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A Tale of Two Oil Chiefs, Ronke Sokefun and Austin Avuru

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Both have, no doubt, paid their dues in the oil and gas industry. When the story of Nigeria’s cash cow industry eventually gets written, both names will definitely be mentioned. Unfortunately this is where the similarity ends. One would have expected that having given their time, resources and expertise in building the two organisations where they both plied their trade, recognition and reward for their efforts would be inevitable. While that has been the case with one, it hasn’t quite been the case with the other. In an apparent end of the year gesture, Ronke Sokefun returned to OANDO Plc, many years after she left, as a non executive director. But Austin Avuru on the other hand earned himself a sack, as a non executive director of the board of SEPLAT, a company he co-founded and served as the pioneer CEO.

For a man, who is regarded as a thorough professional in the industry, this isn’t quite the kind of ending the highly cerebral Avuru envisaged for himself, certainly not from a company he gave his blood, sweat and took public in a historic dual listing on the London and Nigerian Stock Exchanges. Seplat is the only African exploration and production company to be listed on the main board of the London Stock Exchange.

The reason for Avuru’s sack, which he has described as mischievous with a calculated attempt to malign his reputation, is what they purportedly claim to be a breach of the company’s corporate governance policies and his fiduciary duties. Although Avuru through his lawyers have advised the public to disregard the sack, one cannot deny the the alleged obvious link between his sack and the scandals that have been rocking SEPLAT these past few months.

The company’s reputation has taken quite some damage as a result of the board chairman, Dr ABC Orjiakor’s indiscretions. Orjiakor is indebted to the tune of $78 million dollars via his Sheba Petroleum Development Company Limited. This prompted some Nigerian banks to drag him to court and some of his business partners warned to give SEPLAT a wide berth. A French independent non-executive director of SEPLAT resigned his position as a result of this. Although he claimed to have resigned for personal reasons.

With Orjiakor forced to resign his position as chairman, following the embarrassment, coupled with Avuru’s sack, there is no denying that this may just be an alleged purge to rid SEPLAT of the last vestiges of the duo that have come to symbolise SEPLAT.

What a way to get rid of a thoroughbred professional and vocal advocate of indigenous participation in the exploration and production sectors of the Nigerian oil industry. In fact, Avuru has in the past, come close to being appointed as the Group Managing Director of the NNPC, specifically during the tenure of the late President Umaru Yar’adua. With a career spanning over 30 decades, Avuru’s career traverses NNPC as a youth corps member, Allied Energy (Nig.) Limited as the Exploration Coordinator, SEPLAT petroleum which he co founded with Orjiakor, among several others. In 2020, he stepped down as both co-founder and pioneer Managing Director of SEPLAT. Today, Delta State-born Avuru spends his time running Platform Petroleum Ltd, a company he founded in 2003 and later teamed up with Orjiakor to create SEPLAT.

Ronke, on the other hand, is a trained lawyer who joined OANDO in 2002 after a legal career that spanned 12 years with both Ighodalo and Associates, a company secretarial firm and the prestigious firm of Aluko and Oyebode where she left as a partner. While in Oando, Ronke rose through the ranks to become the Chief Legal Officer. In 2011, she left for public service in Ogun State and proceeded to serve as a commissioner under Senator Ibikunie Amosun’s two-term administration as governor. In January 2019, she was appointed Chairman of the Board of Directors of the Nigeria Deposit Insurance Corporation where she still serves till date. A mother of one, Ronke used to be married to Gbenga Sokefun, the older brother to celebrity photographer, TY Bello. The marriage allegedly ended after Gbenga fell on bad times. Gbenga has however, now regained his groove.

The Will.

Society

Oniru confers chieftaincy titles on Smith, Idowu, Olorunnimbe, Akintoye others

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The Oniru of Iru-land, His Royal Majesty Oba Abdul-Wasiu Omogbolahan Lawal CON [Abisogun II] has announced the conferment of honourary chieftaincy titles on eminent and distinguished citizens of Nigeria.

 

The revered monarch unveiled the shortlist of recipients as part of activities to mark the fifth anniversary of his peaceful reign on the revered throne.

 

Among the esteemed honourees are Iya Oba of Iru Kingdom – Chief (Mrs) Basira Titilayo Smith, Aare Majeobaje of Iru Kingdom – Chief Adeyemi Idowu, Aare So’ludero ofIru Kingdom- Chief Muyiwa Gbadegesin, Ph.D and Erelu Asa of Iru Kingdom – Chief (Mrs) Bolane Austen-Peters, Aare Fiwagboye of Iru Kingdom – Chief Lukman Olayiwola Mustapha, Asoju Oba of Iru Kingdom- Chief Idris Ibikunle Olorunnimbe and Ajiroba ofIru-Kingdom- Chief Adegboyega Hakeem Akintoye.

