The DSS disclosed this in a statement issued on Saturday by its spokesman, Tony Opuiyo.
Opuiyo said Ubah was arrested on Friday in connection with the theft of petrol kept by the Nigerian National Petroleum Corporation (NNPC) in his Lagos tank farm.
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.”
Opuiyo said the Capital Oil and Gas chairman also engaged in other activities inimical to national security and public order.
He said, “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 are 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.”