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Billionaire Onajite Okoloko's Midwestern Oil & Gas, Eroton, Notore In Crisis? - Business - Nairaland

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Mismanagement! NNPC Replaces Eroton As New Operator Of OML 18 / EFCC investigates Onajite Okoloko's Eroton over $301 funds linked to OML 18 / Eroton, Midwestern Oil And Gas Enmeshed In Multiple Breach Of Contract Suits (2) (3) (4)

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Billionaire Onajite Okoloko's Midwestern Oil & Gas, Eroton, Notore In Crisis? by Trending01: 5:59am On Apr 30, 2019
Reports currently making the rounds indicate that billionaire, Onajite Okoloko's Eroton, Midwestern Oil and Gas as well as Notore Chemicals, are allegedly facing difficult times. Secrets Reporter reports.

According to the report, Notore Chemicals is said to be battling with operational challenges in the aftermath of its largely undersubscribed attempt to raise fresh working capital from the Stock Exchange last year.

READ MORE HERE: https://www.witnessngr.com/billionaire-onajite-okolokos-midwestern-oil-eroton-and-notore-in-fresh-crises/

The firm, sources said, has had to review its ambitious expansion and diversification plans it hoped to fund with the expected fresh capital injection that did not materialize. It is also said to be battling with huge cash calls occasioned by its liabilities while several contract and junior non-contract staff are said to have been laid off between December 2018 and end of Q1 2019 due to poor returns.

On its part, Secrets Reporter disclosed that Eroton has enough headaches worrying about the fate that awaits its business structure and fortune that is tied to Oil Mining License OML18 which knowledgeable oil industry sources said might not be renewed after its expiry date of 2020.

Currently, Eroton is the operator of OML 18 which has more than 576 million barrels of oil and approximately 4.2 trillion cubic feet of gas. Eroton also owns 27% of OML 18 while Sahara Field Production owns 15% and NNPC 55%. Sensing the need to re-evaluate his political standing as a means of salvaging his economic interest in the Nigerian oil and gas sector, Jite Okoloko was alleged to have been trying to warm up to the presidency and All Progressive Congress (APC) since 2017 but with little or no success. For instance, he was alleged to be one of the silent financiers of a top APC Senatorial aspirant in Delta State while also rolling out money to Delta PDP.

But the Eroton 27% stake in OML 18 is currently the subject of a messy suit FHC/L/CS/793/2018 instituted by SunTrust Oil Company Nigeria Limited against Midwestern Oil and Gas and six other defendants.

In the suit before the Federal High Court, Lagos Division, Sun Trust Oil Company has preferred a case of Breach of Shareholder Agreement against the defendants as it pertains to 50% of Eroton’s issued share capital owned by Martwestern Energy Limited which is a special purpose company jointly set up by Midwestern Oil and Gas and Mart Resources Limited to hold and manage 50% stake of Eroton.

The other 50% Eroton stake is owned by Bilton Energy Limited. Sun Trust owns 20% stake in Martwestern and consequently, 10% of the entire Eroton shares and 2.7% of OML 18. Sun Trust is alleging illegal conversion and transfer of a substantial part of the Martwestern shares to some other companies purportedly brought in as shareholders outside the framework of the existing Shareholder Agreement between it and the other two original shareholders of Martwestern, without its (Sun Trust) knowledge and input. While hearing on the Sun Trust matter continues, a Delta State High Court sitting at Sapele, Southern Nigeria, has struck out the “Stakeholder Interpleader” suit jointly filed before the Court by two law firms, Perchstone & Graeys and Templars, led by Messrs Folabi Kuti and Godwin Omoaka respectively, on behalf of Midwestern Oil and Gas Company Limited against three Respondents, namely Seistech Energy Limited, Sapele Power Plc and the Nigeria Electricity Liability Management Company Ltd/GTE, to forestall the enforcement against it of a consent Judgment of the Federal High Court sitting in Lagos, in a previous Suit between the Company and Seistech Energy Limited.

READ MORE HERE: https://www.witnessngr.com/billionaire-onajite-okolokos-midwestern-oil-eroton-and-notore-in-fresh-crises/

Re: Billionaire Onajite Okoloko's Midwestern Oil & Gas, Eroton, Notore In Crisis? by Taich(m): 6:26am On Apr 30, 2019
If this is true, I pray that the management receive insights on how to navigate this for the sake of the workers.
Re: Billionaire Onajite Okoloko's Midwestern Oil & Gas, Eroton, Notore In Crisis? by lawaljuliuss(m): 6:29am On Apr 30, 2019
Hmmn... fingers crossed
Re: Billionaire Onajite Okoloko's Midwestern Oil & Gas, Eroton, Notore In Crisis? by Trending01: 6:38am On Apr 30, 2019
Naija businessmen
Re: Billionaire Onajite Okoloko's Midwestern Oil & Gas, Eroton, Notore In Crisis? by Amhappy(f): 2:16pm On Apr 30, 2019
I admire and respect this man and Engr. Odita a lot. Midwestern ,Eroton, Notore. I pray you successfully navigate through this sir.

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