20 owners of richest oil blocks in Nigeria

(1) This oil block business is so lucrative that Danjuma’s Sapetro
divested of its investment in Akpo condensate for $1billion dollars.
This business is second to none in Nigeria. That is why any
attempt to investigate the activities in this sector will always be
futile. The money is so much that they give bribes in millions of
dollars. A birthday gift or child naming gift from an oil block owner to a government official could be as paltry as $2million dollars, and if the official’s father died, the condolence gift could reach mere $3 million dollars. When they want to bribe legislators, it is in millions of dollars and any ongoing investigation ends within weeks. They are so confident that with excess money they can buy up Nigeria
and they are succeeding.

(2) OML 110 with high yield OBE oil fields was given Cavendish
Petroleum owned by Alhaji Mai Daribe, the Borno Patriarch in 1996
by Sanni Abacha. OBE oil field has estimated over 500 million
barrels of oil. In layman’s language and using average benchmark
of $100 dollars per barrel, translates to $50 billion dollars worth of oil reserve. When you remove the taxes, royalties and sundry
duties worth about 60% of the reserve payable over time you get
about $20billion dollars worth of oil in the hands of a family.

(3) OPL 246 was awarded to SAPETRO, a company owned by
General Theophilus Danjuma, by Sanni Abacha in 1998. Akpo
condensate exports about 300,000 barrels of crude daily.

(4) NOML 112 and OML 117 were awarded to AMNI International
Petroleum Development Company owned by Colonel Sanni Bello in
1999. Sanni Bello is an inlaw to Abdulsalami Abubakar, former
Head of State of Nigeria.

(5) OML 115, OLDWOK Field and EBOK field was awarded to Alhaji
Mohammed Indimi from Niger State. Indimi is an inlaw to former
Military President Ibrahim Babangida.

(6) OML 215 is operated by Nor East Petroleum Limited owned by
Alhaji Saleh Mohammed Gambo.

(7) OML 108 is operated by Express Petroleum Company Limited is
owned by Alhaji Aminu Dantata. (cool OML II3 allocated to Yinka
Folawiyo Pet Ltd is owned by Alhaji W.I. folawiyo.

(9)ASUOKPU/UMUTU marginal oil fields is operated by Seplat
Petroleum. Seplat is owned by Prince Nasiru Ado Bayero, cousin to
the Central Bank Governor Lamido Sanusi. This oil field has the
capacity of 300,000 barrels of oil daily. This translates to
$30million dollars daily at average benchmark of $100 dollars per
barrel. Deducting all sundry taxes, royalties etc , this field can yield $12billion dollars daily for the owners.

(10)Intel owned by Atiku, Yarádua and Ado Bayero has substantial
stakes in Nigeria’s oil exploration industry both in Nigeria and
Principe and Sao Tome.

(11) AMNI owns two oil blocks OML 112 and OML 117 which it
runs Afren plc and Vitol has substantial stakes in oil blocks. Afren
plc is operating EBOK oil fields in OML 67. Vitol lifts 300,000
barrels of Nigerian oil daily. Rilwanu Lukman, former OPEC
Chairman has stakes in all these named three companies.

(12) OPL 245 was awarded to Malabu Oil& Gas Company by Sanni
Abacha. Dan Etete, Abacha’s oil minister owns Malabu Oil. In
2000, Vice President Atiku Abubakar convinced Obasanjo to revoke
OPL 245 given to Malabu Oil. Etete had earlier rejected Atiku’s
demand for substantial stakes in the high yield OPL 245 and it
attracted the venom of Ota Majesty who revoked the licence.
However, in 2006, Obasanjo had mercy on Dan Etete and gave him
back his oil block worth over $20 billion dollars.

(13) OPL 289 and OPL 233 was awarded during Obasanjo era to
Peter Odili fronts, Cleanwater Consortium, consisting of Clenwater
Refinery and RivGas Petroleum and Gas Company. Odili’s brother
in law, Okey Ezenwa manages the consortium as Vice Chairman.

(14) OPL 286 is managed by Focus Energy in partnership with BG
Group, a British oil concern. Andy Uba has stakes in Focus Energy
and his modus operandi is such that you can never see his name in
any listings yet he controls OPL and OML through proxies.

(15) OPL 291 was awarded to Starcrest Energy Nigeria Limited,
owned by Emeka Offor by Obasanjo . Immediately after the award,
Starcrest sold the oil block to Addax Petroleum Development
Company Limited (ADDAX) Addax paid Sir Emeka Offor a farming
fee of $35million dollars and still paid the signature bonus to the
government. Emeka Offor still retains stake in ADDAX operations
in Nigeria.

