Nigeria's Crony Capitalism- How IBB and

Rogue Dictators shared Nigeria's Oil wells?

Aug 19, 2012, 08:24 PM

IBB Impoverished NORTH In Dubious OIL-BLOCSAWARD: Real Owners Of Nigeria: DEPRIVATION &
DERIVATION PRINCIPLES...--Reports
Saturday, 18 August 2012 03:35
New York [RR] ABUJA--Bombshell revelations show
that the former Military Tyrant Gen. Ibrahim
Badamosi Babangida, Abacha and others
impoverished the North, Republic Reporters has
learned. According to Samuel Diminas":OML 110
has a proven oil reserve in excess of 500 million
barrels (More than the entire 300milliom barrels
reserve of Sudan ). As yet with the capacity to
produce about 120,000 barrels of crude oil daily
from its OBE 4 and OBE 5 wells. [PHOTO: IBB...ExMilitary Tyrant...] "At current production levels, the
Mai Deribes net circa N4billion monthly in crude oil
sales (Using oil price estimates of $100 p/B). Mai
Deribe's mansion, in allegedly poor Maiduguri is
one of the most lavish mansions anywhere on
earth; it used to be a tourist attraction, b4 Boko
Haram's tourism deterrent activities-I will then
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shift to the centre of the Fulani aristocratic

hegemony in the North-Kano. Here Enter the Fulani Prince Nasiru Ado
Bayero, Mallam (Prince) Sanusi Lamido Sanusi's
cousin.According intelligence: "He is a Key
shareholder and director in Seplat/Platform
petroleum operators of the Asuokpu/Umutu
Marginal Field with a capacity of 300,000 barrels
monthly and A 30mmfcsd gas plant capable of
feeding 100MT of LPG.
The Ado Bayeros, Yar'Aduas and Atiku Abubakar
are Nigerian holders of Intels. It runs a private port
that has grounded three Federal ports in the
South. Intels is discussed later. At South Atlantic
Petroleum Limited (SAPETRO). South Atlantic
Petroleum (SAPETRO) is a Nigerian Oil Exploration
and Production Company that was created in 1995
by General T. Y. Danjuma (also Chairma of ENI
Nigeria). General Sani Abacha awarded the Oil
Prospecting License (OPL) 246 to SAPETRO in
February 1998. "The block covers a total area of
2,590km2 (1,000 sq. miles). SAPETRO partnered
with Total Upstream Nigeria Ltd (TUPNI) and
Brasoil Oil Services Company Nigeria Ltd
(Petrobras) to start prospecting on OPL246. Akpo,
a condensate field was discovered in April 2000
with the drilling of the first exploration well (Akpo
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1) on the block.
Other discoveries made on OPL 246 include the
Egina Main, Egina South, Preowei and Kuro (Kuro
was suspended as a dry gas/minor oil discovery).It
was reported that, 'In June 2006, General TY
Danjuma divested part of its contractor rights and
obligations to China National Offshore Oil
Corporation (CNOOC) for $1 billion (N160bn). Akpo
exports about 230,000 barrels of condensate daily.
Condensate export is not regulated by OPEC, so
SAPETRO/TOTAL exports as much as possible each
day. Egina exports about 75,000 barrels of oil
daily. "Therefore, Akpo and Egina fields export just
over 300,000 barrels of oil/condensate daily (three
times what the country Ghana exports). SAPETRO
(TY Danjuma) get's 25% of this. Now, note I have
not talked about the gas component - it's about
2.5 trillion cubic feet. The money SAPETRO nets
each month is more than the monthly statutory
allocation to any Nigerian state and also more than
the oil revenue of Ghana .
Do your math."Enter AMNI (or is it AMIN?)
International Petroleum Development Company.
AMNI owns two oil blocks - OML 112 and OML 117.
In the production-sharing contract, AMNI gets 60%
for owning the oil block and Total gets 40% for
providing technical advice. OML 112 was awarded
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on the 12/02/1998 while OML 117 was awarded

