FG withdraws oil licenses of Abiola, Fadeyi, Dantata, Lawal, Deribe’s companies

The Federal Government has withdrawn oil mining licences (OML) and one oil prospecting licence (OPL) belonging to five companies owned by prominent Nigerians, including the late MKO Abiola, Alhaji Aminu Dantata, Festus Fadeyi, Alhaji Mai Deribe and Kase Lawal.

The affected oil companies include Summit Oil International (OPL 206), founded by the late Abiola, who incidentally will be honoured on June 12; Pan Ocean Oil Corporation (OML 98), chaired by Festus Fadeyi; Allied Energy Resources Nigeria (OML 120 and 121) founded by Kase Lawal; Express Petroleum and Gas Company (OML 108), owned by Alhaji Dantata and Cavendish Petroleum Nigeria (OML 110), chaired by Alhaji Deribe.

The Department of Petroleum Resources (DPR) which announced the revocation in a public notice issued on Thursday, said it was to recover debts owed by the companies.

The DPR in the notice, explained that the action was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences.