Real Ownership Of Indigenous Oil Blocks Revealed

There's been a constant debate about who owns the Oil Blocks in Nigeria.

According to Senator Ita Enang, the northern interests control as much as 83% of Nigeria’s oil blocks and then sparked a wild debate over the huge inequitable distribution of wealth in country.

According to information available, the first comprehensive push to grant oil exploration and production (E&P) licences to solely Nigerian citizens began in 1990 under the Ibrahim Babangida military regime, under a bogus plan to promote indigenous participation in the lucrative oil industry.

According to Toyin Akinosho, a petroleum geologist and journalist who worked in an IOC for many years, between 1990 and 1993, leading Nigerians like Folawiyo, Abiola, Adenuga, Udoji, Ibru, Igbinedion, Saleh Jumbo and Mai Deribe, were handed oil blocks.
According to him, “we suddenly had 25 companies that were Nigerian E&P companies and they took themselves so seriously that they set up an association they christened Nigerian Association of Indigenous Petroleum Exploration companies.”

Akinosho says many did not know exactly what to do with the licences, and that of the class, only Adenuga created what you could really call an E&P company, adding that Nigerian indigenous private acreage holders do not produce as a collective, up to 150,000 barrels of oil a day or 7% of total national production.

Well, here is a comprehensive list of the Oil Blocks and their directors/shareholders