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Obat Oil’s tank farm shut over diversion of N1.2 billion

29 January 2016, 17:12

Abuja - The Economic and Financial Crimes Commission (EFCC) has shut down a tank farm belonging to Obat Oil and Petroleum Limited at Kirikiri, Lagos, for alleged diversion of subsidy payment, Nation reports.

The tank was shut down after Petrocam Trading Nigeria Limited reported Obat Oil to EFCC for allegedly diverting N1.2 billion, which it secured as loan from Sterling Bank on behalf of Obat Oil under a Joint Venture Transaction Memorandum of Understanding (MoU).

Also read: EFCC arrests NBC boss over alleged N15b fraud

The fund was meant to finance the importation of 15 000 metric tonnes of petrol for Obat under the Petroleum Products Pricing and Regulatory Agency (PPPRA) import permit for Q2, Q3 and Q4 of 2014.

Petrocam alleged that the loan was diverted into the personal account of Obat’s Chairman, Oba Frederick Akinrutan.

Petrocam said in a document that it jointly signed an agreement with Obat to secure a loan to finance the business, whether by its own resources or through its bank, a condition Obat allegedly agreed to.

Read more at Nation

- News 24

Tags efcc nigeria

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