Business News
Loan scam: Lekoil Limited seals payment extension deal to prevent losing oilfield
Weeks after Lekoil Limited was submerged in a loan scam, the company has secured a postponement agreement to keep its shares
Weeks after Lekoil Limited was embattled in a loan scam, which threatened its ownership of an oilfield, the company has secured a postponement agreement to keep its shares. Nairametrics had reported that the $184 million loan announced by Lekoil eventually turned out to be a sham.
Lekoil Limited reached a deal to make the payment for the OPL 310 oilfield to Optimum Petroleum Development Company by May 2, 2020. The oil company is expected to pay the sum of $9.6 million to secure its 17.14% stake in OPL 310.
Nairametrics reported that Lekoil Limited secured the $184 million funding from Qatar Investment Authority (QIA) to finance the drilling and all initial development plans on the Ogo field within Oil Prospecting Lease, OPL 310. But with the Qatar firm denial of ever approving such credit, Lekoil was thrown in the dark without the needed fund to cement its ownership of the oilfield.
The company, which operates in Nigeria and other West African countries, announced that the credit facility secured from QIA was facilitated by a consultant firm, Seawave Invest Limited. But QIA representatives contacted Lekoil to distance the Qatar firm from the funds. Also, Seawave Invest Limited’s representative said no such contact was recorded with Lekoil Limited, therefore, deepening the loan scam even further.
New development: Aside from postponing the payment of the $9.6 million, Lekoil was able to secure a delay of the requirement to prove that it could fund 42.86% of drilling costs. The company now has to July 2020 to show proof of investment capacity.
[READ MORE: Lekoil’s stock drops by 73% on London Stock Exchange)
Speaking on the new development, Lekoil’s chief executive, Lekan Akinyanmi, said, “We remain excited about the opportunities of OPL 310 and are focused on securing the necessary funding under the revised schedule,” Akinyanmi said.
He added that “We are grateful for the support and commitment shown by our partner Optimum.”
Impact of the loan scam: The loan controversy has led to the suspension of the company on the London Stock Exchange (LSE). Lekoil Limited’s shares plummeted as the loan scam was announced. Also, the issue has cast doubt on the potential of domestic oil firms like Lekoil Limited to take over from international oil companies like Exxon Mobil Corp and Chevron Corp, which are trying to sell their Nigerian assets to focus on the portfolio in other markets.
Coronavirus
COVID-19 Update in Nigeria
On the 7th of March 2021, 269 new confirmed cases and 5 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 158,506 confirmed cases.
On the 7th of March 2021, 269 new confirmed cases and 5 deaths were recorded in Nigeria.
To date, 158,506 cases have been confirmed, 137,875 cases have been discharged and 1,969 deaths have been recorded in 36 states and the Federal Capital Territory.
A total of 1.54 million tests have been carried out as of March 7th, 2021 compared to 1.49 million tests a day earlier.
COVID-19 Case Updates- 7th March 2021,
- Total Number of Cases – 158,506
- Total Number Discharged – 137,890
- Total Deaths – 1,969
- Total Tests Carried out – 1,544,008
According to the NCDC, the 269 new cases are reported from 19 states- Enugu (78), Bauchi (37), Rivers (22), Imo (18), Ogun (16), FCT (15), Akwa Ibom (13), Kaduna (13), Kebbi (11), Kwara (9), Edo(7), Ekiti (6), Borno (5), Yobe(5), Kano (4) Nasarawa (3), Osun (3), Anambra (2) and Plateau (2).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,444, followed by Abuja (19,350), Plateau (8,944), Kaduna (8,658), Oyo (6,766), Rivers (6,680), Edo (4,670), Ogun (4,437), Kano (3,844), Ondo (3,066), Kwara (2,962), Delta (2,582), Osun (2,457), Nasarawa (2,251), Enugu (2,156), Katsina (2,060), Gombe (2,010), Ebonyi (1,951), Anambra (1,813), Akwa Ibom (1,610), and Abia (1,588).
Imo State has recorded 1,569 cases, Borno (1,308), Bauchi (1,274), Benue (1,188), Adamawa (942), Niger (919), Taraba (863), Ekiti (834), Bayelsa (779), Sokoto (769), Jigawa (496), Kebbi (412), Cross River (334), Yobe (293), Zamfara (222), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.
Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.
On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.
On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.
On Tuesday, 2nd March 2021, the National Primary health Care Development Agency announced the arrival of the expected COVX Astrazeneca/Oxford covid-19 vaccines.
On Saturday, 6th March 2021, President Muhammadu Buhari and his vice, Yemi Osinbajo received vaccination against the covid-19 as the State House in Abuja.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
Tech News
Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million
Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.
