For five of Nigeria’s oil tycoons, it is a final goodbye to the oil blocs which they have sat on for so many years, turning into profitless, resourced-draining, debt-ridden, unproductive ventures on their watch. After many years of losing billions of Naira to joint ventures which were yielding little or nothing into the national treasury, the federal government finally declared enough is enough.

As you read this, Summit Oil International, currently run by Kola Abiola, the eldest child of the acclaimed winner of the June 12, 1993 presidential elections, MKO Abiola, has lost its rights to Oil Prospecting License (OPL) 206.

The company had been groaning under heavy debt burden, rendering it incapable of developing the juicy oil field. It is currently fighting against a winding up petition instituted against it at the federal high court by Seistech Energy Company over an alleged failure to fulfil its contractual obligations.

In the same boat are four other companies whose oil mining licenses have been revoked by the Department of Petroleum Resources based on a directive from the presidency to “recover legacy debts”.

Among those who now have one less oil bloc to boast about are billionaire businessman Dr Festus Fadeyi whose company Pan Ocean Oil Corporation lost its rights to OML 98, northern oligarch Aminu Dantata whose ownership of OML 108 through Express Petroleum and Gas Company was revoked, and Borno billionaire Alhaji Zanna Mai Deribe who lost his company Cavendish Petroleum Nigeria’s OML 110. Also affected were OMLs 120 and 121 which were revoked from Allied Energy Resources Plc owned by US-based moneybag Kase Lawal.


While Kola Abiola and Summit Oil fight for their lives in court, Festus Fadeyi is embroiled in his own legal saga with the family of the late Vittorio Lecca Ducagini Fabbri, the founder of Interocean Oil Exploration Company, over ownership of Pan Ocean Oil. The court cases and myriad other challenges facing Kola and Festus have rendered them incapable of sparing whatever scant resources they have left towards developing the oil fields awarded their companies.
However, not a few people were totally caught unawares by this development. They were shocked that some people hitherto thought to belong among the untouchables could suffer such a fate. Even when the warning signs that the government would crack down on corruption and waste in the oil sector flashed bright, most chose to ignore it.

But now that the hammer has fallen, it has caused huge reverberations in the sector.

Some of the others who own non-performing blocs have been quaking in their boots wondering whether they wouldn’t be next on the firing line. A source in the presidency confided that the seizure of the oil blocs from the five companies was a last warning for the rest to put their house in order less they become sacrificial lambs

Source: https://www.thisdaylive.com/index.php/2019/06/09/bye-bye-oil-license-fg-seizes-oil-blocs-from-kola-abiola-others/?amp

If that would reflect on the economy then it won't be a bad one...... But if it is for vindictive purpose and personal gratification... We still head no where.

So he had one?

May God bless President Buhari.. No wonder all these corrupt cabals are always against his government..

God bless the president

Hope he's not collecting the Niger Delta Oil Bloc for his Fulani brothers. Cos Buhari no get Joy...when southern resources are to be seized and handed over to Fulanis

This is commendable joooor Jonathan don't have the balls to do such.

Karemarealty288:
This is commendable joooor Jonathan don't have the balls to do such.

You are till calling Jonathan’s name in 2019?? For real? You should have even extend the call to ya’Adua, obj or even Abacha!

When last did summit oil do any work on the area Ages ago. So no big deal

Kola Abiola is a waste of a son !!! despite all the head start he had in life he couldn't sustain any of his dad's business

Let's see where this would take us or after the masses. Fingers crossed

SarkinYarki:
Kola Abiola is a waste of a son !!! despite all the head start he had in life he couldn't sustain any of his dad's business

But they have said he still has more billions. Maybe he is already tired of oil business since oil price is low.

ovieigho:

You are till calling Jonathan’s name in 2019?? For real? You should have even extend the call to ya’Adua, obj or even Abacha!

Aren't you still crying over civil war of 52 years ago. If you steal in 1777 and we just found out now, you will still be be persecuted and jailed. That is why we are still prosecuting imPatence Jonathan and her fellow rogues.

