23 October 2017

Nigeria: We Don't Owe Union Bank - Ontario Oil

The management of Ontario Oil and Gas Limited has denied any fraudulent sale of refined petroleum products as alleged by Union Bank Plc in what the company described as a "hurriedly" procured ex parte application filed by the Economic and Financial Crimes Commission (EFCC).

The company spoke on Monday on the matter of a commercial transaction between her and the bank which dated back to 2014.

Speaking through its counsel, Ben Udoh, Ontario Oil acknowledged that it did approach Union Bank for a facility to import and market petroleum products in 2014.

To clarify this, Udo said: "Indeed we approached Union Bank in 2014 for an $11m facility. A letter of credit (LC) was issued same year but was amended to $9.9m in May 2015. The said sum ($9.9m) was paid to the supplier, Petrocam Trading Limited.


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