\nThe Economic and Financial Crimes Commission, EFCC, arrested Mr. Jide
\nOmokore, the billionaire oil baron and owner of Atlantic Energy Limited,
\none of the oil companies that allegedly swindled Nigeria.<\/p>\n
Omokore was arrested and released on Monday after questioning for hours.<\/p>\n
This is coming on the heels of plans by the anti-graft agency to declare
\nKola Aluko of Seven Energy, an accomplice of Omokore wanted. Both Aluko
\nand Omokore allegedly swindled Nigeria of fortunes through fraudulent oil
\ndeals during the Deizani Allison-Madueke’s reign as Petroleum Minister
\nOmokore, according to sources in the anti-graft agency was arrested for
\nquestioning over issues bothering on money laundering and corruption.<\/p>\n
An official at the EFCC, who asked not to be named told news agency
\nReuters that Omokore, who is co-chairman of Atlantic Energy, was being
\ninvestigated in connection with a crackdown on corruption in the oil
\nsector that has swept up former oil minister Diezani Alison-Madueke, who
\nwas arrested last week in London.<\/p>\n
Without any bidding, the NPDC signed \u201cstrategic partnership agreements\u201d
\nworth around $6.6 billion with two local firms to manage them; Seven
\nEnergy was awarded three fields; while Atlantic Energy got two. Seven was
\nco-founded in 2004 by Kola Aluko, who also co-owned Atlantic with Jide
\nOmokore. Atlantic was incorporated the day before it signed the deals.
\nAccording to the contracts signed with the NPDC, Seven Energy retained 10%
\nof profits in the three oil blocks, while Atlantic got 30% in its two
\nblocks. Unlike Shell, neither firm pays royalties, profit tax or duties to
\nthe state.<\/p>\n
Both companies wasted no time sub-contracting to other operators, on terms
\nthat were neither disclosed to the NPDC nor the NNPC. Atlantic Energy does
\nnot publish accounts, but Seven\u2019s 2013 annual report showed its deal with
\nNPDC helped its revenue more than triple to $345 million. In May 2013,
\nHouse of reps called for investigations into the contracts saying Madueke
\ntransferred state assets to private individuals without competitive
\ntender.<\/p>\n
But Madueke argued no tender was needed because the contracts involved no
\nsale of equity in the oil fields; the probe failed. Seven said on its
\nwebsite its agreement with NPDC pre-dated the Jonathan administration and
\nincluded an allowance for taxes. The company claimed it had invested over
\n$500 million, more than doubled production from its three blocks, and paid
\n$48.8 million in taxes in 2013.<\/p>\n
Aluko owns a fleet of supercars, including a Ferrari 458 GT2 that he races
\nwith Swiss team Kessel Racing. He also owns a $50 million yacht, according
\nto Forbes magazine, and divides his time between a $40 million home in Los
\nAngeles, an $8.6 million duplex on Fifth Avenue in New York, and homes in
\nAbuja and Geneva.<\/p>\n
Omokore has also become rich from oil and gas. Forbes estimated his annual
\nrevenue at Energy Resources at $400 million. His jet-setting lifestyle
\nmatches Aluko in equal measure.<\/p>\n
According to SuperYatch.com, Aluko owns the Galactica Star yacht, which he
\nacquired in June 2013. The 65m long Galactica is a unique custom built
\nSuper Yacht; the newest and largest Heesen yacht ever built and goes for
\nover $100 million! Beyonc\u00e9 and Jay-Z celebrated her 32nd birthday on one
\nin Italy this year.<\/p>\n
Omokore and Aluko both made $3.9Billion from shady oil deals under Diezani.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Economic and Financial Crimes Commission, EFCC, arrested Mr. Jide Omokore, the billionaire oil baron and owner of Atlantic Energy Limited, one of the oil companies that allegedly swindled Nigeria.…<\/p>\n","protected":false},"author":1,"featured_media":42616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-42615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n