EFCC Invites Zone 4 Energy’s Directors Over Alleged Diversion of N11.3bn

The Nigerian anti -graft Agency, the  Economic and Financial Crime Commission (EFCC), has invited two Directors of an Oil and gas company, Zone 4 Energy Limited, Omolara Banjoko and Ogundipe Olaniran, for questioning, over an allegation of obtaining loan of N11.3 billion and diverting same.

 

The two directors’ invitation by the EFCC was sequel to a petition written by First bank of Nigeria Limited.

 

It was alleged that Zone 4 Energy Limited, located at plot 8A Oluwakayode Jacob Crescent, Lekki Phase 1, a customer of the bank requested for $3,755,455 and N600,872,850 to support local purchase and importation of refined petroleum products as well as acquisition and renovation of tank farms.

 

These facilities, it was learnt increased over the years up to N3. 4 billion and N2. 341billion term loan for the purpose of trading in Petroleum products and acquisition of petroleum storage Tank Farm in Calabar Free Trade Zone in 2015.

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The loan facilities were disbursed in tranches based on Pro Forma invoices submitted by Zone 4 Energy Limited.

 

In all, the bank financed a total of 12 pro forma invoices for the company while 8 others have been loaded and sold, the company claimed that the other four outstanding which were financed by the bank are yet to be programmed and loaded, suffice to state that the value dates on the said Pro forma which are in the name of third parties have expired, implies that Zone 4 Energy Limited has loaded, sold and diverted the sum of N3.050 billion, being the value of the 20,.000 metric tons of DPK contained in the four pro formas to their personal use instead of remitting same to the bank.

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Similarly, the bank availed various facilities to three other customers, namely Reeico Nigeria Limited, Broadwaters Resources Limited, and, Calder Crest Nigeria Limited, from the facilities granted by the bank to  these customers, the sums of N2,000,116,800, billion, N2 billion and N1. 500,000 billion were transferred on their instructions to Zone4 Energy.

 

The said sums were payments for petroleum products which Zone 4 Energy was to supply to the three companies and customers of the bank for supply to their off takers, but Zone4 Energy failed to supply the product to the said companies till date, in all, a total sum of N5, 500, 716, 800 was paid into Zone 4 Energy company from the three companies stated above.

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Consequently, the bank is urging the intervention of the chairman of the anti-graft Agency to use his good office to investigate this case of alleged criminal diversion of the sum of N 3.050billion being the value of the four pro forma which the bank funded for Zone 4 Energy company, this in addition to the sum of N5, 500, 716, 800, facility granted to three customers of the bank and transferred to the account of Zone 4 Energy Limited for supply of product which they never did.

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