(16) Mike Adenuga’s Conoil is the oldest indigenous oil exploration
industry in Nigeria. Conoil has six oil blocks and exports above
200,000 barrels of crude daily.

(17) The oil block national cake sharing fiesta could take twists
according to the mood of the Commander-in –Chief at the
particular time. In 2006, Obasanjo revoked OPL 246 which Abacha
gave to Danjuma because he refused to support the tenure
elongation bid of the Ota Majesty. In 2000, Obasanjo had earlier
revoked OPL 241 given to Dan Etete under the advice Atiku.
However, when the Obasanjo-Atiku faceoff started, the Ota
Majesty made a u-turn and handed back the oil block to Etete.

(18) During the time of Late President Yarádua , a panel headed by
Olusegun Ogunjana was set up to investigate the level of
transparency in the award of oil blocks. The panel recommended
that 25 oil blocks awarded by the Obasanjo be revoked because
the manner they were obtained failed to meet the best practices in
the industry. Sadiq Mahmood, permanent secretary in the Ministry
of Petroleum endorsed the report to then president with all its
recommendations. As a result of the report Yarádua revoked
eleven oil blocks.

(19) In April 2011 Mike Adenuga attempted to buy Shell’s OML 30
for $1.2 billion dollars. The Minister for Petroleum and Nigeria’s
most powerful woman refused the sale of the OML30 to Adenuga
citing national interest. This block was later sold to Heritage Oil for $800 million dollars eleven months later.

(20) In the name of competitive bidding, which Obasanjo
introduced in 2005, Officials bring companies overnight and
through processes best described as secretive and voodooist they
award blocks to party faithful, fronts and phoney companies. They
collect gratifications running into hundreds of millions of dollars
which is paid into offshore account and the nation loses billions of
dollars of revenue to private pockets.

During the third term agenda, Obasanjo was deceived that the
allocation of oil block to party faithfuls is to fund the third term
agenda. With the failure of the third term, the beneficiaries went
home with their fortunes and thanked God or Allah for buttering
their bread.

Senator Andy Uba co ordinate the award of the last rounds of oil
block by Obasanjo in 2005 and 2007. The then minister of
petroleum, Edwin Daukoru was a mere errand boy who took
instructions from the presidential aide
The process of sharing Nigeria’s oil block national cake is as
fraudulent now as when Ibrahim Babangida started the process of
discretionary allocation of oil blocks to indigenous firms.

Discretionary allocation of oil blocks entails that a president can
reward a mistress who performs wonderfully with an oil block with
capacity for cumulative yield of over $20 billion dollars without
recourse to any process outside of manhood attachments.
Babangida, Abacha, Abdulsalami and Obasanjo awarded
discretionary oil blocks to friends, associates, family members,
party chieftains, security chiefs and all categories of bootlickers,
spokespersons and cult members without any laid down procedures.

The recipients of such oil blocks will get funds from ever willing
offshore financiers and partners to graciously settle the
benefactors, the awarders, facilitators and the Commander-in-Ch
ief through fronts. These settlements mostly paid into foreign
accounts runs into hundreds of millions of dollars according to the
potential yield of the block.

Sometimes, the awarder (sharer of national cake and direct
intermediaries) demand additional stakes in the bidding company.
The awarder sends fronts as part of the directorship and
management of the bidding firms without leaving a link to them.
That is how the oil block national cake is distributed to a few

Signature bonuses which are paid when an investor successfully
bids, wins and signs agreement with the petroleum ministry,
running into tens of millions and sometimes hundreds of millions of
naira ,is often waived off. There is actually no waiver; rather a
diversion of what would have been paid to government t coffers is
paid into private purse as appreciation gifts.

That is why those in the Petroleum Ministry dread retirement as
though it signifies going to hell fire. No matter how little your
influence, something substantial must enter your hands especially
in hard currency. The nation loses billions of dollars in diverted
revenue whenever any round of auction occurs.

The regime of President Goodluck is not showing any signs of
changing the status quo. Controversies have trailed the activities
of the Minister of Petroleum and many players in the Industry
accuse her of demanding stakes from every oil deal. It is hoped
that President Goodluck Jonathan will remember his
transformational promise to Nigerians and endeavour to face the
hawks in the oil industry.

The angst in the air is so much that if this monster of illegal
allocation of oil block is not addressed, the much touted revolution
could begin all of a sudden and all who condoned this illegality at
the expense of hungry Nigerians may have nowhere to hide.
Culled from How Babangida, Abubakar, Abacha, Obasanjo Shared
Nigeria’s Oil Blocks.

Share This Post


  1. Good idea

  2. Very nice

  3. What is meant for the hole nation is bean taking by some few people. Hmm, their is God o

  4. OK

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Enter Captcha Here :