TheCable

A federal high court, Lagos, has ordered an interim forfeiture of N1.96 billion allegedly belonging to Ontario Oil and Gas over the alleged fraudulent sale of refined petroleum.

In the suit marked FHC/L/CS/1464/17, Ada Ugo-Ngadi (pictured), managing director of the company, was accused of diverting the money.

Hadiza Shagari, the judge handling the case, gave the order on Monday following an application by Economic and Financial Crimes Commission (EFCC).

Shagari also ordered the forfeiture of Renoir Logistics Limited, pending the investigation and prosecution of the case.

“That the property mentioned in paragraphs nine of the affidavit viz, Renoir Logistics Ltd currently under investigation be interim attached/forfeited pending the determination of the investigation and possible prosecution of the case,” the judge ruled.

“That the said property attached/forfeited, ad-interim be managed and controlled by the EFCC.”

Before the ruling, Abdukarim Acheneje, an investigating officer of the EFCC, presented an affidavit deposed by Joan Ganadanu, a legal practitioner.

Ugo-Ngadi was accused of diverting proceeds of the sale of refined petroleum products valued at N1.96 billion.

“That the petition alleged that the first respondent (Ontario Oil) is a customer to Union Bank Plc, of Stallion Plaza branch, Marina Lagos,” it read.

“That union bank granted a loan facility to the first respondent in the tune of 70 million US dollars to import and/or purchase locally refined petroleum products PMS, DPK and AGO. That the loan was to be repaid from sale of the products and the second respondent guaranteed repayment of the said loan personally.

“That further investigations revealed that the respondent have lifted the product on the order financed by the bank for 10,000 metric tons of AGO, since July 2016.”