04/08/1999 all by Gen. Abdulsalami Abubakar.
Operations started on both blocks 0n 26/02/2006.
The licenses are due to expire 11/02/2018 and
05/08/2019 respectively. (Now you see why the
next election is important?). "The Okoro and Setu
fields in OML 112 are operated by Afren Energy, a
company substantially controlled by Rilwanu
Lukman.
The Okoro and Setu oil fields have about 50 million
barrels in reserve and currently produce/exports
just a little below 20,000 barrels per day. The
chairman of AMNI International Petroleum and
Development Company is Alhaji (Colonel) Sani
Bello a Fulani from Kontagora , Niger State. Lest I
forget, Alhaji Bello's son- Abu, is married to
General Abdusalami Abubakar's eldest
daughter.There is:"Oriental Energy Resources
Limited, a company owned by Alhaji Mohammed
Indimi, a close friend of General Ibrahim
Babangida. Also worthy of note is that General
IBB's first son is married to Alhaji Mohammed
Indimi's daughter - Yakolo Indimi-Babangida, who
also serves as a director in the company. Alhaji
Indimi hails from Niger State. "Oriental Energy
Resources Limited runs three oil blocks: OML 115,
the Okwok field and the Ebok field. OML 115 and
Okwo are OML PSC, while Ebok is an OML JV. All of
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them crown offshore oil blocks."OML 115 on its

own is 228 sq Km. On OML115 Oriental Energy
Resources Limited has 60 per cent while Equity
Energy Resources AS, which Alhjai Aliko Dangote's
oil and gas investment vehicle has 40 per cent
(Aliko Dangote is from Kano ).
On Okwok, Addax has 40% and on the Ebok field,
Oriental Energy Resources shares with none: its
100%. AMNI produces twice as much as Cavendish
Petroleum.In addition there is: "Express Petroleum
and Gas Limited floated by Alhaji Aminu Dantata,
solely for the purpose of fronting for winning oil
block(s) even though he and the company are in
no way qualified for the award. General Abacha
awarded him OML 108 on the 1st of November,
1995. CAMAC Houston, a company owned by Kase
Lawal bought 2.5% of Express Petroleum's 60%
holdings. The other 40% on OML 108 is owned by
Sheba E&P Limited an IBB tributary company.
SEPCOL operates the Ukpokiti offshore field in
Shallow water Nigeria, which was acquired from
ConocoPhillips in May 2004. Investigation shows:
"Shebah Exploration And Production Limited
(SEPCOL) . It is the operator of the Oil Mining
License 108 offshore Nigeria . Head office is in
Lagos , but 'head quartered' in Minna.Enter
Consolidated Oil.

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Conoil Producing Limited is an integrated upstream

oil and gas company. They are the operator of six
blocks in the Niger Delta as well as 25% Equity
holder in the Joint Development Zone (JDZ) Block
4. Corporate Head office is in Lagos , but its
'Headquarters' is in Minna , Niger State."Conoil
signed a technical operator agreement with
Continental Oil and Gas Limited (CONOG) to
provide 100% funding and technical service
agreement to operate blocks OML 59 on a 40%
(Conoil) / 60% (CONOG) basis. Conoil entered into
a Production Sharing Contract with the NNPC by
virtue of an agreement executed on 17th October
2008. "Conoil's has overall potential hydrocarbon
resources of over 1.0 Billion Barrels of Oil and 7.0
Trillion Cubic Feet of Gas. General Ibrahim
Babangida (IBB owns a substantial interest in
conoil held in blind trust [same arrangement in
Glo] ) awarded the first oil block to Conoil in 1991.
The company produces about 100,000 barrels per
day.
Then there is: "Rilwanu Lukman, another Fulani
multimillionaire with fronted controlling holdings in
Afren, the operators of AMNI oil blocks and also
with very key interest in the NNPC/Vitol trading
deal, Vitol is a London based oil trading company.
Vitol lifts 350,000 barrels of crude oil daily from
Nigeria . "Intels and the Yar'Adua , Ado Bayero
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family and Alhaji Abubakar Atiku. The Oil and Gas

