Staross Energy Limited and Wema Bank Plc have engaged each other on allegations and denial of dud cheques infraction involving about N5.2 billion transactions in crude oil sales. The allegation of Staross Energy Limited was contained in its petitions sent to the Senate, Director of Public Prosecutions (DPP) and the Central Bank of Nigeria (CBN). This was however denied by Management of Wema Bank Plc in a response sent to this newspaper by the Manager, Brand & Marketing Communication, Mr. Abiodun Aderibigbe.

The petition was initiated after presentation of two cheques issued to Staross Energy Limited by an alleged front of Wema Bank Plc- Lucky Ojenike of Lucky Best Nigeria Limited bounced at the banking hall. This was after both parties had earlier allegedly agreed that if the buyer and the bank or any person(s) or company circumvented the company, the N346 million commitment deposit would be forfeited as penalty to the company and in addition, the money equivalent to any loss suffered by the company (Starross Energy Ltd) in the event of any false pretence or circumvention would be paid to the company as provided for under Articles 8.5, 8.6 and 8.7 of the Sales and Purchase Agreement dated Oct. 28, 2014.

READ MORE HERE: http://witnessngr.com/wema-bank-in-n5-2bn-oil-deal-scandal/