ogododo:
In December 2024, eight months after it was incorporated, Panout Oil and Gas Limited was awarded two oil blocks—PPL 300 and PPL 301-CS—in what the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) hailed as a “keenly competitive process.”Nigerian cultural tours
On May 14, 2024, the Nigerian government made headlines when it announced the official start of bidding for oil blocks in the country as part of the 2024 marginal fields bid round.
Speaking at the Miami, Florida International Roadshow in May 2024, Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), declared the bidding process officially open.Nigerian cultural tours
He also noted that although the exercise had first been announced on April 29, 2024, it marked a significant step forward in Nigeria’s strategic hydrocarbons development plan.
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The Bola Tinubu government called for applications to acquire 12 oil blocks and seven deep offshore assets.
Interestingly, SaharaReporters has learned that just eight days before this official commencement of bidding—on May 6, 2024—a company named Panout Oil and Gas Limited was ed with the Corporate Affairs Commission (CAC). This newly formed company would later participate in bidding for oil block licenses in the same round and win two oil blocks.
By June 12, the government had further expanded the offer, announcing an increase in the number of oil blocks available in the 2024 marginal bid round.
In December 2024, eight months after it was incorporated, Panout Oil and Gas Limited was awarded two oil blocks—PPL 300 and PPL 301-CS—in what the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) hailed as a “keenly competitive process.”Nigerian cultural tours
However, a closer look at the bidding criteria published by the NUPRC has raised serious questions about how Panout Oil and Gas Limited—a company ed just two days before the official bid announcement—managed to secure two of the coveted oil blocks.
According to the pre-qualification guidelines available on the NUPRC website for the 2024 marginal bid round, the agency stated, "Prospective Bidder or Bidder which is a newly incorporated company in Nigeria, shall be qualified with the information of the parent company or aggregate information of its shareholders and their s."Nigerian cultural tours
Checks, however, reveal that Panout was ed as an independent company with the CAC, not as a subsidiary of any other entity.
A review of the company’s beneficial ownership records in the CAC registry shows that only one individual—Alao Saheed Olatubosun—is listed as having significant control. In fact, the data indicates that he owns 100% of the shares, with no other shareholders or corporate ownership listed. This suggests that Panout is not linked to any parent company.
Regarding the requirement for "financial viability assurance," the NUPRC listed the following conditions: “Statement of Profit or Loss & Comprehensive Income; Statement of Financial Position (Balance Sheet); Statement of Change in Equity; Statement of Cashflow; Notes to the s; Auditor’s Report; Management’s Discussion; Governance and Ownership Structures; Five (5) years of Financial Summary."
It remains unclear how a company that was only two days old before the bid announcement—and just eight months old when the winners were announced—was able to meet the NUPRC’s financial and documentation requirements.
Other conditions listed include evidence of a verifiable source of funding, which may be any of the following: Minimum average annual turnover of US$200 million for deep offshore; minimum average annual turnover of US$50 million for onshore and shallow water assets; minimum cash in bank of US$200 million for deep offshore; minimum cash in bank of US$50 million for onshore and shallow water assets; bank guarantee to the tune of US$200 million for deep offshore; bank guarantee of US$50 million for onshore and shallow water assets and a market capitalisation of not less than US$1 billion for deep offshore and US$200 million for other categories.
The sole listed owner of Panout, Alao Saheed Olatubosun, is also the Chief Executive Officer of Blueprint Business Technology, an IT firm.
A review of the company’s website by SaharaReporters found no evidence that Panout Oil and Gas Limited is listed as a subsidiary or of Blueprint Business Technology.
SaharaReporters attempted to reach the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) through the number published on the 2024 licensing round portal, which is said to be operational 24 hours a day for inquiries. However, the line failed to connect.Nigerian cultural tours
As of the time this report was filed, text messages sent to the number seeking comment had not received a response.
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https://saharareporters.com/2025/06/03/exclusive-tinubu-govt-awards-oil-blocks-firm-ed-eight-days-bidding-violating
This is from that so-called Sahara Reporters operated by a consistent liar and fabricator of FAKE news called Omoyele. This writeup will have to be FACT-CHECKED first. Period
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