Tag: Omokore

  • I didn’t steal $3b, says Omokore

    A businessman and one of the promoters of Atlantic Energy Drilling Concept Limited, Mr Jide Omokore, has denied being involved in the stealing of $3 billion.

    Omokore, through his lawyer, Lawal Rabana, yesterday faulted Vice President Yemi Osinbajo’s claim

    The statement reads:

    “As counsel that are involved in representing Jide Omokore in court, we wish to state as follows:

    “That Jide Omokore has not in concert with anybody stolen $3 billion as contained in the statement.

    “The relationship between Jide Omokore’s company – Atlantic Energy with NNPC/NPDC is well documented as a commercial transaction of which there has been part performance. There is nothing illegal or fraudulent about the transaction.

    “The matter is already before the court of law in a criminal proceeding yet to be concluded and there is no pronouncement of guilt or corruption against our client.

    ” The rule of law requires that a man is presumed innocent until adjudged guilty through a fair judicial process. Therefore, in this case, we wonder where the emphatic conclusion from the office of the vice President came from.

    “In the best tradition of the bar, when a matter is subjudice, as senior counsel, I will not delve into the merit or otherwise of the ongoing trial except to say and caution against prejudicing the public and the entire judicial process.

    “We therefore urge the office of the vice president to exercise restraint in branding people as corrupt without a judicial pronouncement to that effect.

    “In conclusion, having regard to the facts and circumstances of this particular case, we believe that the office of the vice president has been misinformed.”

    The Presidency on Monday accused the trio of former minister of Petroleum Resources Mrs Diezani Allison-Madueke, Omokore and Kola Aluko of looting $3 billion from the Nigerian National Petroleum Corporation (NNPC).

    The Presidency, in a statement by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Laolu Akande in Abuja, accused the former Petroleum minister and the two others of making away with the funds through a fraudulent oil deal and failure to pay royalties and taxes.

    The statement reads: “In a strategic alliance contract by the NNPC, three people, Jide Omokore, Kola Aluko and former Petroleum Minister, Diezani Allison-Madueke made away with $3 billion from Nigerian oil that was lifted without paying to the federal government, this is besides the fact that royalties and taxes were not paid.”

    “There is an ongoing investigation on this matter. These are publicly known information. None of the three of them has come out to deny.”

    Akande, who was reacting to the allegation by the spokesman of former President Goodluck Jonathan accusing Osinbajo of making false corruption allegation against former President Jonathan’s government, said: “We read reports attributed to a media office of former President Goodluck Jonathan.”

    The Federal Government, also in a court case, accused Omokore of diverting $1,762,338,184.40.

    Court papers in Lagos, detailed how  Aluko and Omokore laundered the $1.7 billion from questionable oil swap transactions between them and the NNPC, during the tenure of Mrs. Alison-Madueke.

    Some of the money laundered through the United States (U.S.) and which had been used to acquire assets have become the subject of a forfeiture bid by the United States Justice Department.

    But the suites filed by the Economic and Financial Crimes Commissions (EFCC) in a Lagos court provided details into how the  money was laundered.

  • Skye Bank seeks to take over Omokore’s oil wells

    Skye Bank seeks to take over Omokore’s oil wells

    The management of Skye Bank Plc is seeking to take over some oil wells belonging to Jide Omokore, a businessman involved in some corruption cases within and outside Nigeria.

    The bank said Omokore is indebted to it to the tune of about N110bn at an exchange rate of $1/N315.

    The loans were said to have been obtained through three companies namely: Atlantic Energy Drilling Concepts (N56 billion), Cedar Oil and Gas Ltd (N22.4 billion) and Real Bank Ltd (N31 billion).

    In a report by online paper, TheCable, 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.

    NPDC valued its stake in the oil wells at $1.8 billion then.

    The Economic and Financial Crimes Commission (EFCC) has frozen the assets of Omokore over suspicion of money laundering and procurement fraud.

    In a letter to Acting President Yemi Osinbajo, the bank appealed to the federal government to grant it access to the assets that were funded with loans from the bank.

    “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,” the letter read.

    “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.”

    The bank also sought assistance to take control of the oil assets of Omokore.

