Amni International Petroleum, the Nigerian operator of Oil Mining Leases (OMLs) 52, 112 and 117, is owned by two entities. They are Kapetrol, with 99.3% and Tunde Afolabi, 0.7%.
Britannia U, the operator of Ajapa field, is 35% owned by Uju ifejika and 5% owned by Emmanuel Ifejika. So who owns the rest? Mrs. Ada Kio actually owns 37%. And Alex Neyin has 1% of the company.
The two beneficial owners of Addax Petroleum in Nigeria have their nationality as British Virgin Islands. They are Addax Petroleum Holdings Limited (1%) and Addax Petroleum Overseas Limited (99%).
These bits of information are stored in the digital register of beneficial owners of mining licences in the country. The Nigerian Extractive Industry Transparency Initiative (NEITI)’s newly created Beneficial Ownership Portal has two sections: Oil & Gas and Solid Minerals.
A list of beneficial owners of operating licences is displayed on the portal and by clicking on the link, reveals the equity interest such entity or individual has in a particular mineral license as well as the beneficial size relative to total equity interest.
The new portal is meant to create greater transparency in the industry, allowing investors or interested parties to ‘lift the veil’ over companies or individuals who claim to own an equity interest in specific licenses. But the portal itself does not tell a full story, and, like any of NEITI’s report, is one of several tools for elucidating the extent of contribution of any player, in the overall value of hydrocarbon revenues to the country.
A Fuller insight into what the Beneficial Ownership Register does, is provided in the January 2020 Special of the monthly Africa Oil+Gas Report