Skye Bank Seeks to Seize Omokore’s Oil Well Over Debt of N110bn

This is more troubles for Jide Omokore, an alley of once super Minister of Petroleum Resources, Mrs Diezani Alison-Madueke.
Apart from facing multiple court cases of fraud both oversea and in Nigeria, Skye Bank has indicated interest to take possession of his oil wells over a debt of about N110bn.
According to the report, the loans were said to have been obtained through three companies, namely: Atlantic Energy Drilling Concepts (N56bn), Cedar Oil and Gas Ltd (N22.4bn) and Real Bank Ltd (N31bn).
It was also reported that in a series of letters and documents, the management of the bank said the repayment of the first two obligations is tied to the controversial strategic alliance agreements (SAAs) with the Nigerian National Petroleum Corporation (NNPC).
Atlantic Energy was awarded SAAs by the Nigerian Petroleum Development Company (NPDC) Ltd, a subsidiary of NNPC, to develop and finance production from OMLs 26, 42, 30 and 34 — four oil blocks in all — in 2011.
The agreement between NPDC and Omokore’s Atlantic Energy, which allegedly swindled Nigeria of billions of dollars between 2011 and 2015, is currently a subject of a court case instituted against the business man and his companies by the Economic and Financial Crimes Commission (EFCC) at a Federal High Court, Abuja.
This development has seen the EFCC freezing the assets of Omokore .
Skye Bank was further reported to have written to Acting President Yemi Osinbajo, appealing to the Federal Government to grant it access to the assets that were funded with loans from the bank.
The letter reads in part: “We will require assistance for the extrication of the real estate assets that were fully funded with loans from the bank from the assets of Omokore presently under the forfeiture order from the court.
“This will enable us have access and rights over these assets and put the bank in a position to realise the assets that form the collateral for the loans granted to Real Bank limited.
“We will require some political intervention working with the NNPC to be able to bring this matter relating to Atlantic Energy to a quick resolution,” the letter read.
“The assets belong to the NNPC and we will require the NNPC to approve the transfer of the rights under the SAA’s to another company that can take over the obligations and repay the bank facilities.
“Our proposal is to work with the NNPC to take over these assets (since NNPC is a joint venture partner with 60% stake), and thereafter re-auction them to affirm that has the financial capability and credibility to take over and turn around the fortunes of these assets.
“This arrangement will also require strong political support at the highest levels. The positive outcome of this arrangement will enable the bank to repay NNPC’s TSA funds totalling USD$262.7m, and also part of CBN’s financial accommodation to the bank.”

Author: News Editor

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