MOGAS is now free to do business for the next six months and conclude talks with a one Ola Energy Ltd which was willing to take over MOGAS and pay off a debt that the oil marketer owes Stanbic Bank Uganda. In a recent development, Maestrol Oil and Gas Solutions Limited famously known as MOGAS Uganda Limited, had been placed under receivership by Stanbic Bank Uganda. This follows MOGAS’ failure to pay back 12 loans it borrowed from Stanbic Bank totalling to UGX 43,181,259, 828 (which includes both the principle and the interest). According to Vincent Lubuulwa, Stanbic Bank’s senior…
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