Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Lekoil Limited    LEK   KYG5462G1073

LEKOIL LIMITED

(LEK)
  Report
Delayed Quote. Delayed London Stock Exchange - 01/23 11:35:26 am
3.1 GBp   -1.74%
01/21LEKOIL : OPL 310 Project Update
PU
01/16Firm linked to Nigerian oil firm Lekoil welcomes loan scam probe
RE
01/15NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Nigeria's Lekoil halts London trading on finding loan was 'complex facade'

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/14/2020 | 02:56am EST
Signage is seen outside the entrance of the London Stock Exchange in London

Trading in shares of Nigerian oil company Lekoil was suspended on the London Stock Exchange on Monday when the company said it had discovered that an announced $184 million loan agreement with the Qatar Investment Authority (QIA) was fraudulent.

The suspension of shares in Lekoil, which first listed in London in 2013, were halted after an official with the QIA approached Lekoil to query the validity of the loan.

"The loan agreement announced on 2 January 2020 by the company, purportedly with the Qatar Investment Authority seems to have been entered into by the company with individuals who have constructed a complex facade in order to masquerade as representatives of the QIA," Lekoil said in a statement on Monday evening.

A source familiar with the developments said the QIA first found out about the loan when Lekoil issued the statement on Jan. 2 and contacted the company immediately to tell them the loan was not legitimate.

Lekoil said it had paid $600,000 to a company called Seawave Invest Limited, "an independent consultancy firm specialising in cross-border transactions with an exclusive focus on Africa", as an initial arrangement fee to introduce it to people purporting to be the QIA. It said it had not paid anything to "the presumed counterparty."

A woman who answered the phone at a number listed for Seawave's office directed queries to a lawyer who did not immediately respond to an emailed request for comment.

The QIA declined to comment.

Lekoil said trading of its shares in London would resume on Tuesday.

"The company will be contacting the relevant authorities across a number of jurisdictions without delay, with regard to what appears to be an attempt to defraud Lekoil," the statement said.

Lekoil had planned to use the money to develop the Ogo field within Oil Prospecting Licence 310.

The company has a 40% stake in the Otakikpo field, which is producing 6,000 barrels of oil equivalent per day. It entered production in 2015, and Lekoil owns roughly 2,400 boepd of the output.

There are more than 100 African companies listed on the LSE, including other Nigerian oil companies such as Seplat, which is dual listed in Lagos, and Eland Oil and Gas. But the LSE has had a troubled history with Nigerian oil companies.

Nigerian oil firm Afren PLC was delisted from the exchange in 2015 after the company went into administration. Its chief executive and chief operating officer were convicted in 2018 of fraud and money laundering offences committed while working for the company.

(Reporting By Libby George in Lagos, additional reporting by Dmitry Zhdannikov in London; editing by Grant McCool)

By Libby George

Stocks mentioned in the article
ChangeLast1st jan.
LEKOIL LIMITED 1.43% 3.2 Delayed Quote.-32.15%
LONDON BRENT OIL -0.73% 62.16 Delayed Quote.-0.45%
LONDON STOCK EXCHANGE PLC -1.09% 7900 Delayed Quote.3.05%
NTR HOLDING A/S 0.50% 40 Delayed Quote.0.00%
S&P QATAR LARGEMIDCAP INDEX NTR -0.20% 324.3 Delayed Quote.1.89%
WTI -0.75% 55.69 Delayed Quote.-3.49%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on LEKOIL LIMITED
01/21LEKOIL : OPL 310 Project Update
PU
01/16Firm linked to Nigerian oil firm Lekoil welcomes loan scam probe
RE
01/15NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
01/15NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
01/15NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
01/15NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
01/15NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
01/14NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
01/14NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
01/14NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
More news
Financials (USD)
Sales 2019 49,7 M
EBIT 2019 1,70 M
Net income 2019 -
Debt 2019 6,00 M
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020 -
EV / Sales2019 0,57x
EV / Sales2020 0,74x
Capitalization 22,2 M
Chart LEKOIL LIMITED
Duration : Period :
Lekoil Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends LEKOIL LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 5
Average target price 0,10  $
Last Close Price 0,04  $
Spread / Highest target 249%
Spread / Average Target 143%
Spread / Lowest Target 59,2%
EPS Revisions
Managers
NameTitle
Olalekan Akinsoga Akinyanmi Chief Executive Officer & Director
Samuel Akinbamijo Adegboyega Non-Executive Chairman
Adeleke Adedipe Chief Operations Officer
Samuel Olotu Chief Technical Officer
Aisha Muhammed-Oyebode Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
LEKOIL LIMITED-32.15%22
CNOOC LIMITED2.93%76 637
CONOCOPHILLIPS-3.11%69 139
EOG RESOURCES INC.-0.80%48 339
OCCIDENTAL PETROLEUM CORPORATION5.05%38 672
CANADIAN NATURAL RESOURCES LIMITED-3.33%36 747