The Department of State Security (DSS) has released Ifeanyi Ubah, Chairman of Capital Oil and Gas Limited, after keeping him in custody for almost six weeks.
Ubah was released from detention on Monday night.
The businessman was arrested by DSS operatives on May 5 over alleged diversion of petrol kept in his tank farm in Lagos by the Nigerian National Petroleum Corporation (NNPC).
He was accused of “economic sabotage” by the NNPC, which reported him to security agencies.
The NNPC said the petrol kept in Ubah’s farm was valued at N11 billion, saying it was an attempt by the defendant to cause scarcity of the products in the country.
Conflicting ruling by two high courts stalled Ubah’s initial bail application.
While a High Court in Lagos ordered his release, an Abuja High Court approved his continuous detention.