Some contractors of Conoil, an oil and gas conglomerate owned by Nigerian billionaire, Mike Adenuga are currently frustrated over the consistent failure of the firm to honour its debts.
The creditors pointed to joint ventures by the Nigerian government and Conoil which they said have been a dismal failure, leaving host communities and the public purse out of pocket. The pair added, “Its board and senior management engage in all manner of underhanded business malpractices to ensure that contractors are not paid. Sina Olonade, Conoil’s Head of Commercial, is the spearhead for such unsightly behaviour, taking what can only be described as a sadistic joy in toying with the heats of desperate contractors whilst their businesses and livelihoods steadily crumble right before his eyes.
According to Messrs Ejejigbe and Jaiye: “We can no longer understand the modus operandi of Conoil as an organisation and have concluded that it is no longer in business to be a credible, sound, and diligently run organisation but that is now a shadow of its former self, lost and misguided on a daily basis in what its core function as a company should be.”
He said what shocked him and his colleagues was how the firm continues to tender for multi-billion US dollar contracts when “It is well known within the industry that Conoil's production platforms & infrastructures at both its OML 59 & 103 sole risk assets are in a vastly deteriorating and crumbling state with a desperate need for a total overhaul.”
The RICH also CRY.....
Con Oil has the tradition of not paying contractors in the oilfield for services rendered. This is not embarrassing but also criminal.
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