For five of Nigeria’s oil tycoons, it is a final goodbye to the oil blocs which they have sat on for so many years, turning into profitless, resourced- draining, debt-ridden, unproductive ventures on their watch. After many years of losing billions of Naira to joint ventures which were yielding little or nothing into the national treasury, the federal government finally declared enough is enough. As you read this, Summit Oil International, currently run by Kola Abiola, the eldest child of the acclaimed winner of the June 12, 1993 presidential elections, MKO Abiola, has lost its rights to Oil Prospecting License (OPL) 206. The company had been groaning under heavy debt burden, rendering it incapable of developing the juicy oil field. It is currently fighting against a winding up petition instituted against it at the federal high court by Seistech Energy Company over an alleged failure to fulfil its contractual obligations. In the same boat are four other companies whose oi
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