The petroleum industry in Nigeria took a downwards hit in 2014. Many Notable corporations sold off assets in an attempt to exit the Nigerian market. One of Nigeria’s indigenous oil industry players, OandO corporation, continues to wiggle through the financial setbacks of the industry. Read: The Turbulent Rift Between Billionaire Gabriele Volpi And Wale Tinubu of OandO Petroleum. Another company that has faced deathly hits in the industry is Erin Energy, parent company to Erin Petroleum Nigeria. Erin Energy is majorly owned by CAMAC’s Kase Lawal. Kase Lawal was Chairman and CEO of Erin Group from 2011 to 2016. In 2018, Erin Energy filed for bankruptcy in the South District of Houston Texas Bankruptcy Court. How does this affect Zenith Bank of Nigeria?
In 2014, at a time when other industry players had forecasted the negative economic possibilities ahead, Zenith Bank approved a loan of $100 million to Erin Petroleum. The loan was for the development of oil blocks in Oil Mining Leases (OML) 120 and 120 in Nigeria. $100 million loss will be a detrimental downfall to Zenith Bank amidst Nigeria’s banking industry woes. Read: Top 3 Decisions Mandated By The Central Bank of Nigeria To Save Diamond Bank in 2018.
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2 comments
THEY LIED TO ME THEY LIED TO US TO ALL THE ERIN SHAREHOLDERS AND INVESTORS ,,,,READ THEIR 8 K AND 10 K ,,,,,,WHAT THEY SAY ,,,,,,,,,,,,,,,,,THIS ERIN COMPANY WHEN I SPOKE TO THEIR P.R. MAN HE SAID THE 4 TH QUATER OF 2018 ,,,OML120,,, AND OML 121 WOULD BE HUGE,, AND GREAT FOR THE COMPANY,,THEY BELIEVE THERE ARE 600 MILLION BARRELS TO 1’2 BILLION BARRELS OF OIL THERE ,TESTED BY A INDEPENDANT COMPANY ,,,,,,,,, , IT WILL MAKE ERIN INTO A OIL PLAYER IN THE OIL MARKET ,,,REVENUES WILL START FLOWING IN,,,,, ,,,,,,,,,,I LISTENED AND I TRUSTED AND I BELIEVED ,,,,AND I GOT SCREWED ,,,WE ALL GOT SCREWED ,,,,,,NOW THE STOCK IS WORTHLESS ,,,,,,,NO ONE TO SPEAK WITH AS EVERYONE RAN AWAY ,OR LEFT ,,OR IS GONE ,,OR GOT FIRED ,,,,,,,,,WE HAVE BEEN LIED TO,,, AND CHEATED ,WHERE IS THE S.E.C. AND THE D.O.J. TO LOOK INTO THIS ,INJUSTICE TO ALL THE ERIN SHAREHOLDERS ,ONE MONTH THE STOCK IS AT 4 DOLLARS THEN THE NEXT 60 DAYS ITS AT 0.005,
[…] Exit From Industry Challenges. There have been notable exits from the industry since 2013 with Chevron and Exxon selling parts of their Nigerian businesses. Oando Oil owned by Wale Tinubu is also experiencing financial setbacks. Erin petroleum owned by Kase Lawal filed for bankruptcy in 2018. […]