Ifeanyi Ubah

My Trial Over N11 Billion Oil Theft is a Witch-hunt – Ubah

Popular oil magnate and Managing Director of Capital Oil and Gas, Dr. Ifeanyi Ubah, yesterday, claimed that he was being witch-hunted over an allegation that he stole fuel worth N11 billion from the Nigerian National Petroleum Corporation (NNPC).

Testifying before the House of Representatives Committee on Petroleum (Downstream), he stated that he was made to suffer detention and dwindling economic fortunes because operatives of the state had “certain personalities” in mind when they closed in on him.

The Guardian reports that the billionaire business mogul, however, declined naming the targeted people even when prodded by the Akinlaja Joseph-led committee during the hearing that had in attendance major stakeholders in the oil and gas industry.

Ubah claimed that the “unwarranted and unjustifiable” action cost him huge revenue with no fewer than 2000 of his employees losing their jobs due to the closure of his company.

Expressing disappointment with the NNPC for not exploring available dispute resolution mechanisms prior to his arrest, he reiterated his innocence before the lawmakers.

He told the investigative panel that the corporation was owing him N16 billion.

The Executive Director, I.B. Dansure, who stood in for the NNPC-Retail outfit, justified the invitation of the Department of State Services (DSS).

According to him, the move became necessary when the establishment started noticing a shortfall in product record.



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