Nigerian Billionaire Mike Adenuga’s Firm in Court Over Alleged $775,000 Debt
Home News Nigerian Billionaire Mike Adenuga’s Firm in Court Over Alleged $775,000 Debt 
News - April 1, 2023

Nigerian Billionaire Mike Adenuga’s Firm in Court Over Alleged $775,000 Debt 

Nigerian Billionaire Mike Adenuga’s firm, Conoil Producing Limited, has been dragged to court by Eastline Energy Resources Limited, a Nigerian-owned oil and gas servicing firm for failing to fulfil its debt obligations.

In a recently released statement, Managing Director of Eastline Energy Resources Limited Obioma Chimechefulem revealed that Conoil owes his company the sum of $774,789.00 for services rendered on its behalf.

The statement reads in part, “Eastline is categorically owed the sum of $774,789.00 (Seven Hundred and Seventy-Four Thousand, Seven Hundred and Eighty-Nine US Dollars only) for works carried out on behalf of Conoil & for which payment, even after repeated pleas, has still not been made.”

Obioma noted that they have “suffered immeasurably working for Conoil to the point where our equipment was seized by another contractor to force Conoil to pay them.”

Eastline Energy initiates legal proceedings against Conoil

Eastline Energy Resources Limited is seeking what it is rightfully owed for services rendered to Conoil, an oil and gas conglomerate owned by Nigerian billionaire Mike Adenuga.

The company has been a contractor of choice to Conoil thanks to its industry-leading skill sets and competence in the areas of surface well testing, brine filtration, well completion, flow back, early production services, etc.

Eastline also explained that its inability to access high-quality equipment has resulted in significant financial losses.

The lawsuit comes a year after a group of local oil contractors alleged that Conoil was defaulting on its debt obligations amounting to millions of dollars.

The contractors in separate letters addressed to Ibrahim Gambari, the chief of staff to Nigeria’s president, and Timipre Sylva, the minister of state for petroleum resources, called for an investigation into what they describe as the “tragic state” of Conoil Producing Limited.

They further claimed that the board and senior management of Conoil Producing Limited have been involved in various unethical business practices to avoid paying contractors’ fees.

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