Connect with us

Featured

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

Published

on

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured

El-Rufai to Remain in ICPC Custody Till June

Published

on

By

Justice Darius Khobo of the Kaduna State High Court has adjourned the bail hearing of former Governor of Kaduna State, Mallam Nasir El-Rufai, to the first week of June, 2026.

El-Rufai is being arraigned on multiple charges bordering on alleged financial crime and abuse of office by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

“Similarly, another charge, number KDH/KAD/ICPC/01/26, against Mallam Nasir El-Rufa’i and one Amadu Sule (LEDA) has also been filed before a Kaduna State High Court in the Kaduna Judicial Division,” the ICPC said last month.

“The charges in the State High Court case range from abuse of office, fraud, and intent to commit fraud to conferring undue advantage, among others. Both charges were filed by the ICPC on the 18th of March, 2026.”

Speaking after the court session, counsel to the former governor, Ukpon Akpan, kicked against the lingering adjournment of the bail hearing by one presiding judge as politically motivated.

The high-profile case has drawn significant public attention, with heightened security presence observed around the court premises.

The former governor had arrived at the court at about 9 am in a convoy accompanied by ICPC officials and operatives of the Department of State Services (DSS).

During the proceedings, supporters of the former governor gathered outside the courtroom, while security agencies maintained order and restricted movement within the vicinity.

Inside the courtroom, journalists, as usual, were not allowed, as proceedings are expected to focus on arguments presented by both the defence and prosecution regarding the bail request.

At the last sitting, the defence team had maintained that their client poses no flight risk and is willing to comply with all conditions set by the court.

Meanwhile, the prosecution has urged the court to carefully consider the gravity of the charges.

The 66-year-old former governor of Kaduna has been in ICPC custody since February 19 following his release by the Economic and Financial Crimes Commission (EFCC).

El-Rufai, a former minister of the FCT, was, however, released on March 27 based on compassionate grounds following his mother’s death.

Continue Reading

Featured

Timi Frank Petitions US, Demands Gbajabiamila’s Resignation over ‘Anti-Democratic’ Remarks

Published

on

By

Political activist, Comrade Timi Frank, has called on the United States government to investigate and sanction the Chief of Staff to the President, Femi Gbajabiamila, over alleged actions capable of undermining Nigeria’s democracy.

Frank’s demand followed a viral video in which Gbajabiamila was quoted as telling Hon Leke Abejide, during his wife’s 50th birthday that: “Don’t come to APC. Stay in ADC and scatter them. We like what you’re doing… stay in ADC and win your election… bring Bala Gombe, and we’ll support him. Good luck in court.”

Describing the remarks as “reckless” and dangerous, the former Deputy National Publicity Secretary of the All Progressives Congress (APC), said they point to a deliberate attempt to weaken opposition parties and erode democratic institutions.

“Your statement, as Chief of Staff, raises serious concerns about the determination by President Bola Ahmed Tinubu’s regime to truncate democracy,” he said, adding that “inference can be made that there is an infringement on the independence of the judiciary.”

He warned that any suggestion that courts could be influenced “undermines public confidence in democratic institutions,” citing references to political actors, including Leke Abejide, as requiring clarification to avoid “dangerous interpretations.”

Frank argued that Gbajabiamila’s comments effectively confirm the Presidency’s involvement in crises rocking opposition parties such as the Peoples Democratic Party (PDP), Social Democratic Party (SDP), New Nigeria Peoples Party (NNPP), and the African Democratic Congress (ADC).

“When a Chief of Staff speaks, it reflects the body language of the President. This points to a deliberate attempt to weaken opposition and consolidate power,” he said.

He further claimed that state influence, including the use of the judiciary, is being deployed against opposition parties. “The audacity of the statement suggests nothing will happen even if opposition parties are destabilised. That is dangerous,” he added.

Frank described Gbajabiamila as “an alter ego of the President” who had “displayed the arrogance of power,” insisting that public office holders must uphold restraint, respect for the rule of law and constitutional order.

He also urged U.S. authorities to probe Gbajabiamila’s activities and financial dealings.

“As an American citizen, he should be held accountable. We want to know if he is meeting his tax obligations in line with his earnings in Nigeria,” Frank said, describing him as “a bad ambassador of the United States.”

“We want to be sure that all earnings, including those from official and business engagements in Nigeria, are properly declared and taxed,” he added.

