he criminally diverted N11bn worth of petroleum product kept in his tank farm in Lagos.
Ubah had admitted that the Corporation stored petroleum product in his farm but stated that he sold the product to address the scarcity that confronted Nigeria after the inauguration of President Muhammadu Buhari.
According to him, apart from averting the crisis that would have destabilized the young administration, his action was also aimed at recovering the debt he was being owed by the NNPC.
He explained that the NNPC owed Capital Oil N11bn, an amount he deducted from the N16bn realized from the sale of the product. He described the case against him as mere issue of counterbalancing.
