ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Saturday, March 6, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Lekoil (Photo Credit: www.lekoil.com)

Lekoil (Photo Credit: www.lekoil.com)

Nigerian firm removed from UK listing after being ‘scammed’ of $600,000

byOladeinde Olawoyin
January 15, 2020
3 min read

A Nigerian oil company, LekOil, is currently in the eye of the storm over an alleged scam of $600,000 involving a consultancy firm, Seawave Invest.

The Guardian (UK) reported that the company revealed the alleged scam after handing over the money to the consultant, who had promised to help arrange a loan from the Qatari Investment Authority.

Earlier in the month, the small oil firm revealed the $184 million (£142m) loan agreement to its investors. But, things took a dangerous turn at the weekend when representatives from the Qatari fund approached the oil firm to question “the validity” of the deal.

Consequently, shares in the company were immediately pulled from the London’s junior Aim market, where it is listed.

The AIM is a sub-market of the London Stock Exchange, which was launched on June 19, 1995. It allows companies that are smaller, less-developed, or want/need a more flexible approach to governance, to float shares with a more flexible regulatory system than is applicable on the main market.

The Payment

Details showed that Lekoil paid an initial arrangement fee of $600,000 to Seawave Invest, which is registered in the Bahamas, for introducing Lekoil’s advisers to individuals said to be from the QIA to discuss the loan.

Reports said lawyers from Lekoil sought to find the “full facts of this matter” while the company said it “will be contacting the relevant authorities across a number of jurisdictions without delay” to report “what appears to be an attempt to defraud” the company.

“While Lekoil will take all reasonable actions to recover the fees paid to Seawave, there can be no guarantee that such attempts will be successful,” the company added.

The company said it will set up an investigation committee, spearheaded by its new non-executive directors, Mark Simmonds and Tony Hawkins, the chief executive of Columbus Energy Resources.

RelatedNews

INTERVIEW: ‘Use your people, not the people’ — Chike to independent artistes

SPECIAL REPORT: Years after paying millions to developers, Abuja residents stranded without homes

SPECIAL REPORT: ‘Regular handwashing? We don’t even have water to drink’

Borno governor appoints Kwara-born retired general as security adviser

While Mr Simmonds served as a former minister in David Cameron’s government, Mr Hawkins joined the company’s board just days after the loan was agreed.

The total loan fees, payable to Seawave and the QIA, were expected to reach almost $10 million, leaving just over $173 million within the loan facility to fund Lekoil’s plans for oil exploration in Nigeria.

PREMIUM TIMES understands that the whole loan deal has all elements of advance fee fraud.

Dangote adbanner 728x90_2 (1)

For instance, the purported QIA facility came with a proposed interest rate of 3.72 per cent, which would have been substantially below those of Lekoil’s peers’ borrowings.

Lekoil said it had paid around $600,000, in advance fees, to Seawave and in legal costs. The deal was supposed to see it raise $184 million, of which it would receive $174.3 million. The $9.7million difference was to go to Seawave and with an upfront fee of 2.75 per cent of the facility, or $5.06 million.

Seawave is a company that claims to be based in Ghana, listing a telephone number for some lawyers in Bahamas.

PREMIUM TIMES check of Seawave’s website showed that it is riddled with spelling errors and content copied from other financial companies.

For instance, the company, on its homepage, said: “SEAWAVE INVEST is an independent consultancy firm specializing in cross-border transactions with a focus on exclusively on Africa. The firm is based in Bahamas and targets opportunities primarily in Sub-Saharan Africa and the MENA region. We focus on four main lines of business.”

It is unlikely that the cash paid out to Seawave can be recovered, Lekoil said.

ADVERTISEMENT

The Nigerian firm posted a loss of $7.8m in the 2018 financial year as against a profit of $6.5m in 2017.

In June last year, it said it planned to ramp up production at the Otakikpo marginal fields to about 15,000 to 20,000 barrels of oil per day, adding that plans were underway for a three to five well drilling program, with the aim of meeting the production target.

PREMIUM TIMES could not immediately get the company’s reaction Wednesday evening as a telephone contact obtained from its website failed to connect.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...



JOIN THE CONVERSATION

  • Disqus (3)
premiumtimes



PT Mag Campaign AD

Previous Post

Malami wrong, Amotekun not illegal – Falana

Next Post

Anglican Primate Okoh visits El-Rufai, says Anglican Church is partner for peace

Oladeinde Olawoyin

Oladeinde Olawoyin

Oladeinde Olawoyin reports Business & Economy, Development and Lagos Metro at PREMIUM TIMES. A First Class graduate of Mass Communication from the University of Ilorin, Ilorin, he was nominated in the journalism category of The Future Awards Africa in 2017. Aside maintaining a column titled ‘SATURDAY SATIRE’, he also writes art and culture pieces on weekends. Twitter: @Ola_deinde

More News

President Muhammadu Buhari have taken the AstraZeneca COVID-19 vaccine. [PHOTO: Presidency]

Buhari, Osinbajo receive COVID-19 vaccines

March 6, 2021
ACompleted phase 1 housing units at Earthpoint and Modern Shelter estate

SPECIAL REPORT: Years after paying millions to developers, Abuja residents stranded without homes

March 6, 2021
COVID-19 vaccine. [CREDIT: Duetsche Welle]

COVID-19: As Nigeria commences vaccination, many citizens remain sceptical

March 6, 2021
SEC logo

Nigeria’s SEC receives $400,000 AfDB grant to strengthen securities market

March 6, 2021
One of the houses in Oduroin community

SPECIAL REPORT: ‘Regular handwashing? We don’t even have water to drink’

March 6, 2021
the Executive Director of the National Primary Health Care Development Agency (NPHCDA) Faisal Shuaib administering the vaccines on Friday

COVID-19: Nigeria records 371 new cases, three deaths as vaccination begins

March 6, 2021
Next Post
Primate Nicholas and El-Rufai

Anglican Primate Okoh visits El-Rufai, says Anglican Church is partner for peace

Emeka ihedioha

Ihedioha reacts to Supreme Court judgement removing him as Imo governor

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


Access Bank Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,629,690 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.