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AMCON chases ConOil owned by Nigeria’s second richest man, Mike Adenuga over N39Billion debt

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Adenuga-Mike

ConOil, owned by Nigeria’s second richest man is being pursued for a combined debt of over $140.5 million by two foreign and one local companies.

Despite making several pledges to pay, ConOil and other companies owned by Mr. Adenuga have reneged on paying the debts, multiple sources in the oil and gas sector have told this newspaper.

Things have got so bad that some of the creditor companies have either commenced or are considering commencing legal actions to force the billionaire businessman to pay up having exhausted all options to make him honour promises and agreement to pay.

In fact, one company has successful secured an interim order from a federal court to place one of Mr Adenuga’s companies under receivership.

The increasing debt profile of the telecom and oil mogul, who increased his net worth by almost $5 billion in the last year, according to luxury lifestyle magazine, Forbes, has hit some his creditors so hard that they had to shut down some of their operations.

One of such companies is Depthwize, a local oil servicing company, which is owed $40 million by ConOil.

The refusal of the management of ConOil to pay Depthwize, a small drilling contractor has forced the company to lay off workers and shut down services on two of ConOil’s rigs until the money is paid, those familiar with the matter said.

“Depthwize says it can no longer afford the day to day running cost of working on the rigs,” one source said.

 

Similarly, American oil and gas firm, Baker Hughes, was forced to lodge a court petition to wind up one of Mr Adenuga’s company, Belbop Nigeria Limited, over a USD $12.09 million bill they had been unsuccessfully trying to get the company to pay.

Baker Hughes argued that in 2009, Belbop awarded it a contract for the provision of directional drilling, MWD/LWD services and supply of drilling fluids and drilling bits, Logging cabin and surface acquisition system.

The company told the court that after it duly discharge its obligation and rendered all requisite services, Belbop refused to pay. Baker Hughes said it incurred a liability of $9.4 million in the course of executing the contract.

On April 12, 2016, Babs Kuewumi of the Federal High Court in Lagos placed an interim injunction on the accounts of Belbop pending the determination of suit.

The judge therefore appointed the Chief Registrar of the Federal High Court as the receiver/manager of Belbop until the substantive suit is determined.

Mr Adenuga has also been given multinational oil firm, Total, the runaround over a $28.5 million debt it owed the French oil giant since 2009.

Although Total has been trying to resolve the debt without litigation, the refusal of Mr. Adenuga to pay the debt has forced the company to stop work at OML 136 gas field. Total is ConOil’s technical partner in the project.

At a meeting held with Total in November 2015, it was agreed that ConOil would pay the $28.5 million dollars owed before January 31 2016.

That meeting, which minutes is in the possession of PREMIUM TIMES, was chaired by Mr. Adenuga and attended by four executives from Total.

But those familiar with the matter told this newspaper Mr. Adenuga’s company is yet to pay up. All attempts by Total to make him release the money have also failed, insiders said.

Some said they are baffled by Mr Adenuga’s refusal to pay Total the $28.5 million, which would have seen work commence on the lucrative oil field.

The OML 136 asset is considered to be one of the largest gas fields in Nigeria, with a proven reserve of 11 trillion cubic feet (TCF) of gas. The exploration of the oil assets would have boosted Nigeria’s economy by creating jobs and would have yielded massive return to Total and ConOil, they explained.

When contacted, Total’s spokesperson, Charles Ogan, in an email to PREMIUM TIMES, said the matter is an “obvious internal administrative subject.”

Also, ConOil is engaged in a decade-long dispute with British oil firm, Vitol, over its alleged failure to pay a $60 million debt incurred from lifting of cargoes of refined petroleum products.

 

Vitol secured a court judgement in the UK in respect of the debt but has been unable to enforce it in Nigeria because ConOil got a stay of execution from a Nigerian court.

Conoil’s financial problems, PREMIUM TIMES gathered, may have been caused by Mr Adenuga’s slowness in taking advantage in potential money earners for the company.

For instance, in 2005, ConOil was granted exploration licence for OPL 257 by the federal government, but the company surprisingly left the block fallow until its licence expired. Now it is frantically asking the government for a two-year extension of its expired licence to enable it explore the field.

On January 22, 2016, Taiwo Olushina, the managing director of ConOil, wrote a letter to the National Petroleum Investment Management Services (NAPIMS) blaming insecurity, high cost of drilling and technical hitches for its failure to explore the field before the expiration of the licence.

“Having attended to technical and financial challenges peculiar to ultra -deep offshore blocks, this approval will provide us with ample time in drilling three identified prospective locations in preparation for further development towards boosting national oil and gas reserves and production,” the letter read in part.

The spokesperson for Mr. Adenuga, Bode Opeseitan, could not be reached to comment for this story. He did not answer or return calls seeking comment.