SarkinYarki:
Kola Abiola is a waste of a son !!! despite all the head start he had in life he couldn't sustain any of his dad's business

Kola Abiola is still a billionaire, go and find out. None of these looting governors is as wealthy as Kola Abiola. FG revoked several oil licenses including that of IBB, Abdulsalami, Obasanjo, TY Danjuma, even that of Buhari's in-law Muhammed Indimi. The oil belongs to the masses and not few heartless elites who have been holding the masses to ransom. FG plans to redistribute the Oil licenses to States so that the States can have more money instead of individuals. There is no reason why Muhammed Indimi who is from Maiduguri or Folorunsho Alakija who is from Osun will be owning Oil Wells in Bayelsa, Rivers and Akwa-Ibom while the people who owns the land where the oil is located are houseboys and gatemen to the oil usurpers.

oya oya take jun 12 and give me those licences

etrouble:


Kola Abiola is still a billionaire, go and find out. None of these looting governors is as wealthy as Kola Abiola. FG revoked several oil licenses including that of IBB, Abdulsalami, Obasanjo, TY Danjuma, even that of Buhari's in-law Muhammed Indimi. The oil belongs to the masses and not few heartless elites who have been holding the masses to ransom. FG plans to redistribute the Oil licenses to States so that the States can have more money instead of individuals. There is no reason why Muhammed Indimi who is from Maiduguri or Folorunsho Alakija who is from Osun will be owning Oil Wells in Bayelsa, Rivers and Akwa-Ibom while the people who owns the land where the oil is located are houseboys and gatemen to the oil usurpers.

That is what I thought, the man still has more billions. I think he even owns that Keystone Bank and more companies.

All these afonja

The guy above me
Is in serious pain...... like all his ancestors and future generation can buy Keke napep tyre

etrouble:


Kola Abiola is still a billionaire, go and find out. None of these looting governors is as wealthy as Kola Abiola. FG revoked several oil licenses including that of IBB, Abdulsalami, Obasanjo, TY Danjuma, even that of Buhari's in-law Muhammed Indimi. The oil belongs to the masses and not few heartless elites who have been holding the masses to ransom. FG plans to redistribute the Oil licenses to States so that the States can have more money instead of individuals. There is no reason why Muhammed Indimi who is from Maiduguri or Folorunsho Alakija who is from Osun will be owning Oil Wells in Bayelsa, Rivers and Akwa-Ibom while the people who owns the land where the oil is located are houseboys and gatemen to the oil usurpers.

Billionaire where ? do you know the meaning of billionaire at all?

In exchange for June 12 remembrance

SarkinYarki:


Billionaire where ? do you know the meaning of billionaire at all?

Don't mind him, the type of head start Kola had, he would have been president instead of OBJ if he had any brain.

He should be the one sitting in bourdillion road calling the shots on all SW affairs at least

Or worse worse, be as rich as Otedola

SLAP44:


Don't mind him, the type of head start Kola had, he would have been president instead of OBJ if he had any brain.

He should be the one sitting in bourdillion road calling the shots on all SW affairs at least

Or worse worse, be as rich as Otedola

exactly !!!!!! God bless you , you spoke my mind

...did they also revoke the license of Mohammed Indimi Buhari's in-law, oh I forgot Buhari is the hero of Yoruba youths who do not read or know history but are more focused on hating Igbos who has done them no bad



Op, you just reminded me of one famous Bini (Edo) man, who said on a national TV broadcast and I quote:

Igbos are the only people that love Nigeria and unite Nigeria freely and genuinely.

Igbos are the only Nigerian tribe you can find in all parts of Nigeria living and doing business peacefully and not just living there in tents or makeshift houses, but they invest heavily in any state of Nigeria they live.

They employ people of the state they live. They build mansions wherever they live. They invest wherever they live without prejudice, yet we other Nigerians treat them with hatred, it is very unfair to humanity!

The man continued...

I am not Igbo man, I am Bini by tribe but I must say the truth!

Fulanis go to all parts of Nigeria too but do they invest in the communities they go to NO! Why They are wicked, they are tribalistic and very selfish, they hate civilisation and mixing up, plus they know they are troublemakers so they prefer to live in the thick forests in temporary tents waiting to run after they cause trouble to their host communities!

....and he concluded by asking a very vital question that goes like this:

How many Yorubas or Hausas own houses, investments, hotels, industries, schools, shops, etc in Igbo states or outside their Yoruba or Hausa-Fulani states I can tell you none or maybe the few super rich ones, and why is it so It is simply because they are cunning, they are tribalistic and very selfish, they always think Igbos or other tribes will take over their investments and properties if there is any national political disagreement just as they do to Igbos have been through a lot in Nigeria, they have been hated, nameshamed, marginalized, killed severally yet they maintain liberal mind, travel to all Nigerian states, invest in all Nigerian states, marry from all Nigerian tribes yet we hate and treat them unfairly

And in his final remarks, he said:

Igbos are the thread holding Nigeria's unity. They are the bridge that connect all Nigerian states and tribes. Igbos travel freely to all Nigerian states and live there and marry from there and invest heavily in their host states and communities yet Yoruba and Hausa-Fulanis hate this amazing tribe, believe me, there is something special about the Igbos that we other Nigerians are hiding

franchasng:
...did they also revoke the license of Mohammed Indimi Buhari's in-law, oh I forgot Buhari is the hero of Yoruba youths who do not read or know history but are more focused on hating Igbos who has done them no bad



Op, you just reminded me of one famous Bini (Edo) man, who said on a national TV broadcast and I quote:

Igbos are the only people that love Nigeria and unite Nigeria freely and genuinely.

