A Chinese investor who claimed to have plans to acquire Uganda National Oil Company (UNOC), failed to show up on November 1, 2023, after the government company invited him to hear his story. 

Zhang Jilong, the proprietor of Peace Oil and Gas Limited, appeared to be in a spot of a bother after his planned acquisition of UNOC turned out to be a sham. 

It all started when the Chinese firm reportedly presented its purported documentation indicating that it had acquired UNOC but was shocked to learn that its purchase was fraudulent. 

A man who accompanied Zhang Jilong, the proprietor of Peace Oil and Gas Limited to New Vision offices on Monday, September 31, 2023.

However, Jilong could not explain who facilitated the transaction, let alone say how much was involved. He told New Vision that he wanted to deal in crude oil. 

The news of the Chinese firm acquiring UNOC went viral on social media on October 31, 2023, prompting the national oil company to distance itself from the purported deal. 

“We want to clarify that we have no association with Peace Oil and Gas Company. Beware of fraudulent claims suggesting otherwise. Your trust is our priority and we are committed to transparent partnerships for Uganda’s energy future,” UNOC said in a statement.

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In a follow-up interview, Sarah Banage, the UNOC head of corporate affairs, said they had invited Peace Oil and Gas Company for a meeting to understand what happened. 

“He could have been conned and there is a very high probability. That is why we called the number on the board resolution that he left behind. When we called him, you could see he was determined to buy the company. We have invited him over,” she said. 

Banage said UNOC wanted to hear their side of the story. However, Jilong did not show up and his known cell phones were switched off. 

“We waited for them the whole day, but they did not turn up at our offices,” Banage said. 

The Uganda Registration Services Bureau also confirmed that the purported registration stamp on the Peace Oil and Gas Company’s board resolution was fake.