UBA Secures Court Order Against Vitol Over Alleged $242m Petroleum Products Diversion

A Lagos State High Court has granted United Bank for Africa (UBA) interim asset-preservation orders against Swiss energy trader Vitol SA over an alleged $242 million petroleum-products diversion. UBA claims it issued a letter of credit for petroleum cargoes shipped to Nigeria and received bills of lading endorsed in its favour. The bank says it was entitled to take possession of the gasoil after the voyage was completed. However, UBA alleges that the cargoes were released or diverted to other parties instead of being delivered to the bank. It is seeking to hold Vitol and vessel owners liable for alleged conversion, misrepresentation and negligence. The order restrains dealings with Vitol’s assets and funds up to the disputed amount, pending further proceedings in the case.

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