On accountability, Frank insisted resignation was the only honourable option.

“We call for your resignation with immediate effect. If such a statement were made in the United States, the official involved would have resigned forthwith,” he said.

He disclosed plans to petition the U.S. Embassy in Nigeria, stressing that “those entrusted with leadership must reflect humility, constitutional awareness and respect for separation of powers.”

“Power is transient, but institutions must endure. Any comment that diminishes their independence must be corrected,” he added.

The call comes amid rising concerns over the stability of Nigeria’s multiparty system and allegations of increasing pressure on opposition parties.

Comrade Timi Frank is the ULMWP Ambassador (East Africa and Middle East) and Senior Advisor, Global Friendship City Association (GFCA), USA.

Continue Reading

Featured

Alleged Coup Plotters Get April 22 Date for Trial, Slammed with 13-Count Charge

Published

on

By

The Federal Government has filed a 13-count charge before the Federal High Court in Abuja against a retired Major General, a retired Naval Captain, a serving police inspector, and three others over an alleged coup plot and acts of terrorism.

The alleged coup plotters, are scheduled to be arraigned tomorrow (Wednesday), April 22, before Justice Joyce Abdulmalik of the Federal High Court, Abuja.

Those named in the charge are Major General Mohammed Ibrahim Gana (rtd), Captain (NN) Erasmus Ochegobia Victor (rtd), Inspector Ahmed Ibrahim, Zekeri Umoru, Bukar Kashim Goni, and Abdulkadir Sani.

Also listed as a defendant, but said to be at large, is former Minister of State for Petroleum Resources, Timipre Sylva.

The charge, filed by the Office of the Attorney-General of the Federation and signed by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo, SAN, accuses the defendants of offences ranging from treason and terrorism to failure to disclose security intelligence and money laundering linked to terrorism financing.

At the centre of the case is an allegation that the defendants conspired in 2025 to undermine the Nigerian state.

According to the charge, they “conspired with one another to levy war against the state to overawe the President of the Federal Republic of Nigeria,” an offence punishable under Section 37(2) of the Criminal Code.

The prosecution further alleged that the defendants had prior knowledge of a planned treasonable act involving one Colonel Mohammed Alhassan Ma’aji and others but failed to alert authorities.

The charge stated that they, “knowing that and intended to commit treason, did not give the information thereof with all reasonable despatch to either the President or a Peace Officer.”

In another count, the defendants were accused of failing to take preventive steps, as they allegedly “did not use any reasonable endeavours to prevent the commission of the offence.”

Beyond treason, the Federal Government is prosecuting the defendants for terrorism-related offences under the Terrorism (Prevention and Prohibition) Act, 2022.

The charge alleged that they “conspired with one another to commit an act of terrorism in the Federal Republic of Nigeria.”

Particularly, Inspector Ahmed Ibrahim and Zekeri Umoru are accused of participating in meetings linked to terrorist activities.

Prosecutors claim they acted “in a bid to further a political ideology which may seriously destabilise the constitutional structure of the Federal Republic of Nigeria.”

The charge also accused the defendants of providing support for terrorism, alleging that they “knowingly and indirectly rendered support” to facilitate acts of terror.

In addition, the prosecution alleged a deliberate suppression of intelligence, stating that the defendants “had information which would be of material assistance in preventing the commission of the act of terrorism but failed to disclose the information to the relevant agency as soon as practicable.”

The case further traced financial transactions allegedly linked to terrorism financing, with multiple defendants accused of handling proceeds of unlawful activities.
Bukar Kashim Goni is alleged to have “indirectly retained the aggregate sum of N50,000,000, which forms part of the proceeds of an unlawful act, to wit: terrorism financing,” while Abdulkadir Sani allegedly retained N2 million from a similar source.

Zekeri Umoru, according to the charge, “without going through a financial institution accepted a cash payment of the sum of N10,000,000,” and also retained an additional N8.8 million suspected to be proceeds of terrorism financing.

Inspector Ahmed Ibrahim was also accused of taking possession of N1 million linked to the same alleged scheme.

All financial-related counts were brought under the Money Laundering (Prevention and Prohibition) Act, 2022.

The 13-count charge presents what prosecutors describe as a coordinated network involving security personnel, civilians, and a politically exposed individual, allegedly connected to activities threatening national security.

Continue Reading

Trending