Connect with us

News

Why the Amukpe-Escravos pipeline sale is no longer a routine transaction

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

A September 2025 approval tied to a failed pipeline transaction has resurfaced, despite the deal being formally terminated four months earlier, according to sundry reports.

The approval relates to a proposed sale of a 40 per cent stake in the Amukpe-Escravos Pipeline, a 160,000-barrel-per-day evacuation route that has become a critical piece of Nigeria’s oil infrastructure.

The original transaction, involving Continental Oil and Gas Limited and later Conpurex Limited, was terminated in October 2024 after the buyer failed to meet payment obligations, missed key milestones, and sought to rewrite core terms, according to reports..

Lenders, including AMCON and Sterling Bank, had lost confidence in the process.

Advertisement

Now, with the approval back in play, they are questioning how a terminated deal can be revived without a procedural reset, especially given a new independent valuation that places the stake at nearly three times the original offer.

The original bid for the 40 per cent stake was $243 million. A fresh independent valuation conducted in 2025 places the same stake between $372 million and $641 million.

The development is now being viewed within the industry as more than a routine commercial matter.

This case, stakeholders say, has moved beyond a typical transaction dispute into something that tests how Nigeria handles valuation, process integrity, and national interest when strategic assets are involved.

Advertisement

The complications extend beyond pricing.

Following the exit of the original bidder, Conpurex Limited emerged without a clearly defined transition process, then failed to meet its financial commitments while seeking to reopen settled terms.

Among the proposed revisions were provisions to transfer regulatory approval risks back to the seller and to introduce interest claims on refundable sums. Lenders describe these as commercially untenable.

What now concerns the syndicate is not simply that the deal failed, but that a process widely regarded as compromised is being given renewed effect through administrative carryover.

Advertisement

Lenders are understood to be pressing for a reset. Their position is that the September 2025 approval should be revisited rather than implemented.

The proposed path forward is straightforward: reverse the approval, appoint an independent adviser, and return the asset to the market through a transparent and competitive process that reflects current value.

Why the Amukpe-Escravos pipeline sale is no longer a routine transaction
Anything less, they warn, risks setting a precedent that extends beyond a single transaction. It would suggest that the process can be adjusted after the fact, that valuation benchmarks can lag reality without consequence, and that discipline in the transfer of strategic assets is open to interpretation.

For an industry built on long-term capital and measured risk, that is not a trivial signal. It is a defining one.

Advertisement

[The Conclave]

Continue Reading
Advertisement

News

APC sets May 25 deadline for 2027 primary elections results submission

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The All Progressives Congress has ordered all Primary Election Committees to submit reports and result sheets from its 2027 primaries by Monday, May 25, 2026.

The directive was announced in a statement issued May 24 by APC National Publicity Secretary Felix Morka. It covers governorship, senatorial, House of Representatives, and state assembly primaries.

The party said submissions for legislative bye-election reports will open on May 30, 2026.

National Organising Secretary Sulaiman Muhammad Argungu signed the notice and urged committees to ensure documents are submitted promptly and accurately.

Advertisement

APC said sticking to the deadlines is critical for transparency and credibility in its internal electoral process ahead of the 2027 general elections.

Continue Reading

News

2027: Ogbeide-Ihama hails Tinubu’s reemergence as APC presidential flag bearer

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Edo South Senatorial District All Progressives Congress APC Senate flag bearer, Hon Omoregie Ogbeide-Ihama has hailed the reemergence of Bola Tinubu as APC presidential candidate in the 2027 general elections.

Ogbeide-Ihama in a congratulatory message he personally signed hailed President TInubu describing him as the iroko tree that provides shades for all.

Recall that Tinubu was declared winner of the keenly contested APC Presidential Primary, held at the Eagle Square in Abuja, said is truly the arrowhead of politics in Nigeria, adding that as one of the movers and shakers of APC from day one his victory did not come as a surprise.

He stressed that the emergence of Senator Tinubu was a result of dint of hard work, and that the votes that gave him victory was a clear manifestation of his general acceptance.

Advertisement

Ogbeide-Ihama noted that Tinubu is truly a political caterpillar that pilots his affairs without rancour with his massive shoulders warehousing all and sundry to the admiration of his political adversaries.

” I hail you my Excellency as you have proven it again that definitely you can take Nigeria to the next level.

