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Nigeria: Texaco - AP, Sahara, MRS Intensify Efforts for Controlling Shares
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This Day (Lagos)
12 May 2008
Posted to the web 12 May 2008
Stanley Nkwazema
Abuja
Despite plans by Chevron to sell 60 per cent equity shareholding in Texaco Nigeria to foreign oil conglomerates, three Nigerian oil firms, AP, Sahara Energy and MRS Oil and Gas Company, are pushing ahead strongly to buy the stake, after completing due diligence last month.
AP, who only recently had its majority shares acquired by Zenon oil, MRS, owned by Sayyu Dantata, younger brother of Alhaji Aliko Dangote and Sahara Energy, another major player in the downstream sector, are the three at the forefront.
Other companies which showed initial interest include banks, Dangote Energy and Oando.
Before acquiring the majority shares in AP, Zenon had about two years ago, looked into the books of Texaco and made moves to buy it, but the deal did not scale through.
The reason was that Chevron wanted a company that is listed on the floors of the Nigerian Stock Exchange.
THISDAY also confirmed, that Femi Otedola, who is the chairman of AP, is using the company as a vehicle to acquire Chevron's 60 percent Equity in Texaco.
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Chevron Texaco is said not to be favourably disposed to selling its shares to Nigerian companies, but the offers being dangled before it may be irresistable. There are also pressures on the company to let Nigerians buy the shares, following the deal that Agip struck with Ocean and Oil, who is also buying the majority shares in Unipetrol, which metamorphosed into Oando.
A lawmaker who confirmed the story to THISDAY yesterday, explained that "it will not be of benefit to Nigeria and Nigerians, if the shares are sold to another foreign multinational.
"The multi national should be encouraged to inject fresh funds into new projects, so as to deepen the economy, since the petroleum sector is the bedrock of Nigerian economy," he said.
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