Tony Onoh’s Flip Side

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Tony Onoh, CEO, Eurafric Oil and Coastal Services, thrived under the government of former President Goodluck Jonathan.

But today, no one envies him or wishes to be in his shoes for obvious reasons. If you are in doubt, one of his companies, Sapele Power Plant, which he purchased a few years back, has been shut down.

A source also revealed that things have never been the same for him since his godfather, Jonathan, left office, hence his low profile; an indication he might be broke.

A source revealed to Spy Glass that since February, 2016 when his company signed a 300- MW Power Purchase Agreement (PPA) with Cummings Cogeneration Limited, things have never been the same.

 Onoh set up Eurafric Oil and Coastal Service in the 1990s. A couple of years after, the  owner of Sapele Power Plc in Ogorode, Delta State, struck a deal to provide over 10 million litres of diesel to Chad. Then, the only way to get the fuel delivered was to send it by truck through Nigeria’s northern borders. He was therefore advised to bring in the fuel by sea, store it in the Apapa depot owned by the old African Petroleum Plc in Lagos and engage a third-party logistic firm to handle haulage of the product by road.

 This arrangement worked so well for him that he not only became a multi millionaire, but he also empowered most of the other firms and commercial partners working with him at that time. But the flipside of his unwritten memoirs is that his muse as a businessman seems to have left him.