A close associate of oil tycoon, Ifeanyi Ubah, has said that if his man is pushed to say all that he knows about oil and forex deals in Nigeria, the nation will go up in flames.  The associate who did not want his name published said Mr Ubah should be commended for his patriotism rather than being labeled among oil thieves.

He claimed that Mr Ubah’s patriotism pushed him to make a statement last year that he knows how to crash the rampaging dollar in the forex market. Ubah had boasted that if granted the permission by the Buhari government, he would crash the dollar in a matter of weeks. Those familiar with the sleazy forex market said the oil magnate knew what he was saying.

Shortly after making the statement, there were insinuations that he was warned by powerful forces behind the forex market and the steady fall of the naira to the dollar. “Since making that statement and after receiving threats from powerful forces in the market, Mr Ubah has decided to stay away from that arena’’ the source said.

The oil magnate and chairman of Capital Oil and Gas Limited was arrested by the Department of State Services, DSS.

The department made this disclosure on Saturday in a statement by its spokesman, Tony Opuiyo. Opuiyo said the former guber aspirant in Anambra State was arrested on Friday in connection with the theft of petrol kept by the Nigerian National Petroleum Corporation, NNPC, in his tank farm in Lagos. The product was valued at over N11 billion.

The agency said Ubah’s action amounted to economic sabotage, with “capacity to negatively impact on national economy”.

“In furtherance of his gimmicks to undermine the government and people of Nigeria, he has incited members of the Petroleum Tanker Drivers (PTD), a critical player in the downstream sub-sector of the Petroleum Industry, to refuse/stop the lifting of products.

“This is part of his plans to curry their sentiments and cause them to embark on strike and also stage protests in his favour with the ulterior motive of arm-twisting the NNPC to abandon the cause of recovering the stolen products. The implications of this on law and order is, in fact, a common knowledge. It is consequent upon this that the Service arrested and will prosecute him forthwith.

“The public is hereby reassured that the Service will collaborate with appropriate agencies to ensure that the mischievous activities of any person or group(s) to engage in illegal activities will not affect the effective distribution of products across the country. It will also support such agencies to bring to book individuals or companies involved in any criminal act that undermines the nation’s economy,” the statement added.