Africa's Richest Man Bids For Shell Nigerian Asset

London (HAN) March 26, 2014 – Somalia has some of the largest prospective oil and gas resources in East Africa and Africa’s richest man (Nigeria) Aliko Dangoten;  UK company Soma Oil & Gas, Royal Shell are investing millions to gain first-mover advantage. Julian Turner talks to SOM Oil leader Bob Sheppard about the company’s historic agreement with the Somali Government and how it plans to ensure that ordinary Somalis benefit from the nation’s hydrocarbon boom.

Africa’s Richest Man Bids For Shell Nigerian Asset: By: Mfonobong Nsehe: Africa’s richest man, Aliko Dangote, is planning to acquire a stake in a Nigerian gas field owned by Anglo-Dutch multinational energy giant Shell.

According to a report by Africa Intelligence, Dangote Industries submitted the highest bid for Shell’s stake in Oil Mining Lease (OML) 18 at an auction organized last year in the Niger Delta region. The financial details of the bid and the exact stake Dangote is looking to acquire are undisclosed.

Dangote, who made his $24 billion fortune trading cement, sugar and flour, has recently ramped up his efforts to boost his investments in Nigeria’s booming oil sector. While his largest and most publicized investment in the energy sector is a planned $9 billion private oil refinery in Nigeria, Dangote also owns minority stakes in a handful of oil exploration concerns, including a 9% stake in block 1 in the Joint Development Zone between Nigeria and Sao Tome, where Chevron is the operator. He also owns a 10% stake of block 3 in the JDZ.  Sources: By: Mfonobong Nsehe: Forbes, Nsehe a chronicle Africa’s success stories and track its richest people

—
Mfonobong Nsehe: I previously worked as a reporter for Business Daily, Kenya’s largest business newspaper. Now I travel across Africa, helping FORBES track the richest people on the continent and telling their stories. I also chronicle the stories of successful African enterprises and the entrepreneurs behind them.

–

HAN & Geeska Afrika Online (1985-2014), The oldest free independent Free Press in the region, brings together top journalists from across the Horn of Africa. Including Ethiopia, Somalia, Eritrea, Sudan, Djibouti, South Sudan, Uganda, Kenya, Oromo, Amhara, Somali, Afar and Harari. Plus, we have daily translations from 150 major news organizations in the Middle East and East African regions. Contact at news@geeskaafrika.com

Have you been affected by this story? You can share your views and experiences with us using this form: HAN@geeskaafrika.com