₦airaland Forum

DjAndroid:
This was discussed here a month ago

https://www.nairaland.com/4177063/abc-orjiakor-buys-eko-atlantic#62401872

My bad.

Eko Atlantic Gets First Occupant as ABC Orjiako Acquires Afren Tower

September 25, 2017

19552

• Oil magnate moves his firm, Salvic Petroleum to seaside city 

• Ramps up Shoreline’s production to 60,000bpd

By Alike Ejiofor    

The first building to be completed in Nigeria’s cutting-edge city of the future, Eko Atlantic, has been acquired by oil magnate and Chairman of Seplat Petroleum Development Company Plc, Dr. ABC Orjiako.

The 15-storey building, designated Alpha 1 or Afren Tower, was designed by James Cubitt architects and built by the Chagoury-owned construction firm, ITB Nigeria Limited, for a private investor with the intention of having Afren Plc, once a London Stock Exchange (LSE) listed independent oil and gas firm with interests in Nigeria, Ghana, Kurdistan, The Gabon and Cote d’Ivoire, as its anchor tenant.

However, by the time Alpha 1 was completed last year, Afren had filed for administration, following allegations of unauthorised bonus payments by the company’s joint venture partner to the then CEO and CFO of Afren, a crippling bond default, its inability to refinance its operations, and eventual delisting from the LSE.

With Afren in administration, an air of uncertainty befell Alpha 1 but this was lifted some months ago when Orjiako, an orthopaedic surgeon, with extensive interests in the oil and gas sector spanning more than two decades, bought the property

With the acquisition of the building, THISDAY learnt that Orjiako has commenced the relocation of one of his exploration and production firm – Salvic Petroleum – to Alpha 1.

When contacted to confirm the acquisition of the building, Orjiako denied that he had bought the tower, however, top officials who work for Gilbert and Jack Chagoury who are behind the development of Eko Atlantic City, and two bank CEOs in the know of the transaction, maintained that he bought the building in his wife, Henrietta Orjiako’s name.

Another source claimed that Orjiako was not interested in making his latest acquisition public in order to keep his creditors at bay.

Although Orjiako holds the majority interest in Salvic Petroleum, the company is chaired by Mr. Oye Hassan Odukale, who is also the MD/CEO of Leadway Assurance Limited, and has his wife, Henrietta, as its executive vice chairman. Another director of the company includes Ikem Okafor who doubles as its CEO.

Salvic will be remembered for its attempt to take over the Strategic Alliance Agreement (SAA) held by Jide Omokore’s Atlantic Energy Drilling Concept (AEDC) for the financing of six oil blocks operated by the Nigerian Petroleum Development Company, the E&P subsidiary of the Nigerian National Petroleum Corporation (NNPC), until the deal fell through last year.

Despite its inability to get the federal government’s approval for the SAA after a competitive tender, Salvic has turned its sights on providing services as a sub-contractor to Shoreline Natural Resources Limited and its partner, UK-based Heritage Oil, operator of Oil Mining Lease (OML) 30.

OML 30, located 35km east of Warri in Delta State, is a joint venture oil block held by NPDC (55 per cent) and Shoreline/Heritage (45 per cent).

Shoreline/Heritage acquired their interest in the block from Shell in 2013 during the second round of asset sales held by the Anglo/Dutch multinational and its partners.

A senior official of Shoreline confirmed that Salvic, with its track record in E&P operations, has helped to ramp up production in the prolific oil block, which has 11 fields, to 60,000 barrels per day.

The Shoreline official also confirmed that his company has leased some space in Alpha 1 for proper integration of its personnel with the staff of Salvic.

The Shoreline oil block was one of many affected by heightened militancy in the western Niger Delta last year, especially when the Niger Delta Avengers (NDA) bombed the 87km Trans Forcados Pipeline (TFP), forcing many producers in the region to shut-in production.

The TFP was eventually repaired by Abbeycourt, another firm founded by Orjiako in the 1990s, enabling Shell to reopen the Forcados Oil Terminal (FOT) in Delta State.


https://www.thisdaylive.com/index.php/2017/09/25/eko-atlantic-gets-first-occupant-as-abc-orjiako-acquires-afren-tower/

NaijaMutant:
When I first heard of the Buhari Media Center (BMC), I concluded it was just a propaganda by the opposition to fight back.
Now its getting clearer.

Is 'Aye' Mr Ayedee?

