Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Seawave Invest Ltd says it is open to investigation over Lekoil’s loan scam 

Emmanuel Abara Benson by Emmanuel Abara Benson
January 16, 2020
in Business News, Company News
Seawave Invest Ltd says it is open to investigation over Lekoil’s loan scam
Share on FacebookShare on TwitterShare on Linkedin

Days after the validity of Lekoil Ltd‘s supposed $184 million loan from Qatar Investment Authority (QIA) became questionable, the company that brokered the deal said it is open to investigation.

Seawave Invest Ltd, which is based in the Bahamas, allegedly arranged the fraudulent loan deal that was later denied by Qatar Investment Authority. Apparently, individuals pretending to be representatives of QIA were the ones who facilitated the deal. Lekoil was planning to use the money to facilitate the development of its Ogo oilfield.

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 
CEO, Lekoil Limited, Lekan Akinyanmi

As Niarametrics reported, Lekoil Ltd’s shares on the London Stock Exchange was suspended after it was discovered that the so-called loan deal was nothing but a “complex façade”. The company’s share also dropped by 70% following the scandal and subsequent suspension.

RelatedPosts

Twitter ban lift: Experts point to Nigerian government as the biggest loser

Airtel Africa receives additional $125 million in second closing of its money minority investments

In the meantime, Seawave Invest Ltd is open to investigation by Lekoil Ltd. The independent consultancy firm told Reuters that it was willing to assist in the investigation but would not make any further comments regarding the issue.

“Seawave Invest Ltd welcomes Lekoil’s investigation and will remain available to the best of its abilities to assist.

News continues after this ad


“Seawave Invest Ltd will not make any comments at this stage whilst waiting for the results of its own assessment and investigation of this matter.”

[READ MORE: LSE suspends Lekoil’s shares over $184 million loan source)

Further findings by Reuters also disclosed that Seawave Invest Ltd might be non-existent, after all. A contact at the Bahamas-based law firm, Holowesko Pyfrom Fletcher, said Seawave Invest Ltd had always been “inactive” as a company. The contact further disclosed that the company was recently struck off by the Registrar of Companies.

News continues after this ad


Information about Seawave’s owners and management team is rather scarce. However, Financial Times reported that a managing partner at the firm, who is known by the name Bismarck Abrafi, said he was going to issue a detailed response regarding the loan scandal. According to him, “You will receive our response to the allegations. We will issue [a] full statement and everything will be clear.” 

For now, Lekoil Ltd is continuing to grapple with the outcome of this unfortunate incident which some people have described as a corporate governance let-down.

Who would simply admit that this… was a corporate governance let down and address the issues Arising from the pitch around the QIB financing…..???

— Olufemi AWOYEMI (@OlufemiAwoyemi) January 15, 2020

Prominent businessman, Atedo Peterside, who once served as director at Lekoil Ltd, is also one of those who have reacted to the development. In a series of Twitter posts, he expressed support to the oil company and said he believed it would bounce back from the scandal very soon.

Clever fraudsters have invaded the business space too & it is not only cybercrime. Individuals & Corporates need to be constantly alert & on their toes; the fraudsters are getting smarter. Lekoil has become the latest victim. Lekoil must chin up & bounce back

— Atedo Peterside (@AtedoPeterside) January 15, 2020

Related

Tags: companyHolowesko Pyfrom FletcherLekoilLondon Stock ExchangeOn the MoneyQatar Investment AuthoritySeawave Invest Ltd

Leave a Reply Cancel reply

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

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Sujimoto launches her new luxury condominium with Oikos premium doors
    • Lagos announces partial closure of Third Mainland Bridge
    • Five jobs in Nigeria’s fashion industry that are not design-related

    Follow us on social media:

    Recent News

    Sujimoto launches her new luxury condominium with Oikos premium doors

    Sujimoto launches her new luxury condominium with Oikos premium doors

    August 13, 2022
    Third Mainland Bridge is intact and safe for commuters - FG

    Lagos announces partial closure of Third Mainland Bridge

    August 13, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com