Another spokesperson ducked when approached by this reporter to comment for this story.

Despite being identified by Truecaller app, Mike Oduniyi told PREMIUM TIMES that we had reached a wrong number and promptly terminated the call.

Tax palaver and bad loan

Mr Adenuga’s companies have also had tax issues in the recent past. In 2009, the Federal Inland Revenue Service (FIRS) sealed the Lagos office of ConOil, and Continental Oil and Gas, another company owned by the businessman, over the non-remittance of $610 million tax to government.

Last month, seven years after his companies were first sealed, the FIRS shut the Lagos office of Globacom, the second largest mobile telephone company in the country, owned by the billionaire, for allegedly failing to remit Value Added Tax worth N24.3 billion.

 

Earlier in February this year, the Osun State Internal Revenue Service (OIRS) sealed the offices of the telecommunication firm in the state for failing to pay outstanding taxes and other levies in respect of mast/ base stations and laying of fibre optics.

The state said several meetings were held with the company’s representatives in the past three years to resolve the issue, but that the company failed to comply.

The Asset Management Company of Nigeria (AMCON) also listed Mr. Adenuga as one of the country’s biggest debtors for a N2.4billion loan his real estate company, Convenant Apartments Complex Limited, took from Wema Bank.

AMCON acquired the loan from the bank in 2010, after Convenant Apartments failed to pay up.

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EGC Homes Unveils Goodness and Mercy Estate, Brand Ambassador

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EGC Homes Unveils Goodness and Mercy Estate, Brand Ambassador

 

EGC Homes, a notable player in the real estate and property development sector, has made waves in the Nigerian market with its recent announcement of the launch of Goodness and Mercy Estate in Ogun, alongside other strategic initiatives.

The company emphasized its commitment to collaborating with the government to alleviate the housing deficit in Nigeria while prioritizing the well-being of residents.

In an interview with THECONSCIENCE NG, Oladapo Jimoh, the Managing Director of EGC Homes and Properties, expressed the brand’s long-term vision to bridge the housing gap and simplify the journey to homeownership.

He stated, “Current data estimates Nigeria’s housing deficit to be around 28 million units by 2024. This figure is among the largest globally and poses significant challenges, contributing to homelessness and various social issues.”

“National statistics indicate that our country faces a pressing need for approximately 700,000 new homes each year to address this deficit. As urbanization continues, these challenges are particularly evident in major cities, where affordable housing becomes increasingly scarce, forcing many into slums and informal settlements.”

The World Bank projects that Nigeria’s urban population could exceed 200 million by 2050, highlighting a potential social crisis as the lack of affordable housing leads to the rise of slums, especially in urban areas.

“As a forward-thinking and solutions-oriented company, we are dedicated to addressing these critical housing issues in partnership with the government.”

Following its successful launch in Lagos, EGC Homes has rapidly expanded its operations, acquiring a significant land bank across the southwestern region of Nigeria and enhancing its marketing strategies to effectively connect with customers.

The firm is committed to providing Nigerians with exceptional value, peace of mind, and simplifying the processes of land acquisition and homeownership.

“Our mission is to make life easier for Nigerians while assisting the government in tackling the housing deficit.”

Recently, the company introduced its premier property, the Goodness and Mercy Estate, located in Arepo and Sagamu Interchange in Ogun State, with more projects on the horizon. Its flexible payment plans and affordable property prices aim to cater to a wide audience.

Additionally, EGC Homes has appointed Titilayo Adebayo-Omotosho as its social media brand ambassador to promote the unique offerings of EGC Homes and Properties Limited to Nigerians both at home and abroad.

In her remarks, she highlighted her commitment to the vision of EGC Homes, stating, “I believe every Nigerian deserves a decent roof over their head. This aligns perfectly with the mission of EGC Homes and Properties, which is why I chose to represent the brand, promoting its exceptional estates and home packages to Nigerians and those aspiring to own homes here.”

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Optiva Capital Partners and Loft & Keys LCC Forge Strategic Partnership to Drive $500m Investments in Nigeria

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L-R Dr. Jane Kimemia, CEO, Optiva Capital Partners and Chief Austin Ugochukwu Albert, Chairman, Loft & Keys LLC during the partnership agreement signing between Optiva Capital partners and Loft & keys LLC at Optiva's headquarters in Lagos

Optiva Capital Partners and Loft & Keys LCC Forge Strategic Partnership to Drive $500m Investments in Nigeria

 

Optiva Capital Partners, Africa’s leading wealth management and retention company, has announced a groundbreaking partnership with Loft & Keys LLC, a renowned real estate and investment company with dominant presence in Nigeria and the Middle East.