 

While extending congratulations to the distinguished honourees on behalf of His Majesty and the Oniru-in-Council, High Chief Abayomi Daramola, Balogun of Iru-Land, in a statement revealed that the conferment of titles will be performed on 14th June, 2025 at the palace (Aafin Oba Oniru), Victoria Island, Lagos.

 

The statement read in part, “to mark the fifth-year anniversary of his ascension to the revered throne of his forebears as the 15th Oniru of Iru-land and after a rigorous selection process, His Royal Majesty Oba Abdul-Wasiu Omogbolahan Lawal CON [Abisogun II] – The Oniru of Iru-land upon the recommendation of the Oniru-in-Council, has issued a Royal Decree approving the conferment of respective honouray Chieftaincy titles on the underlisted eminent and distinguished citizens.”

 

 

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‘Not My Property’ – Ex-Petroleum Minister, Diezani Exposes Owner Of Recovered $52.8 Million Loot

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Nigeria’s former Minister of Petroleum Resources, Diezani Alison-Madueke, has clarified that she is not connected to the $52.5 million that was recently brought back to the country from the United States of America (USA).

Society Reporters recalls that the federal government on Friday, January 10, announced the receipt of $52.88 million in recovered Galactica assets linked to the former Minister of Petroleum.

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, announced the recovery during a formal signing ceremony of the asset return agreement in Abuja.

Fagbemi explained that $50 million of the recovered funds would be channelled through the World Bank for the development of rural electrification projects.

The remaining $2.88 million, he added, would be allocated to the International Institute of Justice to enhance the justice system and support anti-corruption initiatives.

However, in a statement issued on Sunday, Diezani, who has been residing in the United Kingdom (UK) since departing from Nigeria, asserted that the funds associated with her in the media as illicit gains actually belonged to Nigeria’s oil entrepreneur, Kola Aluko.

Finally responding to the alleged recovery through her attorney, Mike Ozekhome SAN, Diezani maintained that the term “Diezani Loot” is unfounded, as she had no involvement in the circumstances surrounding the forfeiture of the funds by its rightful owner.

Expressing her stance, the former minister stated that the $52.5 million originated from a vessel that was confiscated by the American authorities from Kola Aluko, which was subsequently sold, with the proceeds returned to the Nigerian federal government.

Her disavowal of ownership over the funds was detailed in an extensive press release issued on Sunday by the Chambers of Mike Ozekhome SAN, titled “There is no such thing as Diezani Loot.”

The statement reads: “My chambers makes this intervention in the public domain as Solicitors to Diezani Alison-Madueke (DAM) ,the former Minister of Petroleum Resources, HMPR.

“As her Solicitors, we are fully versed in and conversant with her present ordeal and the entire facts surrounding her matters both here in Nigeria and abroad. So, we write from the vantage position of one that is aware of the cocktail of lies that have been spurned around her cases in the last ten years.

“Many of the narratives are outrightly false; some others sheer outlandish speculations; and most, simply bizzare stories cooked up by her traducers to extract a Shylock’s pound of flesh from her for reasons she does not know and cannot even fathom.

“This intervention therefore seeks to correct this skewed narrative and set the records straight for purposes of history. Many Nigerians often talk about wanting ‘technocrats’ to be involved in governance. They desire that people with character and integrity should join politics.

“We agree with them. However and regrettably too, now and again and many a time, the same people not only allow, but actually join the bandwagon to mob-lynch those who chose to serve the nation.

“And we often do this insidiously, covertly and overtly, even when there is no concrete or even any iota of proof that such public officers ever abused their offices or stole from public coffers.

“It is therefore surprising and of great concern to us, to see the level of sustained vilification of an innocent Nigerian citizen who has not yet been tried and found guilty of any offence known to law by any court of law whether in Nigeria or abroad. The person at the receiving end is Citizen Diezani Alison-Madueke (DAM).”

Mischievous And Cruel
The statement from Ozekhome’s office described the earlier claims about the asset recovery as misinformation and defaming.

It said: “We note with concern the recent deliberate attempt to link her with what has been described as a civil forfeiture of a yacht Galactica, the sale of which was said to have yielded $52.8m to the US government; which sum has since been repatriated to Nigeria.

