Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by ladididanlami(f): 9:31am On Jun 29, 2023 |
Nigerian Oil Tycoon, Okoloko Reportedly Burdened By Multi-billion-naira In Debts To Estranged Wife’s Company, Enmeshed In Divorce Scandal
Nigerian businessman, Onajite Okoloko reportedly owes his estranged wife, Salma Okoloko, and her company, Techtonic Oil $37 million and N5.3 billion respectively through his company, Eroton Exploration.
The duo are currently enmeshed in a messy divorce following allegations of extra-marital affairs.
Okoloko is currently the Group Chief Executive Officer and Managing Director of Notore Chemical Industries Plc (“Notore”).
The oil mogul is a founding partner of the Ocean & Oil/Oando Group and a former member of the Board of Union Bank of Nigeria Plc.
He is also the Chairman of Midwestern Oil & Gas Limited (“Midwestern”) and the Chairman of Eroton Exploration & Production Limited (“Eroton”).
Eroton admitted to owing $14 million and N2.9 billion for the said contract executed. But his estranged wife’s company put the amount at $37,147,654.25 and N5,308,689,150.84, saying the “said amount is all-inclusive of the disputed and reconciled sums”.
Despite a US court ordering the Nigerian billionaire to pay his debt, family members of Salma claimed he filed for a divorce in 2020 and threatened to kick the wife out of their Florida home with their two kids.
“The funny part is, instead of filing for a divorce in Florida in the U.S. where they got married and where he confirmed as his place of residence, he went to Badagry, Lagos, paid a judge to assume jurisdiction and take the divorce case,” Salma’s relation alleged.
“The divorce case is now at the Appeal Court where Okoloko is also planning to pay judges to give him a favourable judgement.
“Okoloko and his Eroton Exploration have been in and out of the Economic and Financial Crimes Commission office (EFCC) after he is accused of mismanaging OML18, under-reporting production of the oil field which under him, fell from 30,000 barrels per day to 1,000 barrels per day.”
In March 2023, the Nigerian National Petroleum Company (NNPC) Limited took over Eroton Exploration and Production Company Limited as the new operator of the oil mining lease (OML) 18.
According to Chief Corporate Communications Officer, Nigerian National Petroleum Company Limited, Garba-Deen Muhammad, in a statement, Eroton was removed to curtail further degradation of the asset and revamp the production of oil and gas on it.
It was however gathered that while NNPCL has duly paid Eroton all its dues, the company was yet to pay off TOTL the balance of $14 million and N2.9 billion for the said contract executed.
“In order to protect the joint venture investment in OML 18, the non-operating partners, NNPC Limited (55 per cent interest) and OML18 Energy Limited (16.20 per cent interest), jointly owning 71.2 per cent equity, removed Eroton as operator of the JV in line with the provisions of the Joint Operating Agreement.
“NNPC Limited and OML 18 Energy further appointed NNPC Eighteen Operating Limited as operator of the JV. The change in operatorship has been notified to the Nigerian Upstream Regulatory Commission and communicated to Eroton,” the statement read in part.
NNPCL also pointed out that while the key business reasons that made the change in operatorship were compelling, it was publicly available information that production had declined from 30,000 barrels per day to zero.
It said the persisting inability of Eroton to meet the financial obligations of the Federal Government led to the sealing of Eroton’s head office in Lagos by the Federal Inland Revenue Service for more than 12 months due to non-payment of outstanding taxes to the government.
The national oil firm further said Eroton was also not able to remit to the JV parties the proceeds of gas supplied to its affiliate, Notore, adding that a number of audits and investigations, including by the EFCC, NURPC’s work programme audit and others, had been undertaken or were ongoing.
“Some of these audits are regulatory steps that may lead to licence revocation under the relevant laws if drastic steps are not taken by non-operating partners,” NNPCL stated.
It added, “NNPC Limited in particular, as majority shareholder with a unique stewardship responsibility to the federation, is committed to ensuring that the energy and financial security of the country is uppermost in its business decisions.
“Removing an operator in these circumstances is therefore inevitable in order to protect the JV from governmental or third parties action from entities, including Eroton’s lenders and other service providers.”
NNPCL said it was important to highlight that OML 18 was an oil-producing block covering 1,035 square kilometres located south of Port Harcourt and contained 11 oil and gas fields with about 714 million stock tank barrels of oil and condensate and 4.7 trillion cubic feet of natural gas reserves.
According to a letter from Tectonic dated April 6, 2023, and addressed to the Group Managing Director of NNPCL, the said the money was for a contract awarded to the company by Eroton dated May 1, 2016, for the provision of Coiled Tubings, Pumping, and Nitrogen Lift Services with contract No. EEP 16-0125.
The letter said Tectonic had since executed the contract but had yet to be fully paid by Okoloko’s Eroton.
Also, Eroton in a letter dated July 2, 2021, addressed to the Vice President Operations, Tectonic Oil Tools Limited, Lagos, Nigeria, admitted to owing the company a balance “sums (net of taxes) of NGN 2,969,754,531.07 (Two Billion, Nine Hundred and Sixty-Nine Million, Seven Hundred and Fifty-Four Thousand, Five Hundred and Thirty One Naira, Seven Kobo Only) and USD 14,030,212.87 (Fourteen Million, Thirty Thousand, Two Hundred and Twelve United States Dollars and Eighty Seven Cents Only) due and payable to your company.”
The letter which detailed a payment plan to liquidate the debt owed to the wife’s company by Eroton read in part: “We also recognize that some other claims have been submitted and confirm that same are currently undergoing verification and reconciliation. These additional claims would be included in the outstanding sums detailed above upon completion of the reconciliation exercise. The payment plan will be amended accordingly to include the additional claims and paid within the same time frame.”
“In respect of the reconciled outstanding sums referenced above, please find below our payment plan,” the letter said.
While the letter listed how the outstanding debt will be paid between Q3 2021 and Q3 2022 for the N2.9 billion, it also listed how the outstanding $14 million will be liquidated between Q4 2021 and Q3 2022.
The letter signed by Ibironke Olaniyi, Chief Financial Officer (CFO) for Eroton Exploration & Production Company, ended with: “Please be advised that we would notify you of the payments as they are made in line with the specified timelines and assure you of our highest regard.”
However, despite the admission made in the letter, Eroton has reneged on the payment terms and agreement.
Meanwhile, Onajite and his wife, Salma, have been locked in a divorce drama.
Onajite filed for a divorce in 2020 and the case is currently at the Appeal Court.
A media consultant to Okoloko denied the accusations.
“It is ridiculous. I may have to get back to you because I’m yet to talk to him but all the allegations are not true,” he told SaharaReporters.
In 2022, the EFCC linked the oil mogul, his companies and others to a multi-billion-naira corruption case involving a former minister of Petroleum Resources, Diezani Alison-Madueke.
The EFCC in a document filed with a motion ex-parte, sought to question Alison-Madueke about her business relationships with Okoloko’s Midwestern Oil & Gas Company Limited, Mr. Tonye Cole’s Sahara Energy Group, Chief lkpea Leemon of Lee Engineering Group, Mr Donald Amamgbo, and Mr Afam Nwokedi.
Miss Olatimbo Bukola Ayinde, Christopher Aire, Harcourt Adukeh, Julian Osula, Dauda Lawal, Mr Leno Laithan, Atlantic Energy Drilling Concept Limited and Atlantic Energy Brass Development Limited, both owned by Jide Omokore, Septa Energy Limited, and others were among those named.
Fraudulent Oil Billionaire, Onajite Okoloko owes his estranged wife, Salma Okoloko, and her company, TECTONIC Oil, $35million and N6billion respectively through his company, Eroton Exploration.
Despite the Court ordering him to pay, he filed for a divorce in 2020, threatening to kick her out of their Florida home with their two kids.
The funny part is, instead of filing divorce in Florida, U.S where they got married and where he confirmed as his place of residence, he went to Badagry, Lagos, paid a Judge N50million to assume jurisdiction and take the divorce case.
The divorce case is now at the Appeal court where Okoloko has also paid millions to the Judges to give him favorable judgement.
