Ben Peters, Not Igho Sanomi Acquired Shell’s $2.6bn Oil Block – Aiteo Group

Aiteo Group, an oil company owned by Ben Peters have described as erroneous, reports that Oil Mining Lease (OML) 29 belonging to Shell had been acquired by Taleveras Group owned by 39-year-old billionaire Igho Sanomi.

According to a statement issued by Oseyemi Oluwatuyi of Aiteo Group’s Communications Department, the company described as “total misinformation in the local and international media that it is the ‘Taleveras-led consortium’ that acquired OML 29 divested by Shell.”

“The Aiteo Group, whose major business areas include exploration and production, issued this statement in order to clarify various print and online media reports that carried misleading stories about the details of the transaction,” she added in the statement cited by Thisday.

Shell, as part of its ongoing divestment of assets in Nigeria, was reported to have sold the prolific OML 29 to Taleveras, along with the 60-mile Nembe Creek trunk line in a $2.562 billion deal.

Shell had sold its 30 percent stake in the oil field and pipeline, while Total sold 10 percent and Eni SPA sold its 5 percent stake. The remaining 55 percent will be retained by the Nigerian National Petroleum Corporation (NNPC) under a Joint Operating Agreement (JOA).

A consortium, according to local news platform, Thisday, had acquired the oil block from Shell, but the ownership structure showed the consortium was actually Aiteo-led.

The report gave the breakdown of ownership of the consortium, whose shares was put at 2.7 billion units as follows: Tempo Energy Resources – promoted by Timi Aladetimi, has 270 million shares (10 percent stake); Taleveras, owned by Igho Sanomi has a total of 135 million shares (5 percent stake), while the remaining 85 percent stake belongs to Aiteo Group.

According to Oluwatuyi, although the oil block cost $2.562 billion, the total cost of the acquisition was $2.7 billion, as $138 million was set aside as working capital.

The completion of the transaction is subject to ministerial consent, in accordance with the Petroleum Act.

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