Igbos are the only Nigerian tribe you can find in all parts of Nigeria living and doing business peacefully and not just living there in tents or makeshift houses, but they invest heavily in any state of Nigeria they live.

They employ people of the state they live. They build mansions wherever they live. They invest wherever they live without prejudice, yet we other Nigerians treat them with hatred, it is very unfair to humanity!

The man continued...

I am not Igbo man, I am Bini by tribe but I must say the truth!

Fulanis go to all parts of Nigeria too but do they invest in the communities they go to NO! Why They are wicked, they are tribalistic and very selfish, they hate civilisation and mixing up, plus they know they are troublemakers so they prefer to live in the thick forests in temporary tents waiting to run after they cause trouble to their host communities!

....and he concluded by asking a very vital question that goes like this:

How many Yorubas or Hausas own houses, investments, hotels, industries, schools, shops, etc in Igbo states or outside their Yoruba or Hausa-Fulani states I can tell you none or maybe the few super rich ones, and why is it so It is simply because they are cunning, they are tribalistic and very selfish, they always think Igbos or other tribes will take over their investments and properties if there is any national political disagreement just as they do to Igbos have been through a lot in Nigeria, they have been hated, nameshamed, marginalized, killed severally yet they maintain liberal mind, travel to all Nigerian states, invest in all Nigerian states, marry from all Nigerian tribes yet we hate and treat them unfairly

And in his final remarks, he said:

Igbos are the thread holding Nigeria's unity. They are the bridge that connect all Nigerian states and tribes. Igbos travel freely to all Nigerian states and live there and marry from there and invest heavily in their host states and communities yet Yoruba and Hausa-Fulanis hate this amazing tribe, believe me, there is something special about the Igbos that we other Nigerians are hiding

.

etrouble:


Aren't you still crying over civil war of 52 years ago. If you steal in 1777 and we just found out now, you will still be be persecuted and jailed. That is why we are still prosecuting imPatence Jonathan and her fellow rogues.

you are prosecuting those people that stole the Commonwealth of this nation years past but to my surprise efcc are still freeing peoples that did the same during this rigim

Ok let's see how this goes






See signature

franchasng:
...did they also revoke the license of Mohammed Indimi Buhari's in-law, oh I forgot Buhari is the hero of Yoruba youths who do not read or know history but are more focused on hating Igbos who has done them no bad

Can sombori tell us if Mohammed Indimi, Buhari's in-law's oilfield is as bankrupt and dry as Kola's please

I cant name any yoruba billionaire that didnt or isnt affiliated to our oil blocs yet eeryday they shout their land etc...

Have you noticed that things don't work like that in Post colonial Africa?

How many companies in Nigeria are ran by third Geneations of the founders?

Where are the children of Sir Louis Ojukwu, Sir Mobolaji Bank-Anthony, Emmanuel Inwanyawu, Gabriel Igbinedion, Candido Da-Rocha, Fajemirokun? They had great head start ahead of people like Tony Elumelu,Jimoh Ibrahim, Jim Ovia, Adenuga or Raymond Dokpesi.

SLAP44:


Don't mind him, the type of head start Kola had, he would have been president instead of OBJ if he had any brain.

He should be the one sitting in bourdillion road calling the shots on all SW affairs at least

Or worse worse, be as rich as Otedola

oyatz:
Have you noticed that things don't work like that in Post colonial Africa?

How many companies in Nigeria are ran by third Geneations of the founders?

Where are the children of Sir Louis Ojukwu, Sir Mobolaji Bank-Anthony, Emmanuel Inwanyawu, Gabriel Igbinedion, Candido Da-Rocha, Fajemirokun? They had great head start ahead of people like Tony Elumelu,Jimoh Ibrahim, Jim Ovia, Adenuga or Raymond Dokpesi.

It still works, ojukwu used his dad's fortune to buy bullets.

Igbinedion son became governor

So you have oil blocks? You must be a super rich Nairaland's o

revolt:
I cant name any yoruba billionaire that didnt or isnt affiliated to our oil blocs yet eeryday they shout their land etc...