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AITEO EASTERN E&P CO LIMITED SET TO Acquire OML 29 from Shell

Published

7 years ago

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Additional details have emerged concerning the ownership structure of the company that is set to acquire Oil Mining Lease 29 (OML 29) and the 60-mile Nembe Creek Trunkline sold by Shell and its partners in a $2.562 billion deal. As previously reported, Shell, operator of the oil lease, has sold its 30 percent stake in the oil field and pipeline, while France’s Total Global and Italy’s Eni S.p.A. have sold off their 10 and 5 percent stakes, respectively, to local investors.

The remaining asset balance of 55 percent will be retained by the Nigerian National Petroleum Corporation (NNPC) under a Joint Operating Agreement (JOA). Contrary to erroneous reports, the Aiteo Group-led consortium – not Taleveras Group – is the majority stakeholder in the deal with an 85 percent equity stake. In a statement issued by Mrs. Oseyemi Oluwatuyi of the Communications Department of the Aiteo Group, “Therefore, it is total misinformation in the local and international media that it is the ‘Taleveras-led consortium’ that acquired OML 29 divested by Shell,” she said.

Mrs. Oluwatuyi further noted that it had become necessary to correct the misleading media reports about the acquisition of OML 29, the most prolific of the oil blocks sold off by Shell, after noting the discrepancy reported on numerous occasions. “The Aiteo Group, whose major business areas include exploration and production, issued this statement in order to clarify various print and online media reports that carried misleading stories about the details of the transaction,” she added. Mrs. Oluwatuyi also corrected the block’s price, putting the total cost of acquisition at $2.7bn, stating that while $2.562bn was the actual cost for the acquisition of the block and Nembe pipeline, additional funds have also been earmarked as working capital.

A breakdown of the shareholding structure cited by THISDAY supports Mrs. Oluwatuyi’s figures, reporting the number of shares held by the consortium at 2.7 billion units, with Aiteo Energy Resources Limited holding a total volume of 2.294 billion shares, Tempo holding 270 million shares with its 10 percent equity, and Taleveras holding 135 million shares. The Africa Oil & Gas Report has put OML 29’s proven and probable reserves (P1+P2) at about 2.2 billion barrels of oil equivalent (BOE), while its hydrocarbon fields could deliver as much as 160,000 barrels of oil per day and 300 million standard cubic feet of gas per day (mmsc/d) at peak output.

While the Aiteo Group consortium beat out several indigenous and international companies as the preferred bidder for OML 29 and the Nembe pipeline, not everyone walked away empty-handed in the sale of onshore oil blocks. The Erotron Consortium, for example, won the bid for OML 18 – having offered $1.2bn for the oil block; Pan Ocean Oil Corporation Nigeria Limited, operator of the NNPC/Pan Ocean Joint Venture, clinched OML 24 after submitting a bid of $900M; and Crestar managed to secure OML 25 for $500M.

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EFCC: 58 Ex-Govs Embezzled N2.187 Trillion [Full List]

Published

8 hours ago

on

May 4, 2024

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According to the EFCC’s allegations, a significant number of former governors, totaling at least 58, have alleged to been involved in the misappropriation, embezzlement, or laundering of approximately N2.187 trillion over a span of 25 years.

This amount does not include properties seized worldwide or those currently being investigated, which amount to billions of Naira.

The amount of N2.2 trillion that was looted is similar to the combined budgets of Lagos State and the South-East states for 2024, totaling N2.25 trillion and N2.29 trillion respectively. This figure exceeds the budgets of the North-Central states and North-East states for 2024, which are N1.89 trillion and N1.60 trillion, by several billion.

The EFCC is currently investigating, probing, and prosecuting 58 ex-governors from various regions of the country. Since the restoration of civilian government on May 29, 1999, there have been at least 170 governors serving in the 36 states of Nigeria.

The 58 ex-governors who are currently or have previously faced investigations by EFCC, with alleged amounts in question, consist of:

late Abubakar Audu (N10.966 bn),

TA Orji and sons (N551 bn)

Yahaya Bello (N80.2 bn)

Chimaroke Nnamani (N5. 3 bn)

Sullivan Chime (N450 million)

Kayode Fayemi (N4bn)

Ayo Fayose (N6.9 bn)

Abdullahi Adamu (N15bn)

Danjuma Goje (N5bn)

Aliyu Wamakko (N15 bn)

Sule Lamido (N1.35 bn)

Joshua Dariye (N1. 16 bn)

Timipre Sylva (N19.2 bn)

Saminu Turaki (N36bn)

Bello Matawalle (N70 bn)

Lucky Igbinedion (N4. 5 bn)

Musa Kwakwanso (N10bn)

Peter Odili (N1000 bn)

Jolly Nyame (N1.64 bn)

James Ngilari (N167 m)

