• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Ontario Oil claims innocence in N1.96 billion legal dispute

Chacha Wabara by Chacha Wabara
October 18, 2017
in Business News
Share on FacebookShare on TwitterShare on Linkedin

The loveless triangle between Union Bank of Nigeria, the Economic and Financial Crimes Commission (EFCC) and Ontario Oil and Gas Limited is getting ever more twisted in the N1.96 billion legal dispute with the claim by the oil company that it does not owe Union Bank of Nigeria any single kobo.

According to Ontario, who through its lawyer, Ben Udoh, released a statement yesterday, it approached the bank for a loan facility in 2014, but it has fully repaid the debt owed the bank and is innocent of the accusations in the N1.96 billion legal dispute.

“Indeed, we approached Union Bank in 2014 for an $11 million facility. A letter of Credit (LC ) was issued same year but was amended to $9.9 million in May 2015. The said sum ($9.9 billion) was paid to the supplier, Petrocam Trading Limited. Contrary to impressions created by Union Bank, there was no case of fraudulent diversion and conversion of proceeds as alleged. We would like to confirm on good authority that the products were duly imported and sold in the open market” the statement read.

RelatedStories

Federal High Court, REA

Supreme Court Judgement: Judge to hear committal suit against CBN Governor on June 23 

June 17, 2025
EFCC: Achimugu’s case unrelated to Atiku, Sanwo-Olu, agency says

EFCC arraigns Ponzi scheme director Precious Williams over alleged N13.8 billion fraud  

June 17, 2025

Earlier, the EFCC had accused Ontario of obtaining but refusing to pay back a $70 million loan from Union Bank to import and/or purchase locally refined petroleum products PMS, DPK and AGO, which sum would be repaid from the sale of the products within a 60-day period. According to The EFCC, a Ms Joan Ganadanu, a legal practitioner, filed the complaint against Ontario Oil and Gas complaining of diversion and conversion of proceeds of sale of refined petroleum products valued at N1.96 billion.

Acting on the matter, the EFCC went to the Federal High Court and 2 days ago, following an ex parte application, were able to obtain an order from Justice Hadiza Shagari of the Federal High Court for the interim forfeiture of N1.96 billion over alleged fraudulent sale of refined petroleum. With Ontario’s new stance, however, the company is claiming to have settled the debt but Union Bank, “for reasons best known to them, failed to heed several exchanges for the liquidation of the debt which Ontario diligently dealt with within the 60-day expiration of the facility.”

Ontario says it would fight for the vacation of EFCC’s ex parte application. “We do not owe Union Bank. All proceeds arising from the transaction has been fully redeemed. Any differential is as a result of the devaluation of the Naira. Ontario would do everything legal to vacate the ex parte application” their statement read.

 

Tags: EFCCN1.96 billionNews ReviewOntario Oil and GasUnion Bank
Chacha Wabara

Chacha Wabara

Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience. Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.

Related Posts

Federal High Court, REA
Financial Services

Supreme Court Judgement: Judge to hear committal suit against CBN Governor on June 23 

June 17, 2025
EFCC: Achimugu’s case unrelated to Atiku, Sanwo-Olu, agency says
Crime and Insecurity

EFCC arraigns Ponzi scheme director Precious Williams over alleged N13.8 billion fraud  

June 17, 2025
Bank customers with CBN rise to 57 million in April 2023
Business News

Emefiele earned N350 million annually as CBN governor, court document reveals 

June 16, 2025
Nigerian court unfreezes N89 million in bank accounts previously indicted for illegal crypto dealings
Business News

Alleged $1bn scam: CBEX promoters ask court for bail from EFCC custody 

June 11, 2025
Federal High Court, REA
Business News

Federal High Court jails 9 Chinese arrested for cryptocurrency investment and romance fraud in Lagos 

June 10, 2025
Emefiele: Forensic expert confirms to court how Buhari, Ex-SGF signatures were forged to withdraw $6.2 million from CBN 
Financial Services

Bank officials to testify as EFCC sues Ex-CBN Governor Emefiele over 753 housing units and N7.8 billion fraud 

May 31, 2025
Next Post
CBN Gov Godiwn Emefiele

BRIEF: Forex reserves hit 34-month high as inflation slows yet again

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Dealing Houses worry over CBN forbearance directive, reveals why the timing is inappropriate
  • Africa Re to celebrate retirement Of DMD/COO, Mr. Ken Aghoghovbia
  • Sovereign green bond offer records N91.42 billion, oversubscribed by 183% – DMO 

Follow us on social media:

Recent News

Dealing Houses worry over CBN forbearance directive, reveals why the timing is inappropriate

Dealing Houses worry over CBN forbearance directive, reveals why the timing is inappropriate

June 19, 2025
Africa Re to celebrate retirement Of DMD/COO, Mr. Ken Aghoghovbia

Africa Re to celebrate retirement Of DMD/COO, Mr. Ken Aghoghovbia

June 19, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics