The International Criminal Police Organisation (INTERPOL) may soon declare founder of Fossil Resources, a downstream company and co-director of Atlantic Energy Drilling Concepts Limited, Mr. Kola Aluko, wanted in relation to oil business in Nigeria.
Sources revealed that Aluko, who has been abroad for some time now, had been invited by security operatives to respond to queries on his role in some oil businesses.
It was gathered that since the oil magnate, seen as a central figure in the probe of oil business by the House of Representatives, has not returned to Nigeria, weeks after his invitation, the authorities are contemplating using the INTERPOL to bring him home.
In recent times, there have been issues over oil businesses in the country. Aluko’s Atlantic Energy Drilling Concept Limited had been variously mentioned, having gone into agreement with the Nigerian Petroleum Development Corporation (NPDC), the operating arm of the NNPC.
Atlantic Energy, investigation revealed, had been brought in under a ‘Strategic Alliance Agreement’ (SAAs). The need for SAAs arose when NPDC claimed it did not have the financial or technical capability to manage the eight oil blocks for which it had majority interest. As a result, NPDC engaged Seven Energy and Atlantic Energy to fund its share of the 55 per cent cost of running the oil blocks. Both companies are expected to recoup their investment as “cost oil” or “cost gas” and obtain a share of any remaining profit from the blocks “Profit Oil” or “Profit Gas.”
Prior to this transaction, sources revealed, Nigeria was the effective owner of 55 per cent of the proceeds of the eight oil blocks and all the proceeds were remitted to the Federation Account. With the SAAs, a percentage of the 55 per cent is paid to the private sector companies, resulting in a drop in the amount that is remitted to the Federation Account.
Known for his high-profile lifestyle, Aluko last year bought a £150 million yacht. Apart from that, he owns luxury property in highbrow area in the United States, United Kingdom and Dubai.
The oil tycoon also owns the Galactica Star Yacht, acquired in 2013. The custom-built yacht is 65-metre-long.
Contacted on this, the NNPC Group General Manger, Corporate Affairs, Mr. Ohi Aligbe, said: “I don’t know what you are talking about. I am just hearing about this matter for the first time. I don’t have any comments.”
Leave a Reply