Abdulaziz Yari (N84 bn)

Godswill Akpabio (N100bn)

Abdul fatah Ahmed (N9 bn)

Ali Mode-Sheriff (N300bn)

Willie Obiano (N43 bn)

Ibrahim Dankwambo (N1. 3bn)

Darius Ishaku (N39bn)

Ramalan Yero (N700m)

Achike Udenwa (N350m)

Rochas Okoro ha (N10. 8bn)

James Ibori (N40 bn),

DSP Alamieyeseigha (N2.655bn)

Gabriel Suswam (N3. 111bn)

Samuel Orton (N107bn)

Murtala Nyako (N29bn)

Rashid Ladoja (4.7bn)

Christopher Alao-Akala (N11. 5 bn)

Abdulkadir Kure (N600m)

Babangida Aliyu (N4bn)

Abubakar Audu (N10bn)

Idris Wada (N500m)

Ibrahim Shekarau (N950m)

Adamu Aliero (N10bn)

Usman Dakingari and wife (N5. 8bn)

Attahiru Bafarawa N19. 6bn)

Jonah Jang (N6. 3bn)

Aliyu Doma (N8bn)

Tanko Al’Makura (N4bn)

Boni Haruna (N93bn)

Bindow Jibrila (N62bn)

Adamu Muazu (13bn)

Isa Yuguda N212bn)

Mohammed Abubakar (N8. 5bn).

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Dangote University explains how female student died in her off-campus apartment

Published

9 hours ago

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May 4, 2024

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Tragedy struck on Thursday at the Aliko Dangote University of Science and Technology, Wudil, Kano State, when a female student, Aishat Yahaya Olabisi, was found dead in her off-campus apartment.

Olabisi, a 300-level female student of Food and Science Technology, was said to have been found dead after she returned to her room from the school.

The deceased student was said to have written her first examination in the ongoing first-semester examination at the university on the fateful day.

One of the male students who spoke to PUNCH Online on condition of anonymity on Saturday blamed her sudden passing away on examination pressure.

“The deceased was hale and hearty before she went out to write her first examination in the ongoing first-semester examination,” the student said.

However, following reports in the media that the female student died in the university students’ hostel, the Management of the university clarified the misinformation.

In a statement by the Dean, Students Affairs of the university, Prof. Abdulkadir Dambazau, dated 3rd May 2024, refuted the media claims.

The statement titled “Clarification Regarding False Statement About Student’s Death” read, “It has come to our attention that a recent statement made by DLC Hausa and some media outlets regarding the discovery of a student’s corpse at the students’ hall of residence is entirely false. We wish to address this matter promptly and unequivocally refute these claims.

“On 23 April 2024, we received news about the untimely passing of Yahaya Aishat Olabisi, a diligent and bright student of ADUSTECH Wudil. Aishat spent her last evening engrossed in her studies, diligently preparing for upcoming examinations. The following morning after a shared breakfast with her roommate and a heartfelt conversation with her father, she expressed her intent to rest briefly before resuming her studies. However, destiny had a different plan.

“In the early afternoon of the same day, concerns arose when Yahaya Aishat Olabisi did not respond to attempts to reach her. Upon investigation, it was discovered that she had passed away in her sleep in her off-campus residence. Immediate measures were taken, and she was swiftly taken to the university clinic, where her passing was confirmed by medical professionals.”

The statement added that Olabisi’s remains had been transferred to the Aminu Kano Teaching Hospital for postmortem analysis.

“Given the circumstances, her remains were transferred to Aminu Kano Teaching Hospital for postmortem analysis to ascertain the cause of her sudden demise. Meanwhile, her grieving parents, who hail from Ilorin arrived the following day to bid farewell to their beloved daughter.

“In honouring her memory and bidding her farewell, Aishat was laid to rest on 24 April 2024, surrounded by family, friends, and members of the academic community who mourned her loss deeply,” the statement added.

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Court Sentence FCMB Branch Manager to 121 years in Prison for embezzling Customers Funds

Published

17 hours ago

on

May 4, 2024

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FCMB is a leading financial institution in Nigeria has received a big shock of the year as one of its staff has been thrown to prison for fraud and embezzlement.

Justice S. Odili at the Anambra State High Court in Onitsha, Anambra State, sentenced Mr Nwachukwu Placidus, a bank manager at First City Monument Bank FCMB, Onitsha Anambra State to 121 years in prison for embezzling N112 million from a customer’s fixed deposit account.

The Honorable justices delivered the verdict resulting in the conviction and sentencing of a former manager at the First City Monument Bank’s branch in Onitsha, who has now been sentenced to a total of 121 years in prison for misappropriating fixed deposit funds totaling N112,100,000 from a customer for personal use. This is tantamount to a breach of trust by the former manager which has attracted a huge jail term.

 

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