The Economic and Financial Crimes Commission (EFCC) has shut down a tank farm belonging to Obat Oil and Petroleum Limited at Kirikiri, Lagos State belonging to Oba Fredrick Obateru Akinruntan of Ugbo land in Ondo State for alleged diversion of subsidy payment.
Petrocam Trading Nigeria Limited had reported Obat Oil to EFCC for allegedly diverting N1.2 billion, which it secured as loan from Sterling Bank on behalf of Obat Oil under a Joint Venture Transaction Memorandum of Understanding (MoU) to finance the importation of 15,000 metric tonnes of petrol for Obat under the Petroleum Products Pricing and Regulatory Agency (PPPRA) import permit for Q2, Q3 and Q4 of 2014.
Rather than pay back the loan, the oil marketer alleged that the money was diverted into the personal account of Obat’s Chairman, Oba Frederick Akinrutan.
Petrocam said in a document that it jointly signed an agreement with Obat to secure a loan to finance the business, whether by its own resources or through its bank, a condition Obat allegedly agreed to.
While the marketer advances to finance the business from Sterling Bank Plc, a collection account no. 0020560534 was opened in the name of Obat Oil and Petroleum Limited with the bank to take receivables from the transaction for the purpose of repaying the loans.
However, it was later discovered that Obat Oil allegedly diverted the... http://www.topcelebritiesng.com/oba-fredrick-akinrutan-in-efcc-trouble/

this year and problems .na wa ooo