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

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10 years ago

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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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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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ADVAN Wins Global Honour at WFA Awards for “Project Freedom” Initiative

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14 minutes ago

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April 25, 2026

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ADVAN Earns Global Recognition As WFA President’s Award Winner For “Project Freedom”

 

 

The Advertisers Association of Nigeria (ADVAN) has been recognised on the global stage as a recipient of the prestigious WFA President’s Award, presented by the World Federation of Advertisers during its Global Marketer Week in Stockholm. The recognition places ADVAN among a select group of leading industry associations worldwide acknowledged for driving meaningful impact in marketing and society.

 

The WFA President’s Awards, established in 2010, celebrate national industry associations whose initiatives advance the marketer’s agenda and contribute to positive change. This year’s honours were awarded following a rigorous selection process involving 38 submissions from associations across the WFA’s global network, with winners chosen for their measurable impact and potential for replication across markets.

 

ADVAN’s recognition comes through its advocacy initiative, Project Freedom, a bold and strategic effort focused on addressing the challenges of stifling, non–data-driven regulations affecting businesses in Nigeria and across Africa. The initiative underscores the importance of evidence-based policymaking while championing the constitutional right to freedom of commerce.

 

Through Project Freedom, ADVAN has taken a proactive leadership role in engaging key stakeholders and shaping conversations around fair, balanced, and transparent regulation. The initiative reflects a shift toward constructive dialogue and collaboration, ensuring that regulatory frameworks support innovation, protect consumer interests, and enable sustainable business growth.

 

By earning this global recognition, ADVAN reinforces the growing influence of African marketing institutions in shaping international discourse. Its work highlights how local advocacy, when rooted in data and guided by clear principles, can deliver impact not just within national borders but across the global marketing ecosystem.

 

The award also affirms ADVAN’s commitment to strengthening self-regulation within the industry, fostering accountability, and promoting standards that align with global best practices while remaining relevant to local realities.

 

As the marketing landscape continues to evolve, ADVAN’s recognition by the World Federation of Advertisers signals a strong endorsement of its leadership and vision. It positions the association as a key voice in advancing responsible marketing, advocating for enabling policies, and ensuring that businesses can operate in an environment that supports both innovation and economic freedom.

 

ADVAN Wins Global Honour at WFA Awards for “Project Freedom” Initiative

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

Published

19 hours ago

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April 24, 2026

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

 

To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.

 

UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.

 

In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.

 

Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.

PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.

 

Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.

 

Thank you.

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

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22 hours ago

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April 24, 2026

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

 

 

 

Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”

 

Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.

 

The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.

 

This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.

 

Speaking on the collaboration, the Laffmattazz team stated:

 

“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”

 

As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.

 

With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.

 

⸻

 

About Laffmattazz

 

Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.

 

About First Bank of Nigeria Limited

 

First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.

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