I’ve No Deal with Oilbank International Nor ADM Energy – Arthur Eze

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Executive Chairman of Atlas Petroleum and Oranto Petroleum, Arthur Eze, has categorically denied recent news report of his involvement in a partnership with ADM Energy on the ongoing Marginal Fields Bidding Round in Nigeria.

On August 3, ADM Energy announced its successful pre-qualification in the Nigerian Government’s 2020 Marginal Field Bid Round, as the exclusive technical partner of Nigerian company, Oilbank International.

But, Eze on Thursday accused Oilbank International of fraudulently using his name and presented him as its Chairman, leading to media reports stipulating his partnership with ADM Energy.

“The misuse of my name and reputation is a blatant fraud. I am not involved in any shape or form in the management of Oilbank International, nor do I serve as its Chairman of the Board.

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“Consequently, neither I nor my companies Atlas Petroleum International and Oranto Petroleum have ever had in any way, shape or form, any discussion about a potential partnership with ADM Energy,” said Eze.

While the Nigerian Marginal Fields Bidding Round is expected to attract a lot of international partnerships to inject necessary capital and technology into the country’s marginal acreages, it’s the duty of foreign partners to do their due diligence before partnering with local entities.

“If Atlas Petroleum International wants to acquire and operate a marginal field, it can do so on its own rights and does not need partnership with small companies like ADM Energy or Oilbank International to pursue such an opportunity.

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“This is further demonstration that all stakeholders must adhere to President Muhammadu Buhari’s call to end corruption and promote sound and transparent business practices and corporate governance standards across the energy sector,” Eze added.

Idowu Sowunmi