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July 12
12:40 2019

Nigerian businessman Abdulwasiu Sowami‘s purchase of the local petroleum product distribution firm Forte Oil has led to the departure of the entire board formed under its previous owner Femi Otedola, who was close to Goodluck Jonathan‘s regime and his minister of petroleum resources Diezani Alison-Madueke.

Two former PwC executives, Olumide Adeosun and Moshood Olajide, have been respectively named chief executive officer and chief financial officer of the fuel distribution firm. Adeosun has already announced that the company is going to change its name. Aminu Umar, president of Shipowners Association of Nigeria (SOAN), and two insurance professionals Olusola Adeeyo (Axa) and Durosinmi-Etti Aniola (Linkage Assurance) make up the rest of board. Sowami, who has taken over the chairmanship of Forte, is deemed to be close to the former governor of the Ogun province Ibikunle Amosun, a member of President Muhammadu Buhari‘s All Progressives Congress (APC) party. Forte Oil is at the head of a network of 500 sales outlets in Nigeria and fuel storage terminals in Apapa, in the Lagos State, and Onne, in the Rivers State. By combining these outlets with those of Sowami’s other firm Prudent Energy, in Oghara in the south, the company hopes to be able to get its products out to the south-east region more quickly.

 

 

The award of oil allocations has dealt a new hand to the Nigerian traders.

The grant of NNPC‘s annual crude exportation rights in late June has led to an assorted set of trader alliances. The list drawn up by President Muhammadu Buhari‘s chief of staff Abba Kyari , and the former director of marketing of NNPC crude oil Mele Kyari, now group managing director of the state-owned firm ( AEI 843), contains 14 groups. While sector giants the likes of Total, (TOTSA), Sahara EnergyGunvor and MRS Oil have come away with their usual lot of individual permits, other heavyweights have teamed up with local firms, as BP has done with AYM Shafa. The latter is run by Yakubu Maishanu, who owns Nanman Nig Oil.

The more modest bidders filed their tender as a consortium. These included Amazon Energy, owned by the Lagos pastor Trevor Akindele, who picked up his contract with Banjo Omisore‘s Bono Energy, selected for the third year running. Akindele is a board member of service supplier Rit Beulah, of the former secretary of state for energy and former OPEC secretary general Edmund Daukoru, the king of Nembe, Bayelsa sate. The consortium includes Arkleen Oil and Gas, owned by the former head of investments at NNPC, Gregory Omosigho Ero, and Eterna Oil & Gas, headed by Mahmud Tukur. The latter is the son of Bamanga Tukur, chairman of the People’s Democratic Party in power under Goodluck Jonathan ( AEI 818).

A second group of traders is led by billionaire Uchechukwu Sampson Ogah‘s Masters Energy. Ogah had unsuccessfully campaigned to be governor of the state of Abia in March. He is joined by Cassiva Energy, led by Buhari chum Alhaji Nasir Danu, and Eyrie Group, headed by Amina Maina, a member of the board at MRS Oil. The affluent Abdulkabir Adisa Aliu‘s firm Matrix Energy, which previously worked with trading house Mercuria is in a consortium with Michael Hacking‘s South African firm Mocoh and Levene Energy, run by Asue Ighodalo (Banwo & IghodaloAEI 824). Prince Nasir Ado Bayero, the son of Kano emir and founder of Platform Petroleum , is a board member of Levene.

 

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