NNPC names Tinubu, Uche Ogah, others as winners of Oil Contract

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Wale Tinubu’s Oando, Toye Cole’s Sahara Energy Resources, Sayyu Dantata’s MRS Oil and Uche Ogah’s Masters Energy including 36 other companies has been yesterday, named by The Nigerian National Petroleum Corporation, NNPC as winners of the crude oil term contract, for the purchase and lifting of 1.306 million barrels per day of Nigeria’s crude oil for 2017/2018, effective January 1, 2017.

L-R: Wale Tinubu of Oando and Uche Ogah of Masters Energy

In a statement by the NNPC in Abuja, the 39 successful bidders comprised 18 Nigerian companies, 11 international oil traders, five foreign refiners, three National Oil Companies, (NOCs) and two NNPC trading arms.

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According to the corporation, all the contracts are for 32,000 barrels per day except Duke Oil Ltd, an oil trading arm of the NNPC, which shall be for 90,000 barrels per day.

Group General Manager, Crude Oil Marketing Division, COMD, of the corporation, Mr. Mele Kyari, said that the contract will run for one year effective January 1, 2017 for consecutive 12 circles of crude oil allocation.

The other Nigerian companies are: Sayyu Dantata’s MRS Oil and Gas, Uche Ogah’s Masters Energy, Alhaji Auwalu Rano’s A.A. Rano Nigeria Ltd, Oladimeji Edwards’ Hyde Energy, and Uju Ifejika’s Britania-U.

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The list also include North West Petroleum and Optima Energy, AMG Petroenergy, Arkleen Oil & Gas Ltd, Shoreline Ltd, Emo Oil, Setana Oil and Prudent Energy.


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The International oil traders are Trafigura, ENOC, BP Trading, Total Trading, UCL Petro Energy, Mocoh Trading, Trevier Petroleum, Heritage Oil, Levene Energy, Glencore and Litasco Supply and Trading Company.

In the government-to-government category, the companies are India Oil Company, Sinopec of China and Saccoil of South Africa, while the two NNPC subsidiaries are Duke Oil and Carlson Hyson.

During the bid opening in November 2016, Group Managing Director of NNPC, Mr. Maikanti Baru, had assured the public that NNPC would ensure due process, transparency and fairness in the selection process.

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“We will ensure transparency and fairness in the process. There is nothing that is hidden just as you have seen today,” Baru had stated.

Source: Vanguard

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