Kola Aluko Hit By Strange Ailment As Jide Omokore parts ways with him

Mr. Kola Aluko (Founder of Fossil Resources and co-director of Atlantic Energy Drilling Concepts Limited)

This is indeed not the best of times for the founder of Fossil Resources, a downstream company and co-director of Atlantic Energy Drilling Concepts Limited, Mr. Kola Aluko. We gathered that Kola is terribly sick at the moment. The cause of his sickness is not known as at the time of filling this report.

But people that know him confided in us that its more of spiritual attack.

And if that is not enough, Jide Omokore, his partner has parted ways with him over a deal gone awry.

However, in recent times, there have been issues over oil businesses in the country. Aluko’s Atlantic Energy Drilling Concept Limited had been variously mentioned, having gone into agreement with the Nigerian Petroleum Development Corporation (NPDC), the operating arm of the NNPC.

Atlantic Energy, investigation revealed, had been brought in under a ‘Strategic Alliance Agreement’ (SAAs). The need for SAAs arose when NPDC claimed it did not have the financial or technical capability to manage the eight oil blocks for which it had majority interest. As a result, NPDC engaged Seven Energy and Atlantic Energy to fund its share of the 55 per cent cost of running the oil blocks. Both companies are expected to recoup their investment as “cost oil” or “cost gas” and obtain a share of any remaining profit from the blocks “Profit Oil” or “Profit Gas.”

Prior to this transaction, sources revealed, Nigeria was the effective owner of 55 per cent of the proceeds of the eight oil blocks and all the proceeds were remitted to the Federation Account. With the SAAs, a percentage of the 55 per cent is paid to the private sector companies, resulting in a drop in the amount that is remitted to the Federation Account.

It would be recalled that Alison-Madueke alerted the Interpol to help apprehend Aluko who is currently on the run from the law over his alleged complicity in defrauding the Nigerian Petroleum Minister of sums amounting to billions of dollars. Consequently, the petroleum minister initiated measures to take over his properties abroad.

The duo was allegedly involved in several oil deals that ran into billions of dollars until the bubble burst and he became the subject of an investigation of a $380 billion (about N59 trillion) fraud.

The shady deal allegedly involves Atlantic Energy Drilling Concept Limited, an organization in which Aluko owns major stakes and Septa Energy Limited, which is solely owned by Aluko.

Both companies are allegedly used by Petroluem Minister, Allison-Madueke, foreign firm Shell Petroleum Development Company Limited and some officials of the Nigerian Petroleum Development Corporation to perfect the N59 trillion shady deal which is the subject of an ongoing investigation in the oil sector.

Investigations revealed that part of the allegation in the ongoing investigation includes ‘secret and arbitrary farm-out” of Oil Mining Leases 4, 26, 30, 34, 38, 41 and 42 to Atlantic Energy Drilling Concept Limited and Septa Energy Limited owned by Aluko.

The Illegal deed was reportedly perfected by Alison-Madueke, SPDC, NPDC officials in partnership with the beneficiary outfits’ promoters. It is further alleged that the nation lost $750m in the fraudulent deal that breached different sections of the constitution and eventually, about $50million was paid instead of the $800m value.

Known for his high-profile lifestyle, Aluko last year bought a £150 million yacht. Apart from that, he owns luxury property in highbrow area in the United States, United Kingdom and Dubai. The oil tycoon also owns the Galactica Star Yacht, acquired in 2013. The custom-built yacht is 65-metre-long.