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Strategy and Sovereignty: Inside Adenuga’s Oil Deal of the Decade

Published

5 hours ago

January 11, 2026

Eric

By Michael Abimboye

In global energy circles, the most consequential deals are often not the loudest. They unfold quietly, reshape portfolios, recalibrate value, and only later reveal their full significance.

The recent strategic transaction between Conoil Producing Limited and TotalEnergies belongs firmly in that category. A deal whose implications stretch beyond balance sheets into Nigeria’s long-troubled oil production narrative.

For Mike Adenuga, named The Boss of the Year 2025 by The Boss Newspapers, the agreement is more than a corporate milestone. It is the culmination of a long-term upstream strategy that is now translating into hard value barrels, cash flow, and renewed confidence in indigenous capacity.

At the heart of the transaction is a portfolio rebalancing agreement that sees TotalEnergies deepen its interest in an offshore asset while Conoil consolidates full ownership of a producing block critical to its medium-term growth trajectory. The parties have not publicly disclosed the monetary value, industry analysts place similar offshore and shallow-water asset transfers in the high hundreds of millions of dollars, depending on reserve certification and development timelines. What is indisputable, however, is the deal’s structural clarity: each partner exits with assets aligned to its strategic strengths.

For Conoil, the transaction represents something more profound than asset shuffling. It is the validation of an indigenous oil company’s ability to operate, produce, and partner at scale. That validation was already underway in 2024, when Conoil achieved a landmark breakthrough: the successful production and export of Obodo crude, a new Nigerian crude blend from its onshore acreage.

In a country where new crude streams have become rare, Obodo’s emergence signalled operational maturity. More importantly, it shifted Conoil from being perceived primarily as a downstream and marginal upstream player into a full-spectrum producer with export-grade assets.

The commercial impact was immediate. Obodo crude enhanced Conoil’s revenue profile, strengthened cash flows, and materially improved the company’s asset valuation.

For Mike Adenuga, Obodo represented something else entirely: oil income with scale and durability. Producing crude shifts wealth from theoretical to realised. It is the difference between potential and proof.

That momentum was reinforced by Conoil’s acquisition of a new drilling rig, a move that underscored its intent to control not just resources, but execution. In an industry where rig availability often dictates production timelines, owning modern drilling capacity gives Conoil a strategic advantage lowering costs, reducing dependency, and accelerating development cycles. It also enhances the company’s bargaining power in partnerships such as the one with TotalEnergies.

Taken together, the Obodo crude success, the rig acquisition, and the TotalEnergies transaction, these moves materially expand Conoil’s enterprise value. While private company valuations remain opaque, upstream assets with proven production, infrastructure control, and international partnerships typically command significant multiple expansion. For Adenuga, all of these represents a stabilising and appreciating pillar of wealth.

As The Boss Newspapers honours Mike Adenuga as Boss of the Year 2025, the recognition lands at a moment when his oil ambitions are no longer peripheral to his legacy. They are central. In Obodo crude, in steel rigs, and in carefully negotiated partnerships, Adenuga is shaping a version of Nigerian capitalism that privileges patience, scale, and execution over spectacle.

In the end, the most powerful statement of wealth is not net worth rankings or headlines. It is the ability to convert strategy into assets, assets into production, and production into national relevance. On that score, the Conoil–TotalEnergies deal may well stand as one of the most consequential chapters in Mike Adenuga’s business story and in Nigeria’s evolving oil future.

Featured

Peter Obi, Only Life in ADC, Says Fayose

Published

2 days ago

January 10, 2026

Eric

Former Governor of Ekiti State, Ayodele Fayose, says the former presidential candidate of the Labour Party, Peter Obi, is the only life in the African Democratic Congress, ADC.

Fayose made this statement on Friday while fielding questions in an interview on ‘Politics Today’, a programme on Channels Television.

He also said that the Peoples Democratic Party, PDP, is technically no more, adding that it is dead.

The former governor equally said that Oyo State governor, Seyi Makinde, should not be dragged into the woes of the PDP.

He said: “Obi is the only life in ADC; all other people in ADC are semi-existent. If Obi had remained in Labour Party or has gone to Accord Party, he is the only life there. All the other people there, they are not existing. They are old-forces.

“Openly, I supported Tinubu in 2023. I didn’t hide it. Till now I’m still there. I don’t jump. I have said it to you I’m not a member of APC and I will never be.”

DailyPost

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More Troubles for Ahmed Farouk: Dangote Drags Ex-NMDPRA Boss to EFCC over Corruption Claims

Published

2 days ago

January 9, 2026

Eric

The Chairman of Dangote Industries, Aliko Dangote, through his legal representative, has filed a formal corruption petition against the former Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, at the headquarters of the Economic and Financial Crimes Commission.

This was disclosed in a statement made available to our correspondent by the Dangote Group media team on Friday.

Recall that Dangote had earlier petitioned the Independent Corrupt Practices and Other Related Offences Commission to investigate Ahmed for allegedly spending $5 million on his children’s secondary education in Switzerland. He withdrew the petition a few days ago, even as the ICPC vowed to continue with its investigation.

The statement on Friday said Dangote’s petition to the EFCC followed “The withdrawal of the same petition from the Independent Corrupt Practices and Other Related Offences Commission, a strategic decision aimed at accelerating the prosecution process.”

In the petition, signed by Lead Counsel Dr O.J. Onoja, Dangote urged the EFCC to investigate allegations of abuse of office and corrupt enrichment against Ahmed, and to prosecute him if found culpable.

The petition further stated that Dangote would provide evidence to substantiate claims of financial misconduct and impunity.

“We make bold to state that the commission is strategically positioned, along with sister agencies, to prosecute financial crimes and corruption-related offences, and upon establishing a prima facie case, the courts do not hesitate to punish offenders. See Lawan v. F.R.N (2024) 12 NWLR (Pt. 1953) 501 and Shema v. F.R.N. (2018) 9 NWLR (Pt.1624) 337,” the petition read.

Onoja further urged the commission, under the leadership of Mr Olanipekun Olukoyede, “To investigate the complaint of abuse of office and corruption against Engr. Farouk Ahmed and to accordingly prosecute him if found wanting.”

Featured

How Fubara’s Impeachment Moves Will Collapse – Sam Amadi

Published

2 days ago

January 9, 2026

Eric

Former Chairman of the Nigerian Electricity Regulatory Commission, NERC, Sam Amadi, has identified due judicial process as Governor Siminalayi Fubara’s strongest safeguard against impeachment in Rivers State.

He specifically stated that the judicial phase of the process remains Fubara’s “saving grace,” as it is likely to shield him from impeachment.

Amadi said the impeachment process hinges largely on the appointment of an investigative panel by the state’s Chief Judge, describing it as the “anchor point” of the entire procedure.

Speaking on Arise Television’s Morning Show on Friday, Amadi noted that Governor Fubara’s influence over the judicial process gives him significant leverage, especially given what he described as the weak legal basis of the impeachment allegations.

He argued that the grounds being advanced against the governor do not amount to gross misconduct, stressing that an independent panel made up of individuals of integrity would likely reach the conclusion that Fubara has committed no impeachable offence since the end of emergency rule in the state.

He said: “Now the main anchor for the impeachment procedure is the appointment by the Chief Judge of the state of those investigators. That is really, really the anchor point. If you don’t get there, you are gone.

“So what leverage does he have? Of course, he removed the chief judge, everything has been politics, and I don’t blame him. He knows the game against himself. He appointed a chief judge that we think would be more amenable to him, and again, because also the grounds for his impeachment are not legally overwhelming, to say the least, some would say it’s really trash. But the judge will be the saving point here, because he will appoint people who may not, at least by definition, constitutionally, people of integrity, who are not politically partisan.

“So they will look at the lens and say, has this governor, since the end of emergency rule, done anything that amounts to gross misconduct, even though the Supreme Court has said gross misconduct is in the eye of the beholder. But here this men of integrity would look at the lens and say, what really is the big deal here? What has this governor done that’s suffering six months’ incarceration, if you like, politically, and then coming back hasn’t done anything.

“So this will be the saving… They will say, we don’t think this guy has done anything to warrant impeachment. I think the least saving grace will be the judicial side, where he has more leverage, and whose definitive proclamation by via the investigators who say no guilt. And the law says, as Nikki Tobi rightly put it, he says “they don’t have two options, just one of two proven: not proven. If they say not proven that is dead. If they say proven, then straight to the process of impeachment.” So that, I think, is really where we are here, and that’s a saving grace for him.”