    “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 percent 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.”

  • Aluko, Omokore …Beyond Atlantic Energy

    Aluko, Omokore …Beyond Atlantic Energy

    It is not clear whether or not Kola Aluko and Jide Omokore knew each other before they co-founded Atlantic Energy, the firm which the Nigerian Petroleum Development Company (NPDC) says is owing the country about $2b. The Federal Inland Revenue Service (FIRS) is also pursuing it to get its tax returns for the years it operated.

    Of the duo, Aluko is the more flamboyant. He keeps the company of Hollywood stars and had been pictured with super model Naomi Campbell, leading to a speculation that they were dating.

    Aluko founded oil trading firm Fossil Resources in 2001, and subsequently became the CEO of Exoro Energy- an indigenous oil exploration and production firm. In 2007, the Exoro merged with Seven Energy and became Deputy CEO.

    He is also believed to have a business tie with Vista Jet, a Swiss-based private jet charter company founded by Thomas Flohr.

    His love for car racing is legendary. He has competed in major European races with the Swiss team Kessel racing.  In June 2012, he was reported to have purchased two luxury ultra-modern estates in Beverly Hills for $40 million.

    In 2013, he was featured on Forbes’ list of ten new multi-millionaire in Africa. Also, Forbes reported that Aluko invested in Fable House, a startup production company founded by Oscar-winning actor Adrien Brody. Aluko, who was 44 at the time he made the $30 million investment towards development and production at the production house, runs the Kola Aluko Foundation, established in 2013 to “inspire, mentor and support future generations of African leaders”.

    That same year, he held the Nigerian Centenary Photography Exhibition at Bonhams, the world-famous auctioneers in London to showcases what Bonhams describes as “an astonishing collection of photography documenting Nigeria’s rich and diverse cultural heritage”.

    Aluko said of his foundation:  “The Kola Aluko Foundation is passionate about identifying and nurturing talented young African adults across all fields of endeavour to help them evolve into the new generation of leaders. In doing so, we hope that the young people we engage with will not only develop into leaders, but also become inspirational role models for others. This is the cycle of change we want to foster.”

    He is also a major partner of Made in African Foundation run by a popular United Kingdom fashion designer Ozwald Boateng.

    Unlike Aluko, Omokore, who hails from Isanlu,  Kogi State, is a politician. Aside Energy Atlantic, he is also linked to marine, haulage services, steel, dredging engineering and property development. He is said to have lived most of his early adult life in Egbe in Kogi State.

    Like Aluko, Omokore also featured as one of “Ten Nigerian multi-millionaire you’ve never heard of”. Forbes described his company, Energy Resources Group as “one of Nigeria’s largest privately-held conglomerates. ERG has interests in oil trading and exploration, haulage services, steel, dredging engineering and property development.”

    The report estimated to have exceeded “$400 million.” Omokore, a member of the Peoples Democratic Party (PDP), he reportedly donated N50,000,000 to the Kogi State government to cushion the effect of the 2012 floods on victims.

    Last year, he donated N25 million to assist the government in its bid to stem the rising rate of crimes in the state.

    Venture Africa’s rich list of 2013 estimated Omokore’s wealth to be some $1.32 billion.

     

  • Jide Omokore plans jaw-dropping  wedding for son in Dubai

    Jide Omokore plans jaw-dropping wedding for son in Dubai

    Even without access to his assets and bank accounts, there are tell-tale signs that signpost how financially endowed a man is. One of them is the way he celebrates birth, marriage or death. The preparations for the forthcoming wedding of Omokore Jnr, son of Kogi-born PDP stalwart, Chief Jide Omokore, are re-echoing the fact that the Chairman of Spog Oil and Gas is one of the richest men in Nigeria.

    The businessman is set to stage a wedding across the seas for his son; a new fad among the super rich in Nigeria. In the next few weeks, Dubai will host many of Nigeria’s rich and famous as Omokore’s son gets married to his fiancee. Celeb Watch gathered that top celebrities in the country are warming up for the A-list wedding.

    Chief Jide Omokore, who recently formalised his union with Angela Jones, his lover of many years, is surely enjoying life to the fullest.