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In December 2024, eight months after it was incorporated, Panout Oil and Gas Limited was awarded two oil blocks—PPL 300 and PPL 301-CS—in what the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) hailed as a “keenly competitive process.”Nigerian cultural tours

On May 14, 2024, the Nigerian government made headlines when it announced the official start of bidding for oil blocks in the country as part of the 2024 marginal fields bid round.




Speaking at the Miami, Florida International Roadshow in May 2024, Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), declared the bidding process officially open.Nigerian cultural tours



He also noted that although the exercise had first been announced on April 29, 2024, it marked a significant step forward in Nigeria’s strategic hydrocarbons development plan.



Nigerian cultural tours
The Bola Tinubu government called for applications to acquire 12 oil blocks and seven deep offshore assets.



Interestingly, SaharaReporters has learned that just eight days before this official commencement of bidding—on May 6, 2024—a company named Panout Oil and Gas Limited was registered with the Corporate Affairs Commission (CAC). This newly formed company would later participate in bidding for oil block licenses in the same round and win two oil blocks.



By June 12, the government had further expanded the offer, announcing an increase in the number of oil blocks available in the 2024 marginal bid round.



In December 2024, eight months after it was incorporated, Panout Oil and Gas Limited was awarded two oil blocks—PPL 300 and PPL 301-CS—in what the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) hailed as a “keenly competitive process.”Nigerian cultural tours



However, a closer look at the bidding criteria published by the NUPRC has raised serious questions about how Panout Oil and Gas Limited—a company registered just two days before the official bid announcement—managed to secure two of the coveted oil blocks.



According to the pre-qualification guidelines available on the NUPRC website for the 2024 marginal bid round, the agency stated, "Prospective Bidder or Bidder which is a newly incorporated company in Nigeria, shall be qualified with the information of the parent company or aggregate information of its shareholders and their affiliates."Nigerian cultural tours



Checks, however, reveal that Panout was registered as an independent company with the CAC, not as a subsidiary of any other entity.



A review of the company’s beneficial ownership records in the CAC registry shows that only one individual—Alao Saheed Olatubosun—is listed as having significant control. In fact, the data indicates that he owns 100% of the shares, with no other shareholders or corporate ownership listed. This suggests that Panout is not linked to any parent company.



Regarding the requirement for "financial viability assurance," the NUPRC listed the following conditions: “Statement of Profit or Loss & Comprehensive Income; Statement of Financial Position (Balance Sheet); Statement of Change in Equity; Statement of Cashflow; Notes to the Accounts; Auditor’s Report; Management’s Discussion; Governance and Ownership Structures; Five (5) years of Financial Summary."



It remains unclear how a company that was only two days old before the bid announcement—and just eight months old when the winners were announced—was able to meet the NUPRC’s financial and documentation requirements.



Other conditions listed include evidence of a verifiable source of funding, which may be any of the following: Minimum average annual turnover of US$200 million for deep offshore; minimum average annual turnover of US$50 million for onshore and shallow water assets; minimum cash in bank of US$200 million for deep offshore; minimum cash in bank of US$50 million for onshore and shallow water assets; bank guarantee to the tune of US$200 million for deep offshore; bank guarantee of US$50 million for onshore and shallow water assets and a market capitalisation of not less than US$1 billion for deep offshore and US$200 million for other categories.



The sole listed owner of Panout, Alao Saheed Olatubosun, is also the Chief Executive Officer of Blueprint Business Technology, an IT firm.



A review of the company’s website by SaharaReporters found no evidence that Panout Oil and Gas Limited is listed as a subsidiary or affiliate of Blueprint Business Technology.



SaharaReporters attempted to reach the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) through the contact number published on the 2024 licensing round portal, which is said to be operational 24 hours a day for inquiries. However, the line failed to connect.Nigerian cultural tours



As of the time this report was filed, text messages sent to the number seeking comment had not received a response.





