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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The Olatorera Consultancy brand has grown from an ambitious solo-preneur to a team of over 50 people highly assertive on providing the seal and stamp of “Africa’s Best” to great businesses in Africa and beyond. Chief Executive Consultant, Olatorera Oniru is very passionate about seeing businesses succeed and operate optimally. She is also notably passionate about witnessing Africa transformed into one of the world’s greatest continents. Olatorera Consultancy has an annual outline of businesses we work with. We currently do not accept unsolicited applications. To network with the team at Olatorera Consultancy Limited, please add your company to the reviews page here. An Olatorera Consultancy company representative may be in touch with you shortly after reviewing your company’s readiness for business consultation services.
Some of the services we provide to our clients:
- Doing Business In Africa: Data Analytics, Market Insights, Launch Plan & Strategy Development
- Service Level Critique and Secret-Customer Detective Services
- Customer Service, Quality & Operational Excellence Assurance