Contractor Files Lawsuit Against Mike Adenuga’s Conoil Company Over $775,000 Debt

A contracting firm, Eastline Energy Resources Limited says it has begun the process of filing an exhaustive and comprehensive lawsuit against Conoil, an oil and gas conglomerate owned by Nigerian billionaire, Mike Adenuga over its alleged failure to pay its debt.

Obioma Chimechefulem, Managing Director of the firm disclosed this in a statement on Thursday.

Obioma described the executives of the Adenuga-owned conglomerate as deriving sadistic pleasure from reneging on payments, and the firm of failing to properly maintain multi-million-dollar platforms, in short becoming a rudderless shadow of its former self.

He said he was aware of potential purchase of Chevron’s interest in OML 86/88 managed by Conoil but advised that the international company should do due diligence on Conoil before completion.

The businessman said Eastline is owed the sum of $774,789.00 for works carried out on behalf of Conoil and for which payment, even after repeated pleas, has still not been made.

The statement read, “We use this letter to formally serve notice to Chevron Nigeria Limited (CNL) that Eastline Energy Resources Limited has begun the process of filing an exhaustive and comprehensive lawsuit, by both our local and international counsel, against Conoil Producing Limited and its affiliated and subsidiaries; Conpurex Limited, Continental Oil & Gas Limited, & Belbop Nigeria Limited.

Over the last few years, Eastline has been a contractor of choice to Conoil. We have industry leading skill sets and competence in the areas of surface well testing, brine filtration, well completion, flow back, and early production services amongst many others.

“We have worked dutifully and diligently for Conoil at its OML 59 & OML 150 (PSC) assets. The work we have done for Conoil has been satisfactorily accepted. Unfortunately, the name Conoil is now synonymous in the Nigerian oil & gas industry with an abhorrent refusal to pay contractors, a company perpetually mired in litigation, poor management, business malpractice, an abysmal H E record, and high staff turnover due to maltreatment that borders on indentured servitude. It can be said that Conoil’s debt profile has to be one of the highest in Nigeria for an indigenous oil company.

“Eastline is categorically owed the sum of $774,789.00 (Seven Hundred and Seventy-Four Thousand, Seven Hundred and Eighty-Nine US Dollars only) for works carried out on behalf of Conoil & for which payment, even after repeated pleas, has still not been made. We have suffered immeasurably working for Conoil to the point where our equipment was seized by another contractor in order to force Conoil to pay them. The loss we incurred from not having this high-quality equipment has been significant and even with that, we simply want to be paid for what we are rightfully owed.


https://www.dailyrecordng.com/contractor-files-lawsuit-against-mike-adenugas-conoil-company-over-775000-debt/