Firm Linked to Nigerian Oil Firm Lekoil Welcomes Loan Scam Probe

A consultancy firm that allegedly arranged a fraudulent $184 million loan announced by Nigerian oil company Lekoil Ltd said on Wednesday that it welcomed an investigation into the matter, Reuters reported. Shares in Lekoil Ltd fell by more than 70% following a suspension of trading after the firm discovered the loan was fraudulent. Lekoil had suspended trading of its shares on the London Stock Exchange on Monday after finding that the $184 million loan it had announced from the Qatar Investment Authority was a “complex facade” by individuals pretending to represent the QIA. The supposed loan, which Lekoil said was arranged by a company called Seawave Invest Limited, was intended to develop the Ogo field within Oil Prospecting Licence 310. Read more