NYRP:
Each day I wake up, I feel bad seeing the situation of things in Nigeria.

Remember, Buhari is not the problem, the problem outdates Buhari and even Goodluck Jonathan.

The problem of failed leadership in Nigeria dates back as far back as 1960, we have never gotten it right from the day we had our independence.

Don't be deceived, Nigeria has never been a great country, Nigeria has always been a mediocre when it comes to leadership and national development. But we can change that status quo, but only the youths can achieve this through total determination.


Sometimes I just feel its a fundamental problem with the black Africa, but even if it is, we can make a difference through sincere determination to change things in Nigeria.

It is sad that in Nigeria, someone will labor to graduate from the university or polytechnic or college of education and at the end of it all, he or she cannot find any job to take care of himself or herself, it is shameful.

We need to do some things to change the Nigerian story.

Nigerians are hardworking individually, Nigerians are creative but bad leadership is the problem.

We abandon leadership for fools, we elect the wrong people to lead us either out of tribalism, religious sentiment or sheer stupidity.

In the preceding posts I will be making on this forum, I will be posting some workable ideas on how Nigerian economy can be revived to create jobs and encourage young entrepreneurs.

Please come in and share your ideas on how you think Nigeria can be made a better nation.

We need workable ideas.....we don't want problem identification only, but we need you to also table your own solution ideas, thanks as you contribute.

By restructuring Nigeria so that each component unit will have control over its resources.

BigIyanga:
What a display of willful ignorance on HD. I said he was the 3rd largest shareholder after AIG and Wigwe , so how does that make him a sole owner? Do those names sound like Maduko to you?
I also cited a Forbes article stating that he owned 25% stake, how does that make him an outright owner? I have stated facts in my statements and you're just conjuring assumptions.
You're more fixated on ownership because someone's last name while I'm more concerned about stating the obvious-
So if CBN does not allow up 25% ownership stake, does it force founders and directors with 25% stake to divest?
Has CBN proscribed holding and shell companies owned by founders/directors from owning shares of banks?

Dude isn't aware there's direct and indirect ownership of equity in companies.

Story for the gods.

It seems those whose businesses are being threatened by Daddy Freeze are now using this format to keep the sheeple sowing seeds in hope of a breakthrough like this one.

Now we know who the real owners of Lagos are.

MayorofLagos and his cone-headed team won't like this.

cc: eggheader101, globemoney.

Eggheader101:
. udo diri gi nwanne mmadu

Ya di kwara gi.

Eggheader101:
. sunnybobo my man

how far na

O boy we dey hear o.

Eggheader101:
. are you sick upstairs you d**ckheadd?

is Lagos ur papa land

anumanu dika gi

Tunde Salam, you don come again?

A state with IGR of less than N15bn

deco22:
And Ben ayade is proposing 1.4 trillion budget

1.3 trillion to be powered by a non existent IGR?

Jeezuzpick:
There are 36+1 states and only one is bringing forth a budget about 15% of the whole national budget.

Since we know that states depend mostly on federal allocation, I dare postage that at least 60% of the 1.3 trillion Naira must be sourced elsewhere.

In any case, Cross Rivers needs to generate funds much more than the entire country generates as IGR.

Ayade is a clown.

.

KingOvoramwen1:
You are not only settlers but also TENANTS

Then go and chase them na. 'Lobish'

BUHARIISCURSED:
She wants to marry an herdsmen nigga

Only way she can progress in the Force fam.

bloodmoneyspita:
reports reaching my table this morning has suggested that the new Aare ona kakanfo Gani Adams has been feeling so nervous ever since he was given the title of Aare ona kakanfo, he has not been able to sleep at night.

Anytime someone knock on the door he sends his youngest child to go and check it out while he scamper for safety.

Gani Adams has not been seen or heard of after accepting the title and his neighborhood have been on the look out for him.

our news crew had gone there for condolence visit and for an interview but was turned back from visiting him.

from the news we heard he has ordered his family to eat with him so as no one can escape death in case his food was poisoned with rat poison (sniper).

while he hides himself during this upcoming Elections campaign season, Politicians, Elders and the youths have begun to question if he is worthy to bear that Title in the first place.

This is bloodmoneyspita reporting from omole phase11 Lagos.

Aare ona kakanfo.

spartacus11:
U don't even know if u will last 2 weeks

Nobody is guaranteed tomorrow, not even you.

STARKACE:
funny enough that pic failed to show the real truth

Whatever makes you sleep at night.