Okoloko and his Eroton Exploration have been in and out of the EFCC after he is accused of mismanaging OML18, under reporting production of the oil field which under him, fell from 30,000 barrels per day to 1,000 barrels per day. https://saharareporters.com/2023/07/02/nigerian-oil-tycoon-okoloko-reportedly-burdened-multi-billion-naira-debts-estranged 5 Likes |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by Wodu89: 9:33am On Jun 29, 2023 |
He will pay more through divorce settlement. Unstrategic man. Pump her up with sperm And make her happy and see if she won't cancel everything 67 Likes 1 Share |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by TemplarLandry: 9:37am On Jun 29, 2023 |
Funny. 1 Like 1 Share |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by Karlifate: 9:53am On Jun 29, 2023 |
Little wonder Eroton E&P keeps running helter-skelter. 7 Likes |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by Martinsmine(m): 10:55am On Jun 29, 2023 |
|
|
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by meritadavize1(m): 8:49pm On Jul 02, 2023 |
K |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by Brendaniel: 8:50pm On Jul 02, 2023 |
Na wa o |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by plat0: 8:50pm On Jul 02, 2023 |
Smear campaign because he is likely to be a Minister 13 Likes 1 Share |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by Nobody: 8:50pm On Jul 02, 2023 |
This debt will favour me and my family 55 Likes 5 Shares |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by AImiron: 8:50pm On Jul 02, 2023 |
Who the fcvk is okoloko? It's sound like "another man's gbola" in Yoruba 103 Likes 5 Shares |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by MadamExcellency: 8:51pm On Jul 02, 2023 |
Do people owe their spouses this much? Unless for business deals. 10 Likes 1 Share |
|
|
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by cyborg123(m): 8:51pm On Jul 02, 2023 |
I wonder how his name is pronounced. That's the only thing that attracted me to this thread. 32 Likes 5 Shares |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by Starships4u(m): 8:52pm On Jul 02, 2023 |
Wahala wear case |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by Jennyclay(f): 8:52pm On Jul 02, 2023 |
The court should make sure the foolish man pays back every single dime he owed his wife!! He should be ashamed of himself . Shame!! I can’t spend my money on a man. God forbid!!! When I’m not mad!!! 7 Likes 6 Shares |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by ROYALMAXCLEANER: 8:52pm On Jul 02, 2023 |
1 Like |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by ATEAMS: 8:52pm On Jul 02, 2023 |
Not Cool |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by juman(m): 8:52pm On Jul 02, 2023 |
Fraudulent sharing of common wealth. While the people of the area are in abject poverty. The man could not even manage the oil field well.
Nigerian generals ruined the country. 15 Likes 3 Shares |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by Adonis69: 8:53pm On Jul 02, 2023 |
Rich people still get worries 4 Likes 2 Shares |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by carreport(m): 8:53pm On Jul 02, 2023 |
Wise man |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by WatchYourSix: 8:53pm On Jul 02, 2023 |
I dont like modern law....there are always possible loop holes to get away with wrong doing... just takes a good lawyer to find them and argue the technicalities with existing or similar john vs joe cases or realities 2 Likes |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by PrimeWatermark: 8:53pm On Jul 02, 2023 |
|
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by Nobody: 8:53pm On Jul 02, 2023 |
Who is he? Beware of this scammer bellow. He will come and modify his post very soon. Na scam. Clearsky: Nigerian dirty politics 1 Like |
|
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by MANNABBQGRILLS: 8:54pm On Jul 02, 2023 |
See money.
Mr Man pay your debt before you proceed on any type of divorce abegii.
Him wan use okoloko sense for madam 6 Likes 3 Shares |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by akpumping7720(m): 8:54pm On Jul 02, 2023 |
He wants to run his wife street! |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by Johnn74: 8:55pm On Jul 02, 2023 |
This $40million abi $38million debt will favour me
. Mtchew WHERE UNA DEY SEE ALL DEZ PLENRRY MONEY SEF ? 🙄 come be like say person escort some pipu come life 6 Likes |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by HBB1(m): 8:56pm On Jul 02, 2023 |
AImiron: Who the fcvk is okoloko? It's sound like "another man's gbola" in Yoruba Weyrey!🤣🤣🤣 4 Likes |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by lolu2019: 8:56pm On Jul 02, 2023 |
What a name. 1 Like |
Re: Okoloko Accused Of Owing Wife $35M, ₦6bn; Instead Of Paying, Files For Divorce by MANNABBQGRILLS: 8:58pm On Jul 02, 2023 |
5 Likes 5 Shares |