Nigeria's Oil and Gas Sector: Between New Realities and Opportunities

Olusesan

Oil and Gas are Nigeria’s economic cash cows. The commodities account for about 80% of Nigeria’s external earnings and form a substantial 60-70% of her Gross Domestic Product, GDP. The huge deposit of these resources in the bosom of Nigeria’s soil and the nation near monolithic exploration of oil and gas for economic growth and sustainability, have crooned Nigeria’s economy has an oil-dependent.

Besides her size and projected population explosion of 200 million people in the next two decades; Nigeria is an irresistible global bride because of the huge deposits of oil and gas resources covered by her earth and the essentiality of oil and gas in the global economic marketplace. This essentiality and the quest to rule the world from resources accruable from oil and gas explain the various scales of crises on the global space, especially in the Middle-Eastern nations. The brewing crisis on the Bakassi Peninsular is also metaphoric of what nations can do for the black gold. 

Exposed: Oil Marketers Milking Nigerians' Common Wealth.

The under-listed are part of the companies indicted by the House of Representatives committee probing the misappropriation of the Petroleum Subsidy Fund and have been required by the House to refund  N8,664,352,554.00.

IBAFON OIL
Ibafon Oil Limited is a private Limited Liability company incorporated in Nigeria on 10th of March 1998, and commenced business in 1999. Area of core competence over the years has been construction & leasing of tanks.

IBAFON OIL LIMITED presently runs 31 million litre capacity Tank Farm at Ibru Jetty Complex, Apapa, Lagos, Nigeria for the storage and marketing of select petroleum products. It operates service stations in Ibadan, Oyo State and in Kaduna.

Aquitane
Aquitane Oil and Gas Limited was incorporated in April 2005 as a direct response to the emerging trends in the dynamic Oil and Gas industry of the West African sub region. Though a relatively new operating entity, the company is itself an amalgamation of individuals with industry competencies that cut across the various segments of the energy sector.
The company has been able to enter into major products trading transactions with market leaders like Addax, WABECO, Global Fleet, Sahara Energy and Zenon, quickly surpassing all industry benchmarks over a 12 month period.