Free Zone and Oil Services Centres, as well as
Support Bases, are operated from governmentowned facilities, leased to Intels under long-term
agreements. Intels runs a 'private port', a venture
that has systematically killed the Calabar, Warri
and Port Harcourt ports. There are over one
hundred major companies operating at the Intel
facility in Port Harcourt . The company makes
more money in profit than the government of
Rivers, Bayelsa and Delta states put together. I
shall give details and figures in the part two of this
disquisition. These individuals and their business
cronies, and fronts from the East, the West, the
South, and elsewhere impoverished not only the
North but the entire so-called country called
Nigeria.
Read full text beneath: Finally, for the Part I of this
disquisition, I introduce you to NorthEast
Petroleum. The name is as clear as the message it
sends. I do not need to write so much about
NorthEast Petroleum registered as NorEast.
NorthEast Petroleum Nigeria Limited is the holder
of OPL215 license, covering an area 0f 2,564
square kilometres in water depths between 200 to
1600 metres. NorEast is the parent company of
Rayflosh Petroleum was awarded the blocks OPLs
276 & 283 closing thereupon a Joint Venture
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Agreement with Centrica Resources Nigeria Limited

and CCC Oil and Gas. Not surprising, NorthEast
Petroleum is owned by another Fulani businessman
from the North East, Alhaji Saleh Mohammed
Jambo. The license was awarded to him by General
Ibrahim Badamosi Babangida in 1991 and then
renewed in 2004. So far $50Million has been spent
on the very promising Okpoi-1 and Egere -1
exploratory well. In the Part II, we shall finish the
discussion. We will table other North Eastern
billionaires who make more money than their
states of origin from Niger Delta oil blocks.Sadly,
National Bureau of Statistics reports from 2010
show Niger State as the poorest state in the
Federation, and the North East the poorest region
North is poor, this much no one disputes, the
poverty has bred millions of destitutes, who have
become instant and easy recruits for Boko-Haram.
But the question is: Who impoverished the North?
I want to posit that the Core North through ...their
aristocrats and ex-military rulers rake an
enormous income from oil money (from the Niger
Delta) individually, much more than any
Individual/group of individuals from the South, and
collectively more than 10 times the entire Niger
Delta business men in the oil and gas industry put
together.
[PHOTO: Babangida and Oil-Bunkerers...Called OilPage 8 of 16

Allocation] In this disquisition, I have attempted to

show that an estimated 75% of crude oil and gas
produced by indigenous companies is controlled by
the North. It is an area they have well conquered
through General IBB, Abacha and Abdulsalami.
However, the loots never get back home.In this
first part I will attempt to describe the very uneven
nature of the distribution of the nation's wealth
among the Northern aristocratic families and their
military generals who for decades looted Nigeria .
They did so blatantly, and while Nigeria was
weeping about oil windfall loot and others,
Nigerians would wail if they know how much of the
nation's resources these folks allocated to
themselves and their business fronts before they
stepped aside. Let us therefore begin.To the state
of origin of Boko Haram: Borno State.Enter
Cavendish Petroleum, the operators of OML 110 with good yielding OBE field. This oil block was
awarded to Alhaji Mai Deribe - the Borno patriarch,
who even in death will remain the richest man
dead or alive in the history of Borno state- by
General Sani Abacha on the 8th of July, 1996.OML
110 has a proven oil reserve in excess of 500
million barrels (More than the entire 300milliom
barrels reserve of Sudan ). As yet with the capacity
to produce about 120,000 barrels of crude oil daily
from its OBE 4 and OBE 5 wells. At current
production levels, the Mai Deribes net circa
Page 9 of 16

