How Tinubu Collected $1.5 Billion Oil Contract From Dieziani Before APC Convention

<div dir="ltr" style="text-align: left;" trbidi="on"> <header id="cb-standard-featured" style="box-sizing: border-box;"><div class="cb-mask" style="box-sizing: border-box; height: 325px; overflow: hidden; position: relative;"> <span style="background-color: rgba(255, 255, 255, 0);"><img alt="bola1-1" class="cb-fi-standard wp-post-image" height="400" src="http://pointblanknews.com/pbn/wp-content/uploads/2014/06/bola1-1-750x400.jpg" style="border: 0px; box-sizing: border-box; display: inline; height: auto; max-width: 100%; vertical-align: top; width: 610px;" width="750" /></span></div> <div class="cb-entry-header cb-style-standard" style="box-sizing: border-box; z-index: 3;"> <span class="cb-title-fi" style="background-color: rgba(255, 255, 255, 0); box-sizing: border-box;"><h1 class="entry-title cb-entry-title cb-single-title" itemprop="headline" style="box-sizing: border-box; font-weight: 400; margin: 0px; padding: 15px 0px;"> How Tinubu Collected $1.5 Billion Oil Contract From Dieziani Before APC Convention</h1> </span></div> </header><section class="entry-content clearfix" itemprop="articleBody" style="box-sizing: border-box; margin: 0px 0px 30px; zoom: 1;"><div style="-webkit-hyphens: auto; box-sizing: border-box; margin-bottom: 1em;"> <span style="background-color: rgba(255, 255, 255, 0);"><span style="box-sizing: border-box;">Departing APC chieftain, Chief Tom Ikimi, has taken a swipe at former</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">Lagos governor, Asiwaju Bola Ahmed Tinubu, over the recently approved $1.5</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">billion oil deal between Oando Plc and ConocoPhillips in the upstream</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">sector.</span><br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">The deal, aggrieved APC members told TheCable, was struck in June at a</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">secret meeting between Tinubu and minister of petroleum resources, Mrs.</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">Diezani Alison-Madueke, at the Abuja home of the PDP national chairman,</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">Alhaji Adamu Mua’azu ─ a day to the APC national convention, where</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">Ikimi failed in his bid to become APC national chairman.</span><br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">He believes Tinubu worked against his bid and finally wrote to the party</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">on Tuesday to withdraw his membership, but not before carpeting the former</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">Lagos State governor who was said to have opposed Ikimi because he could</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">“sell” APC to PDP.</span><br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">Ikimi, in his resignation letter, in turn insinuated that Tinubu was the</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">one doing the “selling” ─ although he did not mention him by name.</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">He asked in his letter: “Who by the way is the buyer? Is it the PDP</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">Government that opened its doors once more recently to one of the APC</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">foremost boastful and noisy leader to consummate a mega oil deal on the</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">eve of that controversial APC convention? Who then is really selling and</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">who is indeed buying?”</span><br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">The mega deal had been stalled for a while allegedly by the federal</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">government for political reasons, but was approved shortly before the</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">convention in what is now being interpreted as a 2015 “tactical manoeuvre”</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">by President Goodluck Jonathan.</span><br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">ConocoPhillips, an American company, had reached an agreement with Oando</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">two years ago for the Nigerian company to take over its interest in the</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">upstream oil and gas operations.</span><br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">However, as Oando made to raise the needed finance for the deal, the</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">federal government was seen as raising obstacles to its successful</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">completion.</span><br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">When Oando, which is listed on the stock exchanges of Nigeria, South</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">Africa and Canada, tried to raise a bond on the London Stock Exchange last</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">year for the transaction, it was scuppered by an allegation in court that</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">former governor of Delta State, Chief James Ibori ─ who is currently</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">serving a jail sentence for corruption in the UK ─ had an interest</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">in Oando.</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">This caused Oando a big set-back, temporary affecting its value in the</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">stock market. ConocoPhillips’ fields produced about 43,000 barrels of oil</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">a day last year and have proven reserves of 213 million barrels of oil</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">equivalent.</span><br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">With the take-over of ConocoPhillips’ Nigerian upstream assets, Oando is</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">now one of the biggest players in the upstream sector in the country. But</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">Tinubu’s associates have consistently denied insinuations that he has a</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">stake in Oando Plc.</span><br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">Meanwhile, Ikimi also took a swipe at Tinubu over the failed presidential</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">quest of Malam Nuhu Ribadu who only won one state in the south-west in</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">2011 despite being the candidate of the dominant party, Action Congress of</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">Nigeria (now party of APC), in the zone. Jonathan won five of the six</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">states under the control of ACN.</span><br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">Ikimi wrote: “Who sold Mallam Nuhu Ribadu’s ACN Presidential candidature</span><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">in 2011? Was it Chief Tom Ikimi?”</span><br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><span style="box-sizing: border-box;">Courtesy: The Cable</span></span></div> </section></div>

How Tinubu Collected $1.5 Billion Oil Contract From Dieziani Before APC Convention

How Tinubu Collected $1.5 Billion Oil Contract From Dieziani Before APC Convention Departing APC chieftain, Chief Tom Ikimi, has tak...

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