The chairman of Capital Oil and Gas Limited, Ifeanyi Ubah, has been released by the State Security Services, SSS.
Mr Ubah regained his freedom on Tuesday after about six weeks in custody.
An impeccable source confirmed the development to DAILY POST Tuesday afternoon.
“Chairman is in Lagos at the moment, we are expecting him in Nnewi (in Anambra State by weekend”
“We don’t have details of his release and conditions attached. There was wild jubilation here when he spoke to one of our bosses this morning”, our source said.
Mr Ubah was arrested and detained by SSS on May 5, 2017, for alleged engagement in acts of economic sabotage which include stealing, diversion and illegal sale of petroleum products stored in his tank farm (in Lagos) by the NNPC.
On May 25, Justice Yusuf Halilu of the FCT Federal High Court extended the detention of Mr Ubah, following an ex-parte application the SSS filed through its lawyer Mr. G.O.A. Agbadua.
Recall that last week, an Abuja Division of the Court of Appeal gave the EFCC asked the SSS to continue its investigation of Mr Ubah, for alleged complicity in a N43.29bn petroleum subsidy scheme fraud.
EFCC and the police had levelled again Mr Ubah allegations of obtaining subsidy payments by false pretences, stealing, money laundering and forgery with respect to the alleged fraudulent payment of N43.29bn in the transactions conducted in 2011.