Adenuga’s Mountain Of Debt: Several Firms Chase Billionaire For Unpaid Bills by hinwazaka: 8:29am On Jun 27, 2016 |
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, PREMIUM TIMES has learned. 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.
www.premiumtimesng.com/news/headlines/205953-special-report-adenugas-mountain-debt-several-firms-amcon-chase-billionaire-unpaid-bills.html |
Re: Adenuga’s Mountain Of Debt: Several Firms Chase Billionaire For Unpaid Bills by Horlufemi(m): 8:31am On Jun 27, 2016 |
It's painful that smes don't get funds like these billionaires. |
Re: Adenuga’s Mountain Of Debt: Several Firms Chase Billionaire For Unpaid Bills by hinwazaka: 8:32am On Jun 27, 2016 |
AMCON can shutdown Bruce, but with Adenuga, all they could do was print his name in a newspaper. Fear of IBB, is the beginning of wisdom for the coward Buhari 4 Likes 1 Share |
Re: Adenuga’s Mountain Of Debt: Several Firms Chase Billionaire For Unpaid Bills by donTbone(m): 8:33am On Jun 27, 2016 |
HMmmmmmmmmm...
Wind what you wish for! |
Re: Adenuga’s Mountain Of Debt: Several Firms Chase Billionaire For Unpaid Bills by SeverusSnape(m): 8:37am On Jun 27, 2016 |
Seunmsg come and give advice to Adenuga like you did to Bruce. 4 Likes |
Re: Adenuga’s Mountain Of Debt: Several Firms Chase Billionaire For Unpaid Bills by Tunechi1(m): 8:48am On Jun 27, 2016 |
hinwazaka: AMCON can shutdown Bruce, but with Adenuga, all they could do was print his name in a newspaper. Fear of IBB, is the beginning of wisdom for the coward Buhari oga don't let hatred blind you it is a step by step process dey will start from somewhere nau 2 Likes |
Re: Adenuga’s Mountain Of Debt: Several Firms Chase Billionaire For Unpaid Bills by Project400: 8:52am On Jun 27, 2016 |
Debts and bad debts everywhere |
Re: Adenuga’s Mountain Of Debt: Several Firms Chase Billionaire For Unpaid Bills by Ilovemystate: 9:15am On Jun 27, 2016 |
I said it, the way global com is going down, they will soon discover something greater than oil, their glo office over here look like cele church deliverance room, so disorganise when compare to other telecommunications network companies, they guy is just good wif media advert expecially on CNN, he should use the money he is wasting on media to put his Oga business in order, that was how ETB managed by the same man went down. This most contribute to IBB sickness lately investing in wrong guy |
Re: Adenuga’s Mountain Of Debt: Several Firms Chase Billionaire For Unpaid Bills by Ilovemystate: 9:23am On Jun 27, 2016 |
This one no go see front page, playing hide and seek game, pretending all is well. |
Re: Adenuga’s Mountain Of Debt: Several Firms Chase Billionaire For Unpaid Bills by Olaposiwaju: 9:24am On Jun 27, 2016 |
hinwazaka: AMCON can shutdown Bruce, but with Adenuga, all they could do was print his name in a newspaper. Fear of IBB, is the beginning of wisdom for the coward Buhari Bros na wa o. AMCON has nothing to do with this case. AMCON acquired Silverbird's 11 billion naira debt from Union Bank (to prevent Union Bank from crashing) that's why they are involved. Another thing to note about the Silverbird debt is that they had defaulted (not been servicing the loan) for a long time. I have heard people saying Dangote is also owing which is true but he has been servicing his own. AMCON is only going after the defaulters and there are so many of them not just silverbird. It is always good to be objective. If AMCON did not acquire all those debts from those banks to keep them afloat @ that time, our economy would have been in serious wahala by now. P/S - just read on another post that AMCON is going after him as well but for a different loan of 2.5 billion he took from Wema Bank. 3 Likes |
Re: Adenuga’s Mountain Of Debt: Several Firms Chase Billionaire For Unpaid Bills by hardbody: 8:07pm On Jun 28, 2016 |
hinwazaka: AMCON can shutdown Bruce, but with Adenuga, all they could do was print his name in a newspaper. Fear of IBB, is the beginning of wisdom for the coward Buhari That guy called Adenuga is too smart. You can't attach his assets to a debt. He will do business with you with a different company name. Check out Globacom staff as an example, no one has an offer letter in the name of Globacom, it's either vixen, dragnet, or some funny name like that. So you can't even sue Globacom. Meanwhile all his assets in that name and therefore a stand alone. When I noticed his approach to agreements, i left without a formal resignation. I will seriously discourage anyone I know from working with or for him. |