Financing

LEKOIL Releases Statement on Fraudulent Loan Agreement

By Isha Makkar
January 13, 2020
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LEKOIL OPL 310 Ogo Field

Nigeria focused E&P company LEKOIL Plc released a statement today that the US$184 million loan agreement announced on January 2nd, purportedly with the Qatar Investment Authority (QIA), seems to have been entered into by the Company with individuals who “constructed a complex facade in order to masquerade as representatives of the QIA.” The Company stated that it will be contacting the relevant authorities across a number of jurisdictions without delay, with regard to what appears to be an attempt to defraud LEKOIL. Trading in the Company’s shares on the London Stock Exchange’s AIM had been suspended earlier on Monday. The Company further clarified that its financial exposure associated with the deal is limited to approximately US$600,000, being the amounts paid in good faith as initial arrangement fees to Seawave Invest Ltd. in its capacity as arranger for and lead advisor to LEKOIL in relation to the facility.

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