Energy sector operators and economic experts have called on the Federal Government to initiate a transparent and competitive tendering process for the sale of a 40 percent equity stake in the Amukpe–Escravos Pipeline. The demand comes amid strong resistance against attempts to revive a previously aborted $243 million transaction for the asset. Industry observers are urging a comprehensive revaluation of the infrastructure, emphasizing that executing a sale based on outdated financial metrics could significantly damage investor confidence and distort market transparency within the country’s petroleum infrastructure space.

The strategic pipeline, which links production fields in Amukpe, Delta State, to the Escravos export terminal in Warri, is structurally split between NNPC Exploration and Production Limited, holding a 60 percent majority share, and Pan Ocean Oil Corporation, which retains the remaining 40 percent. Boasting a daily transit capacity of approximately 160,000 barrels, the underground asset has maintained an operational uptime exceeding 95 percent since its deployment in 2022. The liquidation of Pan Ocean’s fraction is legally tied to a debt recovery strategy managed by project financiers alongside the Asset Management Corporation of Nigeria to offset outstanding credit liabilities.

However, the divestment process has stalled due to deep disagreements surrounding valuation benchmarks. A prior agreement to sell the asset for $243 million collapsed in late 2024 because the prospective buyer reportedly failed to fulfill crucial payment terms and fiscal obligations. Concerns escalated within the energy market following indications that officials were considering a revival of the dead contract under those same obsolete terms. Meanwhile, an independent financial assessment conducted in 2025 placed the current market value of the 40 percent stake significantly higher, estimating it between $544 million and $641 million.

Independent energy analysts argue that transferring ownership below verified market rates would shortchange public accounts and weaken regulatory credibility. Financial consultants note that Nigeria’s contemporary macroeconomic challenge extends beyond merely drawing international capital; it hinges heavily on ensuring external financiers trust the integrity of domestic regulatory frameworks. Financial institutions involved in the project have similarly alignment themselves with calls for a completely revised procurement model that aligns directly with current valuation figures.

Academic experts and policy analysts have similarly advocated for an immediate suspension of the current transaction pipeline, warning that the proposed arrangement risks liquidating a highly profitable national asset at a giveaway price. Analysts caution that abandoning standard procurement governance protocols undermines institutional due process and sets a damaging precedent for arbitrary executive discretion. Furthermore, energy consultants praise the technical design of the underground transit line, noting that its subterranean depth offers a distinct competitive advantage over exposed infrastructure by bypassing regional security vulnerabilities and improving long-term export reliability.

The post Stakeholders Seek Fresh Bidding for $243m Pipeline Stake appeared first on Housing TV Africa.

Governor Bassey Otu announced this on Tuesday during a media parley in Calabar, stating that the state made financial commitments to AMCON to recover the asset.

He did not disclose the amount paid but assured that the government had begun efforts to revamp the resort.

“The state spent a huge amount to build Tinapa, and I cannot sit back and do nothing,” Otu stated.

He ruled out taking loans for the project, citing existing financial constraints on the facility.

The governor also pledged to revive all abandoned cottage industries established by previous administrations.

AMCON took control of Tinapa in 2013 after acquiring its N18.5 billion debt under an agreement with the state government.

Established in 2007 by former Governor Donald Duke, Tinapa Business Resort was designed to boost trade and tourism.

Spanning 265 hectares, the free trade zone features a shopping mall, business center, hotel, water park, artificial tidal lake, and entertainment facilities.

The resort also houses “Studio Tinapa,” a film production hub, along with a casino and recreational areas.

The government aims to restore Tinapa’s economic potential and attract both local and international investors.

The post Cross River Govt Reclaims Tinapa Business Resort, Plans Revitalization appeared first on Housing TV Africa.

The suit was filed on Wednesday at the Federal High Court in Lagos.

The plaintiffs, represented by their legal counsel, Bolaji Ayorinde (SAN), informed Justice Ambrose Lewis-Allagoa that the tenants of the disputed property were forcibly removed, with their doors broken down during the eviction. Ayorinde argued that AMCON executed the eviction based on an ex parte order obtained from Justice Chukwujekwu Aneke on October 2, 2024, despite an interlocutory injunction granted by Justice Lewis-Allagoa on June 25, 2024, which restrained any actions concerning the property.

The plaintiffs in the contempt case, Marcellina Jolaoso and Bankole Jolaoso, are acting as executors of the estate of the late Mr. Olujimi Jolaoso. The defendants named in the suit include Safe Equip Nigeria Limited, AMCON, Mr. Gbenga Alade (Managing Director/CEO of AMCON), Mr. Aloyaius C. Ezenduka, and Mr. Robert Ohuoba.

The plaintiffs submitted court documents, including Form 48 (Notice of Consequences of Disobedience to Court Order) and Form 49 (Notice to Show Cause Why Order of Attachment Should Not Be Made), which our correspondent reviewed in court.

The legal dispute centers on the ownership of the Victoria Island property, which was allegedly used as collateral for an unpaid loan from First City Monument Bank (FCMB). The debt was later acquired by AMCON, following its mandate to recover non-performing loans.

The Jolaoso family contends that AMCON violated an interim court order by evicting the tenants while the case was still pending. They assert that the court had adjourned the substantive motion to October 3, 2024, with the defendants being fully aware of the ongoing litigation.

Despite this, the plaintiffs allege that AMCON secured an ex parte order from another judge of the Federal High Court, Lagos Division, on October 2, 2024, allowing them to take possession of the property. The following day, AMCON officials, accompanied by police officers, enforced the order, evicting the occupants and securing the property.

Justice Lewis-Allagoa adjourned the case to October 14, 2024, for hearing. The legal battle over the property continues, with both sides presenting their claims in court.

The post AMCON Faces Contempt Charges for Forced Eviction appeared first on Housing TV Africa.