Diezani’s Boy, Jide Omokore, Arrested By EFCC, Aluko May Be Declared Wanted

The Economic and Financial Crimes Commission, EFCC, arrested Mr. Jide
Omokore, the billionaire oil baron and owner of Atlantic Energy Limited,
one of the oil companies that allegedly swindled Nigeria.

Omokore was arrested and released on Monday after questioning for hours.
This is coming on the heels of plans by the anti-graft agency to declare
Kola Aluko of Seven Energy, an accomplice of Omokore wanted. Both Aluko
and Omokore allegedly swindled Nigeria of fortunes through fraudulent oil
deals during the Deizani Allison-Madueke’s reign as Petroleum Minister
Omokore, according to sources in the anti-graft agency was arrested for
questioning over issues bothering on money laundering and corruption.
An official at the EFCC, who asked not to be named told news agency
Reuters that Omokore, who is co-chairman of Atlantic Energy, was being
investigated in connection with a crackdown on corruption in the oil
sector that has swept up former oil minister Diezani Alison-Madueke, who
was arrested last week in London.
Without any bidding, the NPDC signed “strategic partnership agreements”
worth around $6.6 billion with two local firms to manage them; Seven
Energy was awarded three fields; while Atlantic Energy got two. Seven was
co-founded in 2004 by Kola Aluko, who also co-owned Atlantic with Jide
Omokore. Atlantic was incorporated the day before it signed the deals.
According to the contracts signed with the NPDC, Seven Energy retained 10%
of profits in the three oil blocks, while Atlantic got 30% in its two
blocks. Unlike Shell, neither firm pays royalties, profit tax or duties to
the state.
Both companies wasted no time sub-contracting to other operators, on terms
that were neither disclosed to the NPDC nor the NNPC. Atlantic Energy does
not publish accounts, but Seven’s 2013 annual report showed its deal with
NPDC helped its revenue more than triple to $345 million. In May 2013,
House of reps called for investigations into the contracts saying Madueke
transferred state assets to private individuals without competitive
tender.
But Madueke argued no tender was needed because the contracts involved no
sale of equity in the oil fields; the probe failed. Seven said on its
website its agreement with NPDC pre-dated the Jonathan administration and
included an allowance for taxes. The company claimed it had invested over
$500 million, more than doubled production from its three blocks, and paid
$48.8 million in taxes in 2013.
Aluko owns a fleet of supercars, including a Ferrari 458 GT2 that he races
with Swiss team Kessel Racing. He also owns a $50 million yacht, according
to Forbes magazine, and divides his time between a $40 million home in Los
Angeles, an $8.6 million duplex on Fifth Avenue in New York, and homes in
Abuja and Geneva.
Omokore has also become rich from oil and gas. Forbes estimated his annual
revenue at Energy Resources at $400 million. His jet-setting lifestyle
matches Aluko in equal measure.
According to SuperYatch.com, Aluko owns the Galactica Star yacht, which he
acquired in June 2013. The 65m long Galactica is a unique custom built
Super Yacht; the newest and largest Heesen yacht ever built and goes for
over $100 million! Beyoncé and Jay-Z celebrated her 32nd birthday on one
in Italy this year.
Omokore and Aluko both made $3.9Billion from shady oil deals under Diezani.



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