Offor, Orjiako, Atiku’s Son-in-Law, Haske, Battle for Addax’s Remains

Addax Petroleum is in the news again. In recent months, the company with a Chinese background has had some of Nigeria’s top business investors and CEOs throwing their hats in the ring. The judiciary has even gotten involved which is indicative of the ridiculous amount of profits that these warring investors expect to make from getting ownership of the company’s production blocks.

Before now, the prevailing narrative with Addax Petroleum was that the son-in-law of Atiku Abubakar, the founder and group MD of AA&R Investments and Mars E&P, Abdullahi Haske, had managed to outsmart the other investment wizards to gain control of Addax’s shares. However, following recent developments, this does not seem to be the case.

Based on the most recent reports on the judicial gymnastics over the interests of Addax, Emeka Offor, the billionaire in charge of Kaztec Engineering Ltd., is the main contender (against Haske) for the Addax shares. Before now, Ambrosie Bryant Orjiako (known alternatively as ABC Orjiako) of Salvic Petroleum Resources Ltd. was also in the contesting ring with the duo. However, Orjiako’s place in the limelight has been completely suppressed by the passive-aggressive moves of Haske and Offor.

Before Haske and his Mars E&P entered the Addax ring, Offor and Orjiako were in charge of the company’s interests with their respective Kaztec and Salvic establishments. However, a variety of issues (including arguments about administration with the Addax’s parent company, Sinopec Group) led to Haske getting 51% of Addax’s interests, leaving 49% for the original controllers, Offor and Orjiako.

Presently, both the Nigerian Upstream Petroleum Regulatory Commission (NURPC) and the Nigerian National Petroleum Corporation (NNPC) have gotten involved. With this development, the Federal High Court’s decision on who gets Addax at the end of the day could go both ways.

Even so, who can blame Offor and Haske’s refusal to let the other party gain a winning foothold at Addax? Winning the game could boost their capital and influence in the oil and gas and energy industries in Nigeria.