Business News

Lekoil’s stock drops by 73% on London Stock Exchange

The alleged loan scam rocking Lekoil Limited has eaten deep into the fabrics of the firm’s shares, as the stock down by 73%, when it closed at 2.50 pence on the London Stock Exchange on Tuesday. #LEKOIL, #LSE

Published

1 year ago

January 15, 2020

Fakoyejo Olalekan

Lekan Akinyanmi, Lekoil, Lekoil secures $184m funding to finance OPL 310 drilling , Loan scam forces Lekoil’s shares to plunge over 70% as more denial emerges, Seawave Invest Ltd said it is open to investigation over Lekoil’s loan scam , Loan scam: Lekoil Limited seals payment extension deal to prevent losing oilfield, Lekoil Limited seeks refund of $450,000 after loan scam involving Qatar firm

The alleged loan scam rocking Lekoil Limited has eaten deep into the fabrics of the firm’s shares, as the stock down by 73%, when it closed at 2.50 pence on the London Stock Exchange on Tuesday.

This followed the suspension placed on the shares after the oil firm discovered that a $184 million loan it had announced from the Qatar Investment Authority (QIA) was fraudulent.

What it means: The loan was said to be a “complex facade” by individuals pretending to represent the QIA, as the Qatari firm denied offering such funds to the company.

It should be noted that when Lekoil announced it had secured the $184 million loan on January 2, 2019, its shares doubled, rising above 11 pence. Nairametrics reported that the company requested for trading on its shares to be suspended as it prepared to probe the loan scam.

The company, which operates in Nigeria and other West African countries, announced that the credit facility was provided by QIA and facilitated by a consultant firm, Seawave Invest Limited. But QIA representatives contacted Lekoil to distance the Qatar firm from the funds.

What this denial means for Lekoil: Lekoil Limited secured the $184 million funding to finance the drilling and all initial development plans on the Ogo field within Oil Prospecting Lease, OPL 310. But with the Qatar firm denying ever approving such credit, Lekoil now has to find nearly $40 million by next month in order not to be forced to sell its 17.14% stake in OPL 310.

According to a report by Reuters</stro

Fakoyejo Olalekan

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

Coronavirus

Update: Health Minister states side effects of COVID-19 vaccines

Dr. Osagie Ehanire has disclosed the side effect of the COVID-19 vaccines.

Published

3 hours ago

March 6, 2021

Abiola Odutola

Nigeria to vaccinate 20 million people against Covid-19. Chinese Engineering firm donates medical supplies to Nigeria

Minister of Health, Dr. Osagie Ehanire has stated the side effects of the COVID-19 vaccines, which he said is mild.

The minister disclosed this during the live broadcast when President Muhammadu Buhari took his vaccine shot on Saturday.

According to the Minister, the reactions are usually mild and only few people had complained of mild pain in the part of the body they got the shot.

He said, “It is not everybody that complained of reactions/side effects but few had complained of mild pain at the part of the body they got the shot.

”Usually manufacturing vaccines take not less than 4 years but this only took about 1 year, which is the reason some people are apprehensive about the vaccines. This was manufactured in the United Kingdom and has been certified.”

Ehanire, explained that the jab is painless as a narrow gauge syringe was used with a small quantity injected in the upper arm.

He added that the after-effects are mild but accompanied by little discomfort in the area that was injected.

Present at the brief ceremony were the Secretary to the Government of the Federation (SGF) Mr Boss Mustapha; Minister of Information and Culture, Alhaji Lai Mohammed; the Chief of Staff to the President, Professor Ibrahim Gambari and other members of the Presidential Task Force (PTF) on COVID-19, senior government officials and journalists.

Coronavirus

Update: President Buhari, VP Osinbajo get COVID-19 vaccine shots

President Buhari and VP Osinbajo have been vaccinated against COVID-19 on Saturday at the State House, Abuja.

Published

3 hours ago

March 6, 2021

Abiola Odutola

President Muhammadu Buhari and Vice President Yemi Osinbajo have been vaccinated against COVID-19 on Saturday at the State House, Abuja.

President Buhari and VP, who received his COVID-19 vaccine shot on Live TV broadcast, urged Nigerians to emulate him and do the same to curb the pandemic in the most populous black nation.

Both were administered their jabs, on Saturday morning, at the Banquet Hall of the presidential villa, Abuja at a ceremony broadcast live on national television.

Their inoculation followed their e-registration and filling out of their vaccination cards by the Executive Director of the National Primary Health Care Development Agency (NPHCDA), Faisal Shuaib.

Vaccination of Buhari was done by Chief Personal Physician to the President, Dr Suhayb Rafindadi.

Osinbajo was also vaccinated by his personal physician, Dr Nicholas Audifferen.

Nairametrics

Lekoil’s stock drops by 73% on London Stock Exchange

Coronavirus

Update: Health Minister states side effects of COVID-19 vaccines

Coronavirus

Update: President Buhari, VP Osinbajo get COVID-19 vaccine shots

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