Oil Theft: Aiteo Terminates Contracts With Private Security Firm, Others

Aiteo Eastern Exploration and Production Company (AEEPCO), the operator of the Nigerian National Petroleum Company (NNPC)/Aiteo Joint Venture on OML 29 has terminated “with immediate effect” its contractual agreement for security surveillance with a lawyer, Clement Amunaboye, trading under the name and style of Amotoi Global Services Ltd.

The oil firm also terminated any similar contract with three others: Obiene M Obiene (also known or referred to as “Organiser”), Thomas Livingstone and Christopher Ezekiel Enu.

Making the disclosure in a statement on Monday, July 1, 2023, AEEPCO alerted the public and, in particular, “all regulatory and government authorities within the oil and gas industry, all law enforcement and security agencies, all relevant third parties associated or connected with matters relating to the security of its operating installations and infrastructure, howsoever connected or wheresoever located.”

The firm explained that the developments followed the “confirmation of the occurrence of various damaging nefarious activities that have compromised our operations, constituting grave safety violations, manifesting high fraud, injurious criminal activity, gross negligence and the unacceptable cumulative exposure of our assets and business, perpetrated by the within-named entities and individual security contractor and service providers.

“Accordingly, any/all relationships/transactions with them, whether jointly or severally, purportedly on our behalf, cease forthwith.

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“Any further involvement with these entities or individuals ostensibly pertaining to our company is hereby disclaimed.”

Commenting on the development, AEEPCO’s Group Managing Director, Victor Okoronkwo, said: “For years, our company and its stakeholders have borne the worst impact of the consequences of crude theft, facilities vandalization, crude trafficking culminating not only in substantial financial losses but causing severe disruption to our operations.

“Despite the painful price we have had to pay, it is particularly galling to discover that we have been undermined by the entities or individuals who are supposed to secure our facilities and output.

“This speaks to the depth of the decay and the severity of the problem facing producers like us and calls for a heightened, urgent and comprehensive escalation and implementation of corrective measures.”