AGIP BATTLES OIL MAGNATE, KASE LAWAL

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The tiger never loses its spots whatever odds the jungle may throw at him. In the same vein, Kase Lawal, influential oil magnate, would have people believe that he could never lose his affluence or fade into irrelevance simply because he is after a running battle with Agip.

According to the report, It looks as though Agip the Nigerian unit of Italian major ENI that has been waging a heated battle to be recognised as the operator of offshore OML 120 and 121, is about to get the better of its rival, Caiman Islands-based Camac International. In early February, the High Court of Lagos decided to uphold an arbitral ruling issued in London in early 2017 to transfer the management of OML 120 and 121 to Agip.

Until then the fields had been held by Erin Energy, a US-based subsidiary of Camac, headed by Kase Lawal The conflict dates back to 2012 when Agip sold its interests in the two blocks to Camac though reportedly never received the full amount due for the sale. Agip’s parallel request submitted to a court in the Caiman Islands to have Camac placed under administration, and thereby help it pay its debts, has been accepted.

The appointed liquidators, Eleanor Fisher and Tammy Fu, are gathering all the documentation they need to wind up the company’s affairs and pay off its creditors. They have requested a series of documents from Lawal, who has motioned a counter action with the court of the Southern District of Texas to not have to provide all the files requested.