A FEDERAL High Court in Lagos
has ordered the interim forfeiture
of N1.96 billion allegedly belonging
to an oil company, Ontario Oil and
Gas, over alleged fraudulent sale of
refined petroleum.
Justice Hadiza Shagari issued
the order following an ex parte
application filed by the Economic
and Financial Crimes Commission,
EFCC, seeking attachment of the
funds.
“That the property mentioned in
paragraphs nine of the affidavit viz,
Renoir Logistics Ltd currently under
investigation be interim attached/
forfeited pending the determination
of the investigation and possible
prosecution of the case.
“That the said property attached/
forfeited, ad-interim be managed and
controlled by the EFCC,” the judge
held.
In the suit labeled FHC/L/
CS/1464/17, the commission joined
as first and second respondents
respectively, Ontario Oil and Gas Ltd,
and Mrs Ada Ugo-Ngadi, managing
director of the company.
An affidavit of urgency elicited by
an investigating officer of the EFCC,
Mr Abdukarim Acheneje in support
of the ex parte motion, chronicles as
follows:
“That the EFCC received a petition
from Ms Joan Ganadanu, a legal
practitioner, against the second
respondent, complaining of diversion
and conversion of proceeds of sale of
refined petroleum products valued at
N1.96 billion.
“That the petition alleged that
the first respondent is a customer
to Union Bank Plc, of Stallion Plaza
branch, Marina Lagos.
“That union bank granted a loan
facility to the first respondent in
the tune of 70 million US dollars
to import and/or purchase locally
refined petroleum products PMS,
DPK and AGO.
“That the loan was to be repaid from
sale of the products and the second
respondent guaranteed repayment of
the said loan personally.
“That further investigations
revealed that the respondent have
lifted the product on the order
financed by the bank for 10,000
metric tons of AGO, since July 2016.
“That the respondent have sold
same, but have refused to lodge
the proceeds in the company’s
account, and pay back the facility to
union bank among other financial
infractions.”

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