Facility Agreement: Lekoil moves to retrieve $450,000 paid to Seawave

Lekoil/Qatar investment authourity, iBrandTVFollowing result of an investigation into the origin of Facility Agreement purportedly signed with the Qatar Investment Authority, QIA, Lekoil Limited, Nigeria’s indigenous oil and gas Company, has commenced steps to recover $450,000 paid to Seawave.

This development also includes the issuance of pre-action letter of demand against Seawave and its principals Mr. Bismarck Abrafi, Mr. Said Memene and Mr. Rilk Dacleu Idrac, the purported representative of the QIA.

This is coming against the backdrop of January 13 announcement, following the discovery that the Facility Agreement had not been entered into with the QIA, but instead with certain individuals falsely purporting to represent the QIA.

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The company’s Board established an independent committee to investigate the origin and execution of the Facility Agreement and steps which might reasonably be taken to retrieve monies paid in association with the transaction.

The Committee was supported in its review by Kroll Associates UK Limited (“Kroll”) acting as third-party forensic investigators. The advice was taken from Herbert Smith Freehills LLP, legal counsel engaged at the time of the Investigation, on discreet issues arising from Kroll’s work.

Commenting on the development, the Chairman, LEKOIL, Mr. Samuel Adegboyega, said: “First of all, I would like to thank the Committee for leading the review and the provision of the detailed findings to the Board.

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“The Board will seek, as a priority, to improve its standards of corporate governance and we welcome the recommendations received from the Committee, which are in the process of being implemented.” 

The company also commenced a review of the Company’s corporate governance practices and procedures for the review and approval of major transactions, with the intent of implementing suggested changes as soon as practicable.

It was gathered that, while the Company has a legal claim to recover the $450,000 paid to Seawave, and the Company intends to exercise the rights and remedies available to it under law, there is no guarantee that the losses suffered by the Company as a result of the fraud perpetrated against it will be recovered in full.

The Company said it will provide further updates on the outcome of the above actions, and any material updates on the matter generally as and when appropriate.

iBrandTV

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