N4billion monthly in crude oil sales (Using oil price

estimates of $100 p/B).Mai Deribe's mansion, in
allegedly poor Maiduguri is one of the most lavish
mansions anywhere on earth; it used to be a
tourist attraction, b4 Boko Haram's tourism
deterrent activities - I will then shift to the centre
of the Fulani aristocratic hegemony in the North-Kano. Here Enter the Fulani Prince Nasiru Ado
Bayero, Mallam (Prince) Sanusi Lamido Sanusi's
cousin.He is a Key shareholder and director in
Seplat/Platform petroleum operators of the
Asuokpu/Umutu Marginal Field with a capacity of
300,000 barrels monthly and A 30mmfcsd gas
plant capable of feeding 100MT of LPG.
The Ado Bayeros, Yar'Aduas and Atiku Abubakar
are Nigerian holders of Intels. It runs a private port
that has grounded three Federal ports in the
South. Intels is discussed later. Enter South
Atlantic Petroleum Limited (SAPETRO). South
Atlantic Petroleum (SAPETRO) is a Nigerian Oil
Exploration and Production Company that was
created in 1995 by General T. Y. Danjuma (also
Chairma of ENI Nigeria). General Sani Abacha
awarded the Oil Prospecting License (OPL) 246 to
SAPETRO in February 1998. The block covers a
total area of 2,590km2 (1,000 sq. miles).
SAPETRO partnered with Total Upstream Nigeria
Ltd (TUPNI) and Brasoil Oil Services Company
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Nigeria Ltd (Petrobras) to start prospecting on

OPL246. Akpo, a condensate field was discovered
in April 2000 with the drilling of the first
exploration well (Akpo 1) on the block. Other
discoveries made on OPL 246 include the Egina
Main, Egina South, Preowei and Kuro (Kuro was
suspended as a dry gas/minor oil discovery).In
June 2006, General TY Danjuma divested part of
its contractor rights and obligations to China
National Offshore Oil Corporation (CNOOC) for $1
billion (N160bn). Akpo exports about 230,000
barrels of condensate daily. Condensate export is
not regulated by OPEC, so SAPETRO/TOTAL
exports as much as possible each day. Egina
exports about 75,000 barrels of oil daily.
Therefore, Akpo and Egina fields export just over
300,000 barrels of oil/condensate daily (three
times what the country Ghana exports). SAPETRO
(TY Danjuma) get's 25% of this. Now, note I have
not talked about the gas component - it's about
2.5 trillion cubic feet. The money SAPETRO nets
each month is more than the monthly statutory
allocation to any Nigerian state and also more than
the oil revenue of Ghana . Do your math.Enter
AMNI (or is it AMIN?) International Petroleum
Development Company. AMNI owns two oil blocks
- OML 112 and OML 117. In the production-sharing
contract, AMNI gets 60% for owning the oil block
and Total gets 40% for providing technical advice.
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OML 112 was awarded on the 12/02/1998 while

OML 117 was awarded 04/08/1999 all by Gen.
Abdulsalami Abubakar. Operations started on both
blocks 0n 26/02/2006. The licenses are due to
expire 11/02/2018 and 05/08/2019 respectively.
(Now you see why the next election is important?).
The Okoro and Setu fields in OML 112 are operated
by Afren Energy, a company substantially
controlled by Rilwanu Lukman.
The Okoro and Setu oil fields have about 50 million
barrels in reserve and currently produce/exports
just a little below 20,000 barrels per day. The
chairman of AMNI International Petroleum and
Development Company is Alhaji (Colonel) Sani
Bello a Fulani from Kontagora , Niger State. Lest I
forget, Alhaji Bello's son- Abu, is married to
General Abdusalami Abubakar's eldest daughter.
Enter Oriental Energy Resources Limited, a
company owned by Alhaji Mohammed Indimi, a
close friend of General Ibrahim Babangida. Also
worthy of note is that General IBB's first son is
married to Alhaji Mohammed Indimi's daughter Yakolo Indimi-Babangida, who also serves as a
director in the company. Alhaji Indimi hails from
Niger State. Oriental Energy Resources Limited
runs three oil blocks: OML 115, the Okwok field
and the Ebok field. OML 115 and Okwo are OML
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PSC, while Ebok is an OML JV. All of them crown

