Monday, October 26, 2020

Nigerian oil firm Lekoil defrauded in $184 million loan scam

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Lekoil Ltd late Monday said it will seek legal counsel after it entered into an agreement with fraudsters claiming to represent the Qatar Investment Authority.

The company, “in good faith” parted with USD600,000 to Seawave Investment Ltd, which acted as an introducer to those “purporting to be the QIA”. Lekoil however warned that it may not be able to retrieve all of those funds.

The firm said: “Whilst Lekoil will take all reasonable actions to recover the fees paid to Seawave, there can be no guarantee that such attempts will be successful.

“As such, while Lekoil seeks to establish, alongside its legal counsel and nominated adviser, the full facts of this matter, the facility agreement can no longer be considered to be legally binding or enforceable and it should therefore be assumed that none of the funding will be forthcoming.”

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Lekoil added that its shares are expected recommence trading on Tuesday morning, after requesting for a suspension earlier Monday, when the legitimacy of the loan agreement was first thrown in doubt.

At the start of January, Lekoil announced it agreed a USD184.0 million loan from QIA for drilling and development at the Ogo field off the coast of Nigeria.

However, Lekoil said Monday representatives from the QIA questioned the validity of the loan agreement.

The company added that it “continues to generate positive cash flow at the operational level” and will seek alternative funding for the development of Ogo.

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Source: morningstar

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