Follow the Sahara Reporters channel on WhatsApp: https://whatsapp.com/channel/0029VaFClvtH5JM6SSsP7M2Y

https://saharareporters.com/2025/06/03/exclusive-tinubu-govt-awards-oil-blocks-firm-registered-eight-days-bidding-violating

Without batting an eyelid, I can point to those sophisticated people who have continually corrupted the civil service since civil war with their culture of myopic craftiness and pretentious professionalism

But then I would be called a tribalist.

What else where you expecting from the undisputed champion of corruption and corrupt practices?

ogododo:
In December 2024, eight months after it was incorporated, Panout Oil and Gas Limited was awarded two oil blocks—PPL 300 and PPL 301-CS—in what the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) hailed as a “keenly competitive process.”Nigerian cultural tours

On May 14, 2024, the Nigerian government made headlines when it announced the official start of bidding for oil blocks in the country as part of the 2024 marginal fields bid round.




Speaking at the Miami, Florida International Roadshow in May 2024, Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), declared the bidding process officially open.Nigerian cultural tours



He also noted that although the exercise had first been announced on April 29, 2024, it marked a significant step forward in Nigeria’s strategic hydrocarbons development plan.



Nigerian cultural tours
The Bola Tinubu government called for applications to acquire 12 oil blocks and seven deep offshore assets.



Interestingly, SaharaReporters has learned that just eight days before this official commencement of bidding—on May 6, 2024—a company named Panout Oil and Gas Limited was registered with the Corporate Affairs Commission (CAC). This newly formed company would later participate in bidding for oil block licenses in the same round and win two oil blocks.



By June 12, the government had further expanded the offer, announcing an increase in the number of oil blocks available in the 2024 marginal bid round.



In December 2024, eight months after it was incorporated, Panout Oil and Gas Limited was awarded two oil blocks—PPL 300 and PPL 301-CS—in what the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) hailed as a “keenly competitive process.”Nigerian cultural tours



However, a closer look at the bidding criteria published by the NUPRC has raised serious questions about how Panout Oil and Gas Limited—a company registered just two days before the official bid announcement—managed to secure two of the coveted oil blocks.



According to the pre-qualification guidelines available on the NUPRC website for the 2024 marginal bid round, the agency stated, "Prospective Bidder or Bidder which is a newly incorporated company in Nigeria, shall be qualified with the information of the parent company or aggregate information of its shareholders and their affiliates."Nigerian cultural tours



Checks, however, reveal that Panout was registered as an independent company with the CAC, not as a subsidiary of any other entity.



A review of the company’s beneficial ownership records in the CAC registry shows that only one individual—Alao Saheed Olatubosun—is listed as having significant control. In fact, the data indicates that he owns 100% of the shares, with no other shareholders or corporate ownership listed. This suggests that Panout is not linked to any parent company.



Regarding the requirement for "financial viability assurance," the NUPRC listed the following conditions: “Statement of Profit or Loss & Comprehensive Income; Statement of Financial Position (Balance Sheet); Statement of Change in Equity; Statement of Cashflow; Notes to the Accounts; Auditor’s Report; Management’s Discussion; Governance and Ownership Structures; Five (5) years of Financial Summary."



It remains unclear how a company that was only two days old before the bid announcement—and just eight months old when the winners were announced—was able to meet the NUPRC’s financial and documentation requirements.



Other conditions listed include evidence of a verifiable source of funding, which may be any of the following: Minimum average annual turnover of US$200 million for deep offshore; minimum average annual turnover of US$50 million for onshore and shallow water assets; minimum cash in bank of US$200 million for deep offshore; minimum cash in bank of US$50 million for onshore and shallow water assets; bank guarantee to the tune of US$200 million for deep offshore; bank guarantee of US$50 million for onshore and shallow water assets and a market capitalisation of not less than US$1 billion for deep offshore and US$200 million for other categories.



The sole listed owner of Panout, Alao Saheed Olatubosun, is also the Chief Executive Officer of Blueprint Business Technology, an IT firm.



A review of the company’s website by SaharaReporters found no evidence that Panout Oil and Gas Limited is listed as a subsidiary or affiliate of Blueprint Business Technology.