offshore oil blocks.OML 115 on its own is 228 sq
Km. On OML115 Oriental Energy Resources Limited
has 60 per cent while Equity Energy Resources AS,
which Alhjai Aliko Dangote's oil and gas investment
vehicle has 40 per cent (Aliko Dangote is from
Kano ). On Okwok, Addax has 40% and on the
Ebok field, Oriental Energy Resources shares with
none: its 100%. AMNI produces twice as much as
Cavendish Petroleum.
Enter Express Petroleum and Gas Limited floated
by Alhaji Aminu Dantata, solely for the purpose of
fronting for winning oil block(s) even though he
and the company are in no way qualified for the
award. General Abacha awarded him OML 108 on
the 1st of November, 1995. CAMAC Houston, a
company owned by Kase Lawal bought 2.5% of
Express Petroleum's 60% holdings. The other 40%
on OML 108 is owned by Sheba E&P Limited an IBB
tributary company. SEPCOL operates the Ukpokiti
offshore field in Shallow water Nigeria, which was
acquired from ConocoPhillips in May 2004. Enter
Shebah Exploration And Production Limited
(SEPCOL) . It is the operator of the Oil Mining
License 108 offshore Nigeria . Head office is in
Lagos , but 'head quartered' in Minna. Enter
Consolidated Oil. Conoil Producing Limited is an
integrated upstream oil and gas company. They
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are the operator of six blocks in the Niger Delta as

well as 25% Equity holder in the Joint
Development Zone (JDZ) Block 4. Corporate Head
office is in Lagos , but its 'Headquarters' is in
Minna , Niger State.Conoil signed a technical
operator agreement with Continental Oil and Gas
Limited (CONOG) to provide 100% funding and
technical service agreement to operate blocks OML
59 on a 40% (Conoil) / 60% (CONOG) basis.
Conoil entered into a Production Sharing Contract
with the NNPC by virtue of an agreement executed
on 17th October 2008. Conoil's has overall
potential hydrocarbon resources of over 1.0 Billion
Barrels of Oil and 7.0 Trillion Cubic Feet of Gas.
General Ibrahim Babangida (IBB owns a
substantial interest in conoil held in blind trust
[same arrangement in Glo] ) awarded the first oil
block to Conoil in 1991. The company produces
about 100,000 barrels per day. Enter Rilwanu
Lukman, another Fulani multimillionaire with
fronted controlling holdings in Afren, the operators
of AMNI oil blocks and also with very key interest
in the NNPC/Vitol trading deal, Vitol is a London
based oil trading company. Vitol lifts 350,000
barrels of crude oil daily from Nigeria .
Enter Intels and the Yar'Adua , Ado Bayero family
and Alhaji Abubakar Atiku. The Oil and Gas Free
Zone and Oil Services Centres, as well as Support
Page 14 of 16

Bases, are operated from government-owned

facilities, leased to Intels under long-term
agreements. Intels runs a 'private port', a venture
that has systematically killed the Calabar, Warri
and Port Harcourt ports. There are over one
hundred major companies operating at the Intel
facility in Port Harcourt . The company makes
more money in profit than the government of
Rivers, Bayelsa and Delta states put together. I
shall give details and figures in the part two of this
disquisition. Finally, for the Part I of this
disquisition, I introduce you to NorthEast
Petroleum. The name is as clear as the message it
sends. I do not need to write so much about
NorthEast Petroleum registered as NorEast.
NorthEast Petroleum Nigeria Limited is the holder
of OPL215 license, covering an area 0f 2,564
square kilometres in water depths between 200 to
1600 metres. NorEast is the parent company of
Rayflosh Petroleum was awarded the blocks OPLs
276 & 283 closing thereupon a Joint Venture
Agreement with Centrica Resources Nigeria Limited
and CCC Oil and Gas. Not surprising, NorthEast
Petroleum is owned by another Fulani businessman
from the North East, Alhaji Saleh Mohammed
Jambo. The license was awarded to him by General
Ibrahim Badamosi Babangida in 1991 and then
renewed in 2004. So far $50Million has been spent
on the very promising Okpoi-1 and Egere -1
Page 15 of 16

exploratory well. In the Part II, we shall finish the

discussion. We will table other North Eastern
billionaires who make more money than their
states of origin from Niger Delta oil blocks.Sadly,
National Bureau of Statistics reports from 2010
show Niger State as the poorest state in the
Federation, and the North East the poorest region.
With these figures from the National Bureau of
Statistics, I rest my case. Culled to
RepublicReporters by Samuel Diminas
___________________________________
REPUBLICREPORTERS....standing between
civilization and anarchy...

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