Continue Reading

News

Just in: Oil Falls With Brent Below $100 Per Barrel On Hopes Of US-Iran Hormuz Deal

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The price of North Sea Brent crude and West Texas Intermediate slipped close to five percent to $99.41 and $92.49 a barrel, respectively.

The United States and Iran appear closer than ever to a deal that would end the war that has ravaged the Middle East since late February, sending energy prices soaring and stoking global inflation.

But sticking points in their negotiations have tempered hopes of a swift resolution to restore the transit of oil and gas through the Strait of Hormuz.

US President Donald Trump said on Sunday he had informed US negotiators “not to rush into a deal”.

Advertisement

“The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side,” a post to Trump’s official Truth Social account said.

Iran’s Tasnim news agency said that, based on their information, key clauses of a possible agreement remained unresolved.

One of the main sticking points has been whether Tehran is willing to hand over its stockpile of highly enriched uranium.

The release of Iran’s frozen assets held under longstanding US sanctions and whether Lebanon, repeatedly targeted by Israeli strikes, will be included in any peace deal are also key issues.

Advertisement

Markets across Asia climbed in early trade on hopes that Washington and Tehran will be able to overcome these hurdles.

Tokyo soared more than three percent in early trade on Monday, while Hong Kong and Seoul were closed for public holidays.

Shanghai inched upwards, with Taipei, Manila, Bangkok, Jakarta, Singapore, Sydney, and Wellington also climbing.

Kuala Lumpur was down 0.1 percent.

Advertisement

“The weekend news flow has once again focused on the prospects for a negotiated deal between the US and Iran,” said Chris Weston, head of research at Pepperstone.

“According to reports from Donald Trump, a memorandum of understanding has been ‘largely negotiated’, with details to be announced at some stage soon, although there appears to be limited urgency,” Weston said.

Investors will also be keeping an eye on how the US Federal Reserve and its new chief, Kevin Warsh, react to Personal Consumption Expenditures (PCE) data this week, as well as European inflation metrics.

“The inflation story remains central to the entire setup,” said SPI Asset Management analyst Stephen Innes.

Advertisement

“Investors will receive another critical read on Thursday with the release of the Personal Consumption Expenditures index, the Federal Reserve’s preferred inflation gauge.

“After several hotter-than-expected consumer and producer inflation reports earlier this month, markets are increasingly concerned that elevated oil prices and supply disruptions tied to the Middle East conflict are beginning to seep into the broader inflation pipeline.”

The conflict erupted after the United States and Israel attacked Iran on February 28, and the Islamic Republic responded with missile and drone attacks across the region.

The United States and Iran have observed a ceasefire since April 8 while mediators push for a negotiated settlement, although Tehran has imposed controls on Gulf shipping and Washington has blockaded Iran’s ports.

Advertisement

Currency dealers monitor exchange rates as an electronic screen shows the prices of WTI (L), Brent crude (C), and Dubai crude (R) in a foreign exchange dealing room at the Hana Bank headquarters in Seoul on March 13, 2026. (Photo by Jung Yeon-je / AFP)

Key Figures At Around 0215 GMT

Brent North Sea Crude: DOWN 3.99 per cent at $99.41 a barrel

West Texas Intermediate: DOWN 4.25 per cent at $92.49 a barrel

Advertisement

Tokyo – Nikkei 225: UP 3.2 per cent at 65,358.97

Shanghai – Composite: UP 0.3 per cent at 4123.89

Hong Kong – Hang Seng Index: UP 0.9 percent at 25,606.03 (close)

Euro/dollar: UP at 1.1640 from 1.1608 on Friday

Advertisement

Pound/dollar: UP at $1.3480 from $1.3441

Dollar/yen: DOWN at 158.86 from 159.13 yen

Euro/pound: DOWN at 86.35 from 86.36 pence

New York – DOW: UP 0.6 per cent at 50,579,70 (close)

Advertisement

New York – S&P 500: UP 0.4 per cent at 7,473.47 (close)

New York – Nasdaq: UP 0.2 per cent at 26,343.97 (close)

London – FTSE 100: UP 0.2 per cent at 10,466.26 (close)

Paris – CAC 40: UP 0.4 per cent at 8,115.75 (close)

Advertisement

Frankfurt – DAX 30: UP 1.2 per cent at 24,888.56 (close)

AFP

Continue Reading

Trending

Copyright © 2024 Naija Blitz News