SaharaReporters attempted to reach the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) through the contact number published on the 2024 licensing round portal, which is said to be operational 24 hours a day for inquiries. However, the line failed to connect.Nigerian cultural tours



As of the time this report was filed, text messages sent to the number seeking comment had not received a response.





Follow the Sahara Reporters channel on WhatsApp: https://whatsapp.com/channel/0029VaFClvtH5JM6SSsP7M2Y

https://saharareporters.com/2025/06/03/exclusive-tinubu-govt-awards-oil-blocks-firm-registered-eight-days-bidding-violating

I went through the article and i've not seen anything wrong the government or the company has done

They hav started d transfer of nigerias as asset to their cronies

No surprises here..
All their "billionaires" have always been oil thieves

Panout?
Y'all got the name spelled wrong
It's cashout
Just see zombies above and below defending this
Just imagine it happened under a Jonathan who is even from Niger Delta where the oil is found
Same folks believed Diezani from Bayelsa owns a diamond bra and sold Nigeria's crude to her friends

Ikaeniyan0:
I went through the article and i've not seen anything wrong the government or the company has done

Lotsa folks confuse longevity with credibility.

Interesting

So, if you have your money and you find out allocation of oil is still opening; you meant if you apply within a week of opening, you shouldn't be considered? This is not an award of contract, it is more of business interest. There is nothing bad even if you apply a day to closure so far you meet all requirements especially financial requirements.

Follow the cookie crumbs...

'He' is in business for himself.

Tinubu is a TERRIBLE friend of thieves

Nawa Nlfpmod. Na our oyel be dis.

Ikaeniyan0:
I went through the article and i've not seen anything wrong the government or the company has done

🤡🤡🤡🤡

SarkinYarki:
🤡🤡🤡🤡

Can you kindly explain what the government has done that's wrong

Ikaeniyan0:
Can you kindly explain what the government has done that's wrong

Bro, you've got jokes. Big jokes.

DeepSight:
Bro, you've got jokes. Big jokes.

The joke is on you if you can't explain what the government has done wrong

Ikaeniyan0:
The joke is on you if you can't explain what the government has done wrong

Lol. I am tempted, but I cant waste my time explaining what is wrong in awarding such to a company incorporated two days before a bid is announced. You mean you didnt read all the legal requirements for such and cannot see how those requirements have been impudently ignored? Enjoy. As you make your country, so it will remain.

..thread like this don't ever make it to the frontpage...because it exposes the clannishness, tribalism, nepotism, corruption bigotry of Thief'nubu maladministration of mandate thieves..

..the only thread that graces the FP nowadays..are lies, deceit & propaganda threads against PO, Obidients, SE...

..i have said it times without number that the worse set of Tribalistic, corrupt nepotistic tribe in Nigeria are the current snatch & grab thieves...they don't love the country or any region...they love to use grabbed power to stael & make useles noise over the social media..

..ask dem what they did with the companies like BATA, Leventies stores after the Nationalization policy..

..everything squandered to the ground..ask them what they have been doing with the money saved from subsidy removal, electricity, taxes,..& you will see that there is nothing to show for it...they loot everything, steal & claim most "educated", most " sophisticated"..

..

Ikaeniyan0:
I went through the article and i've not seen anything wrong the government or the company has done

Did the company meet the Financial documentation requirements?

ogododo:
In December 2024, eight months after it was incorporated, Panout Oil and Gas Limited was awarded two oil blocks—PPL 300 and PPL 301-CS—in what the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) hailed as a “keenly competitive process.”Nigerian cultural tours

On May 14, 2024, the Nigerian government made headlines when it announced the official start of bidding for oil blocks in the country as part of the 2024 marginal fields bid round.




Speaking at the Miami, Florida International Roadshow in May 2024, Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), declared the bidding process officially open.Nigerian cultural tours



He also noted that although the exercise had first been announced on April 29, 2024, it marked a significant step forward in Nigeria’s strategic hydrocarbons development plan.



Nigerian cultural tours
The Bola Tinubu government called for applications to acquire 12 oil blocks and seven deep offshore assets.



