The management of Ontario Oil and Gas Limited has denied any fraudulent sale of refined petroleum products as alleged by Union Bank Plc in what the company described as a “hurriedly” procured ex parte application filed by the Economic and Financial Crimes Commission (EFCC).
The company spoke on Monday on the matter of a commercial transaction between her and the bank which dated back to 2014.
Speaking through its counsel, Ben Udoh, Ontario Oil acknowledged that it did approach Union Bank for a facility to import and market petroleum products in 2014.
To clarify this, Udo said: “Indeed we approached Union Bank in 2014 for an $11m facility. A letter of credit (LC) was issued same year but was amended to $9.9m in May 2015. The said sum ($9.9m) was paid to the supplier, Petrocam Trading Limited.