ABC Orjiako Moves Oil Firm Into Eko Atlantic’s Afren Tower

ABC Orjiako Moves Oil Firm Into Eko Atlantic’s Afren Tower

The first building to be completed in Nigeria’s cutting-edge city of the future, Eko Atlantic, has been acquired by oil magnate and Chairman of Seplat Petroleum Development Company Plc, Dr. ABC Orjiako, THISDAY reports.

The 15-storey building, designated Alpha 1 or Afren Tower, was built with the intention of having Afren Plc, once a London Stock Exchange (LSE) listed independent oil and gas firm with interests in Nigeria, Ghana, Kurdistan, The Gabon and Cote d’Ivoire, as its anchor tenant. However, by the time Alpha 1 was completed last year, Afren had filed for administration leading to uncertainty with regard to the project.

It was learnt that Orjiako has commenced the relocation of one of his exploration and production firms – Salvic Petroleum – to Alpha 1. Although Orjiako holds the majority interest in Salvic Petroleum, the company is chaired by Mr. Oye Hassan Odukale, who is also the MD/CEO of Leadway Assurance Limited, and has his wife, Henrietta, as its executive vice chairman. Another director of the company includes Ikem Okafor who doubles as its CEO.

Salvic will be remembered for its attempt to take over the Strategic Alliance Agreements (SAA) held by Jide Omokore’s Atlantic Energy Drilling Concept (AEDC) for the financing of six oil blocks operated by the Nigerian Petroleum Development Company, the E&P subsidiary of the Nigerian National Petroleum Corporation (NNPC), until the deal fell through last year.

Despite its inability to get the federal government’s approval for the SAA after a competitive tender, Salvic has turned its sights on providing services as a sub-contractor to Shoreline Natural Resources Limited and its partner, UK-based Heritage Oil, operator of Oil Mining Lease (OML) 30. A senior official of Shoreline confirmed that Salvic, with its track record in E&P operations, has helped to ramp up production in the prolific oil block, which has 11 fields, to 60,000 barrels per day.

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