This is a clear example of the mischievous and cruel sport of tarnishing the image of the lady through a bouquet of consistent, persistent and unrelenting cocktail of falsehoods and misinformation.

“The purveyors of this line of misinformation term it “name-and-shame”. To sell the storyline, the architects ensured they attached Diezani’s name to a recovered yacht which is not in any way linked to her.

“They now falsely termed it “Diezani loot”. Nothing of the sort ever happened. She was never involved in the purchase, use and sale of the said yacht.

“The yacht Galactica, from information readily available in the public domain and in open sources, was purchased by Mr Kola Aluko who had used the vessel until he agreed to its forfeiture to the United States of America.

“The yacht Galactica was neither owned nor ever used by our client. DAM has in fact never set her eyes on the yacht. Kola Aluko is an experienced businessman who had been in business well before DAM came into office as HMPR.

“The only tenuous basis for deliberately linking DAM to the said yacht is the false narrative that the Strategic Alliance Agreements (SAAs) which were entered into between Kola Aluko & Jide Omokore’s Atlantic Energy companies and NNPC, were allegedly corruptly awarded to the said companies by DAM. DAM was not the GMD of the NNPC as so did not and could not have awarded the said contracts.

“We plead, as her lawyers, with all and sundry that she be accorded fair hearing and that the process of these UK court proceedings be allowed to take their natural course to avoid prejudice to her in the ongoing subjudice UK proceedings against her.

”Those purveyors and peddlers who habitually spin these outrightly false, unfounded, defamatory, unintelligent and indefensible narratives to denigrate and humiliate her should please find better use of their time and leave DAM alone.

“Let the law take its natural course without interference. We humbly pray.”

 

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Bisi Onasanya, ex FirstBank MD flees Nigeria to Ghana as EFCC closes in……

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Bisi Onasanya, the embattled former Managing Director of FirstBank has followed in the steps of Oba Otudeko, the former chairman of FBN Holdings and fled the country.
Onasanya who is expected to appear at the Federal High Court in Lagos on Monday January 20 to answer to the charges brought against him by anti-graft agency, the Economic and Financial Crimes Commission, EFCC, may likely be absent in court as he is currently holed up in Ghana in hiding.

He was spotted at Movenpick Hotel in Accra where he checked in at exactly 8 am on Friday morning.

Society Reporters had earlier reported that Onasanya will be arraigned before Justice Chukwujekwu Aneke for looting over N12.3 billion.

He will be arraigned alongside Otudeko, also the chairman of Honeywell Group who is equally on the run, as well as two others, a former board member of Honeywell Group, Soji Akintayo and a firm, Anchorage Leisure Limited connected to Otudeko.

The quartet committed fraud in tranches of N5.2 billion, N6.2 billion, N6.150 billion, N1.5 billion and N500 million, N6.2 billion and N2.09 billion between 2013 and 2014 in Lagos.

The 13-count charge, filed by EFCC counsel Bilikisu Buhari on January 16, 2025, further claimed that the defendants made and uttered forged documents to deceive the bank.

Specifically, count 1 accused the defendants of conspiring “to obtain the sum of N12.3 billion from FirstBank Limited on the pretence that the said sum represented credit facilities applied for by V-TECH DYNAMIC LINKS LIMITED and Stallion Nigeria Limited, which representation you know to be false.”

In Count 2, it was alleged that the defendants, on or about the 26th day of November 2013 in Lagos, “obtained the sum of N5.2 Billion from FirstBank Limited on the pretence that the said sum represented credit facilities applied for by V TECH DYNAMIC LINKS LIMITED which representation you know to be false.”

The 3rd count claimed that the defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from FirstBank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

In the 4th count, they were accused of conspiring to spend the N6,15 billion, out of the monies.

According to the Commission, the offences contravened Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and are punishable under Section 1(3) of the same Act.

Counts 5 and 6 read: “That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO AND ANCHORAGE LEISURE LIMITED on or about 11th day of December 2013 in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1,5 Billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretense and you thereby committed an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO, AND ANCHORAGE LEISURE LIMITED on or about the 17th day of December 2013 in Lagos, converted to the use of Honeywell Flour Mills Plc the sum of N500 million only which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretense and you thereby committed an offence contrary to Section 15(2 (b)) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”

“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO, AND ANCHORAGE LEISURE LIMITED on or about the 17th day of December 2013 in Lagos, converted to the use of Honeywell Flour Mills Plc the sum of N500 million only which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretense and you thereby committed an offence contrary to Section 15(2 (b)) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”

The Street Journal

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