Nigerian court seizes Ontario Oil funds
Nigeria Lagos’ Federal High Court
The complaint alleged that the company took out a USD 70-million loan from Union Bank and Ontario managing director Ada Ugo-Ngadi, second respondent in the case, personally guaranteed it.
“Further investigations revealed that the respondent have lifted the product on the order financed by the bank for 10,000 metric tonnes of diesel, since July 2016 [and] have sold same, but have refused to lodge the proceeds in the company’s account, and pay back the facility to Union Bank,” the Economic and Financial Crimes Commission affidavit of urgency read, adding that Ontario had diverted the funds to Renoir Logistics. The funds have been forfeited to the commission pending investigation and possible prosecution.
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