The Department of State Service said in Abuja on Saturday, that oil magnate, Cheif Ifeanyi is in its custody.
It said that Ubah, who has questioned some weeks ago, was again arrested on Friday over his alleged engagements in acts which the security outfit described as inimical to national security.
The DSS stated this in a statement signed by its spokesperson, Mr. Tony Opuiyo, in Abuja on Saturday.
Ubah, who is the managing director of Capital Oil and Gas Limited, was accused of stealing, diversion and illegal sale of petroleum products stored in his tank farm by the Nigeria Petroleum Products Corporation.
Opuiyo put the cost of the oil at more than N11bn, adding that such acts were impacting negatively on the national economy.
He said that the arrest and the detention of Ubah was sequel to the power giving the DSS to investigate economic crimes of national secure dimension.
The statement said, “In line with the statutory mandate of the DSS to investigate economic crimes of national security dimension, the Service,on May 5, 2017, arrested Ifeanyi Ubah, Managing Director of Capital Oil and Gas Limited.
“The arrest was sequel to UBAH’s engagement in acts of economic sabotage which include stealing, diversion and illegal sale of petroleum products stored in his tank farm by the Nigeria NNPC.
“So far, it has been established that the products stolen amount to over Eleven Billion Naira (N11bn). There is no doubt that UBAH’sacts have the capacity to negatively impact on national economy.”