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OANDO WINS ‘DEAL OF THE YEAR’ AWARD AT AFRICA ENERGY WEEK 2024

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Oando Plc, Africa’s leading energy solutions provider listed on the Nigerian Stock Exchange (NGX) and Johannesburg Stock Exchange (JSE) is pleased to announce that the Company has emerged winner of the ‘Deal of the Year’ award at Africa Energy Week (AEW) 2024.

The Africa Energy Chamber (AEC), the organisers of the annual week-long oil and gas conference, hosted and recognised different stakeholders at a Gala and Award night held at the Cape Town International Conference Centre (CITCC), on Tuesday, 5 November, 2024.

In a category comprising other high-profile deals in the sector and across Africa, Oando won the award in recognition of the Company’s recently completed landmark $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from the Italian Energy firm Eni on 22 August, 2024.

This acquisition, 10 years in the making since Oando’s initial entry into the ConocoPhillips/NAOC/NNPC Joint Venture (JV) in 2014 when the Company acquired ConocoPhillips Nigeria business, doubled the company’s stake in the JV to 40% and operator of the assets.

In receiving the award, the Company’s Group Chief Executive, Wale Tinubu, remarked “We are delighted and honoured to receive the ‘Deal of the Year’ award from Africa Energy Week. It’s been a remarkable year on many fronts. First, we marked our 30th anniversary as a business, then concluded our strategic plan to acquire our second IOC in a decade, Nigerian Agip Oil Company (NAOC) and step up to the role of operator.

“This award is more than just an accolade for a successful deal closure; it represents a public acknowledgement of the culmination of 30 years of grit, hard work, resilience, and sheer belief in our vision. It is a testament to my belief that with the #HumansOfOando, impossible is nothing. I’d like to thank the dream team, the #HumansOfOando, our financiers, and partners for their belief and role in making this award a reality.”

The acquisition is the culmination of a decade of preparation, strategic planning, and unwavering commitment to a vision of becoming Africa’s first indigenous International Oil Company.

It is a testament to the organisation’s 30-year journey spanning the entire energy value chain, with consistent and deliberate actions at each stage that have led to the advancement of indigenous participation in the industry.

The Deal of the Year award “recognises the most transformative and impactful deal in the energy sector – honouring excellence in negotiation, strategic alignment, innovation and collaboration – and celebrates deals that drive advancements in energy and economic growth.”

With this year’s AEW theme of “Invest in Africa Energies: Energy Growth Through an Enabling Environment”, the AEC, through the AEW Awards 2024, recognised other persons, International (IOCs) and National Oil Companies (NOCs) across the continent through awards in 10 categories.

 

Tinubu at the event also delivered a key note address with the topic, Transforming Africa’s Oil and Gas landscape through strategic Merger and Acqusition.

During the address he noted that indigenous companies contribute approximately 30% of the country’s crude oil production and hold around 40% of the total oil reserves. Additionally, they account for 60% of the country’s gas production and approximately 32% of gas reserves. This data underscores the growing significance of local players in the African oil and gas sector.

He also highlighted improvements in the business environment, citing the improved Ease of Doing Business driven by recent reforms that have attracted increased investments in energy. Tinubu pointed to the successful Implementation of the Petroleum Industry Act (PIA), which has established a regulatory framework that enhances transparency and boosts investor confidence.

Tinubu’s remarks included a call for enhanced collaboration among policymakers, investors, and oil and gas companies to foster the growth of indigenous firms through supportive regulations, financing access, and technology transfer. He urged stakeholders to focus on leveraging M&As to diversify and expand capabilities within the sector while emphasizing the need to strengthen Africa’s institutional and financing capacity for local firms.

As Oando continues on its growth trajectory, Tinubu’s insights served as a powerful reminder of the strategic importance of indigenous companies in Africa’s energy transformation and the collective effort required to drive sustainable development across the continent.

Society

‘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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Society

Just In: Wasiu Ayinde loses mum, aged 105

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Music Maestro, King Wasiu Ayinde Marshal has lost his adorable mother, Alhaja Halima Shadiya Anifowoshe.

 

 

She was aged 105.

 

May her soul rest in Peace.

 

 

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