Interestingly, SaharaReporters has learned that just eight days before this official commencement of bidding—on May 6, 2024—a company named Panout Oil and Gas Limited was registered with the Corporate Affairs Commission (CAC). This newly formed company would later participate in bidding for oil block licenses in the same round and win two oil blocks.



By June 12, the government had further expanded the offer, announcing an increase in the number of oil blocks available in the 2024 marginal bid round.



In December 2024, eight months after it was incorporated, Panout Oil and Gas Limited was awarded two oil blocks—PPL 300 and PPL 301-CS—in what the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) hailed as a “keenly competitive process.”Nigerian cultural tours



However, a closer look at the bidding criteria published by the NUPRC has raised serious questions about how Panout Oil and Gas Limited—a company registered just two days before the official bid announcement—managed to secure two of the coveted oil blocks.



According to the pre-qualification guidelines available on the NUPRC website for the 2024 marginal bid round, the agency stated, "Prospective Bidder or Bidder which is a newly incorporated company in Nigeria, shall be qualified with the information of the parent company or aggregate information of its shareholders and their affiliates."Nigerian cultural tours



Checks, however, reveal that Panout was registered as an independent company with the CAC, not as a subsidiary of any other entity.



A review of the company’s beneficial ownership records in the CAC registry shows that only one individual—Alao Saheed Olatubosun—is listed as having significant control. In fact, the data indicates that he owns 100% of the shares, with no other shareholders or corporate ownership listed. This suggests that Panout is not linked to any parent company.



Regarding the requirement for "financial viability assurance," the NUPRC listed the following conditions: “Statement of Profit or Loss & Comprehensive Income; Statement of Financial Position (Balance Sheet); Statement of Change in Equity; Statement of Cashflow; Notes to the Accounts; Auditor’s Report; Management’s Discussion; Governance and Ownership Structures; Five (5) years of Financial Summary."



It remains unclear how a company that was only two days old before the bid announcement—and just eight months old when the winners were announced—was able to meet the NUPRC’s financial and documentation requirements.



Other conditions listed include evidence of a verifiable source of funding, which may be any of the following: Minimum average annual turnover of US$200 million for deep offshore; minimum average annual turnover of US$50 million for onshore and shallow water assets; minimum cash in bank of US$200 million for deep offshore; minimum cash in bank of US$50 million for onshore and shallow water assets; bank guarantee to the tune of US$200 million for deep offshore; bank guarantee of US$50 million for onshore and shallow water assets and a market capitalisation of not less than US$1 billion for deep offshore and US$200 million for other categories.



The sole listed owner of Panout, Alao Saheed Olatubosun, is also the Chief Executive Officer of Blueprint Business Technology, an IT firm.



A review of the company’s website by SaharaReporters found no evidence that Panout Oil and Gas Limited is listed as a subsidiary or affiliate of Blueprint Business Technology.



SaharaReporters attempted to reach the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) through the contact number published on the 2024 licensing round portal, which is said to be operational 24 hours a day for inquiries. However, the line failed to connect.Nigerian cultural tours



As of the time this report was filed, text messages sent to the number seeking comment had not received a response.





Follow the Sahara Reporters channel on WhatsApp: https://whatsapp.com/channel/0029VaFClvtH5JM6SSsP7M2Y

https://saharareporters.com/2025/06/03/exclusive-tinubu-govt-awards-oil-blocks-firm-registered-eight-days-bidding-violating

Pass the information to the awa oyel groups in Niger delta.......chinedu and chukwuma are busy making money in their 10 x 10 shops........nothing concern us for dat one!

Ehen, Mr. Coruption don start

DeepSight:
Lol. I am tempted, but I cant waste my time explaining what is wrong in awarding such to a company incorporated two days before a bid is announced. You mean you didnt read all the legal requirements for such and cannot see how those requirements have been impudently ignored? Enjoy. As you make your country, so it will remain.

https://www.premiumtimesng.com/news/headlines/487997-pandora-papers-inside-peter-obis-secret-businesses-and-how-he-broke-the-law.html?tztc=1

Do you agree with what's written on this article about Peter Obi? He's accused of stealing public funds

aribisala0:
Did the company meet the Financial documentation requirements?

Yes