 

The ceremony which took place over the weekend at Optiva Capital’s Corporate Headquarters, aims to boost investment in Nigeria’s hospitality and healthcare sectors on the one hand, as well as provide Nigerian investors with opportunities to invest in real estate in the UAE, particularly in Dubai.
Speaking at the signing ceremony, Dr. Jane Kimemia, CEO, Optiva Capital Partners, emphasized the transformative potential of this partnership, “With Loft & Keys’ deep understanding of the Nigerian market and established networks in the Middle East, we are poised to bring $500 million in investments into Nigeria’s hospitality and healthcare industries. These funds will be strategically spread across Lagos, Abuja (FCT), Delta, and Enugu.”

 

The investment in hospitality will serve as a catalyst for economic growth in Nigeria. Beyond creating employment opportunities, it will spur infrastructure development, enhance regional tourism appeal, and foster business ecosystems in Lagos, the Federal Capital Territory, Enugu, and Delta. Similarly, the healthcare focus will address critical gaps in medical infrastructure, improve access to quality care, and promote health innovation—key pillars for national development.

 

The partnership According to Dr Kimemia also extends to Nigerian investors seeking opportunities in the UAE. With Loft & Keys’ expertise and extensive networks in Dubai and other Middle Eastern hubs, the collaboration will unlock access to one of the world’s most dynamic real estate markets.
Speaking about the partnership, Chief Austin Ugochukwu Albert, Chairman, Loft & Keys LLC, said “Optiva Capital Partners stands as Africa’s leading wealth retention company, a position that is firmly established and without question. This partnership with Loft & Keys will further solidify their dominance and create even greater opportunities for growth. As Dr. Jane Kimemia has rightly emphasized, Loft & Keys, with our extensive expertise in the Middle East, is a trusted and experienced partner”. We have a strong presence in the UAE and are actively expanding into Saudi Arabia and Qatar in the near future. Together with Optiva Capital Partners, we are committed to capturing significant market opportunities in these regions. I am confident that this partnership will foster substantial growth that will be mutually rewarding for both parties.

 

Dubai, a city widely known for its opulence and rapid development, is reportedly operating at only 30% of its projected capacity, presenting a significant growth opportunity for investors. According to industry experts, this untapped potential creates a unique window for investors to capitalize on the city’s future expansion and development.
The partnership aligns with the United Nations Sustainable Development Goal 17 as two formidable brands, Optiva Capital Partners and Loft & Keys are committed to leveraging their collective strengths to drive impactful investments that benefit clients and communities alike.

 

L-R Dr. Jane Kimemia, CEO, Optiva Capital Partners and Chief Austin Ugochukwu Albert, Chairman, Loft & Keys LLC during the partnership agreement signing between Optiva Capital partners and Loft & keys LLC at Optiva's headquarters in Lagos
About Optiva Capital Partners
Optiva Capital Partners is a premier wealth management and retention firm offering bespoke solutions in four areas of specialization – investment immigration, investment advisory, insurance, and international real estate.
About Loft & Keys LLC
Loft & Keys is an internationally recognized real estate and investment company with a robust presence in Nigeria and the UAE. The firm is dedicated to connecting investors with high-value opportunities in dynamic markets.

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Petrol: MRS Slashes Petrol Price to N935/Litre Nationwide, Enforces compliance

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General Buratai Urges Dangote Not To Succumb To Marketers Blackmail, Reveals Why

Petrol: MRS Slashes Petrol Price to N935/Litre Nationwide, Enforces compliance

… Nigerians praise Dangote-MRS partnership

 

MRS Oil Nigeria Plc, a prominent player in the Nigerian downstream oil industry, has implemented a new petrol price of N935 per litre across all its retail service stations nationwide. This follows an announcement by the President of Dangote Industries Limited, Aliko Dangote, that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, following a reduction in the ex-depot price from N970 to N899.50 per litre.

In response, MRS Oil Nigeria Plc has instructed all its outlets to implement the new price immediately, setting up a digital platform and monitoring team to ensure full compliance. The company has also called on Nigerians to report any outlets that fail to adhere to the new price structure.

“Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: [email protected],” the company stated in a release.

Emphasising the eco-friendly nature of its products, MRS Oil added, *“We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians.”*

Checks by our correspondents yesterday confirmed that the new price had been implemented at all MRS Oil and Gas retail outlets nationwide.

In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol. Many expressed their gratitude to Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.

Mrs. Ibukun Phillips, a commuter at the MRS station at Alapere on the Lagos Ibadan Express way, could not hide her joy as her husband filled up their car.

“I am very happy today. This is a victory for Nigeria,” she said. “The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate. My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy.”

Commercial bus driver Adio Ajibade described the price reduction as a great relief, especially during the festive season.

“The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Alhaji Aliko Dangote,” he said.

A public affairs analyst and university lecturer, Dr. Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.

According to Dr. Akanni, “this move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”

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