Friday, September 18, 2015

Businessman Arrested for Possession of Fake Oil lifting Documents

The Economic and Financial Crimes Commission, EFCC, has arrested one Alhaji Umar Audu Bida, chief executive officer, Universal Contractors Limited, for alleged possession of some documents of the Nigerian National Petroleum Corporation, NNPC, for the supply of crude to his American business partner, Donald Laletta, CEO, North Park LLLC.
The 62-year-old suspect, who was picked up by EFCC operatives on Tuesday, September 15, at his residence on Gumel Road, Kaduna, was in possession of fake documents pertaining to the lifting of crude by the vessels, MT Antartic, MT Sonagol Namibe and MT Caped Bowen.
The suspects, however, said that he obtained the documents from the agents to the seller-Lambda, Double Wonder and Days Marines Services- who allegedly claimed to have crude oil for sale.
The complaint alleged that the suspect had attempted to defraud him after signing a Sales and Purchase Agreement, SPA, with him.
The complainant’s claims that he paid the suspect, who acts as his agent in Nigeria, the sums of $8m, $10m and $12 at different times,  and that he raised a letter of credit, via a courier company, in favour of Universal Contractors Limited to the tune of $100m (One Hundred Million Dollars). are being investigated by EFCC.

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