North–South Petroleum, the owner of oil
prospectinglicence (OPL) 326, is looking to farm out a 30 per cent stake in the
block. Meanwhile, a behind-the-scenes drama over the management of the company
has been revealed. The chair used to be Senator Abu Ibrahim and the company was
managed by one Geoffrey C. Oherne as managing director. Oherne who is trained as
a lawyer and is a close friend of former Rivers State governor Peter Odili ,
seems to have had a serious falling-out with the suspected 'closet' owners of
the company, one of whom has been named as former head of state General
Abdulsalami Abubakar .
The breach is said to have occurred about nine months ago. As
part of the episode, Oherne was apparently arrested by the Economic and
Financial Crimes Commission (EFCC) and turned for help to his contacts
in the presidency but was told there was nothing they could do. He then
attempted to reach out to Minister for Petroleum Resources Diezani
Allison-Madueke , who in turn contacted EFCC chair Ibrahim Lamorde on his
behalf. Lamorde informed them, however, that he could to nothing to assist
Oherne in his predicament as the order for his arrest had 'come from above.'
The company is now said to be run by Chris Okoli , and Abubakar
may have sold his stake in OPL 326 for $50 million to Okoli and two others –
Bello Isa Bayero and an unnamed Odugua – after kicking Oherne out. Industry
sources have revealed that OPL 326 has very low prospects.
For more news and expert
analysis about Nigeria, please see Nigeria Focus and Nigeria
Politics & Security.
© 2012 Menas Associates
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