Administration of Obat Oil and Petroleum Ltd yesterday, denied reports, which affirmed the oil firm occupied N1.2 billion sponsorship. The firm additionally exposed reports that its tank ranches had been fixed by the Economic and Financial Crimes Commission (EFCC).
In an announcement, yesterday, Head of its Legal Department, Mr. Seun Bakare depicted the productions as “noxious as well as organized to aggravate its business.”
Bakare said while it was genuine that Obat Oil had business exchanges with Petrocam that neglected to execute the exchange as indicated by the terms and assention, it won’t succumb to coerce when Petrocam declined to permit bookkeepers of the two organizations accommodate their records.
Part of the announcement read: “The exchanges which offered ascend to the false reports and the spurious cases from which they have sprung have as of now been submitted to the court for thought and commonly ought not be the subject of talk or advertorials.
“In any case, Petrocam Trading has made a special effort to stop false grumblings against us and get under way a succession of occasions that have been generally reported.
“We are, in this way, obliged to secure our expert goodwill, honesty and notoriety by putting out this production.
“Over the span of the business exchange and at conclusion, Petrocam neglected to satisfy its commitments under the administration understanding. Case in point, Petrocam paid N3 per liter of the allotment instead of the concurred total of N5 per liter. This was the main demonstration of break showed by Petrocam Trading.
“In spite of our endeavors at endeavoring to get the issue of the exceptional installment determined while in the meantime trusting that business should in any case be possible with Petrocam, the business relationship separated. While Petrocam flourished in its default of the Service Agreement by neglecting to make full installment for the petroleum items it stacked, it initiated an activity on November 19, 2015 preceding the Lagos State High Court looking for sundry reliefs including orde
N1.2bn sponsorship contention: Our story –Obat Oil
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