“So, all efforts to get products out (of the wellhead) has been quite difficult at the moment except higher skilled and technical team are brought in. “We have contacted the operators of OML 18 to send their technical team and skilled manpower, but the team said the wellhead has been greatly compromised. The Commander said troops recovered from the already sabotaged NNPC wellhead, boats, equipment and other machines being used to steal crude oil from the wellhead. “The Nigeria Navy has put everything on the ground to ensure that it curbs illegal crude oil theft in the Niger Delta,” he said. He said, “Immediately after it was spotted, we deployed our gunboats to the site and kept watch of the facility to ensure the illegality perpetrated here is discontinued. Speaking on this, Commodore Sulaiman Ibrahim, the Commander of the Nigeria Navy Ship (NNS) Pathfinder, said the terrain (site) was discovered by naval helicopter on routine aerial patrol of the waterways and creeks in our area of responsibility when he took newsmen to the site at Kala Ekweama community in Asari-Toru Local Government Area. The OML 18 wellhead, owned and operated by the Nigerian National Petroleum Company (NNPC) Limited, was discovered in Port Harcourt. The Nigeria Navy has uncovered a huge mechanism installed in the Oil Mining Lease (OML) 18 wellhead being used to siphon crude oil into waiting barges in Rivers State. In May 2018, TWL had executed an agreement with the New York-based Milost Global Inc involving $50 million equity and $100 million convertible note. With this development, analysts noted that Turner Wright’s fortunes have returned to status quo without encumbrance. “This brings to a close the relationship between Turner Wright Limited and BTHI,” Mr Lawal said. The deal was subsequently vested in BTHI, one of Milost’s publicly trading entities in the over-the-counter (OTC) market of the New York Stock Exchange (NYSE) through which it planned to raise capital and fund the transaction.īTHI, like WSML before it, then proceeded to have an agreement with Turner Wright which would cede 70 per cent of the Nigerian company to BTHI through a share exchange upon funding and disbursement of agreed capital.Ĭhairman/Chief Executive Officer, Turner Wright Limited, Dr Tunde Lawal, said the indigenous firm decided to terminate the agreement with effect from because of non-performance on the part of both Milost and BTHI.Īccording to him, the objective of the share exchange agreement had not materialised by dint of non-performance on the part of both parties and as such shares were never exchanged between Turner Wright and BTHI. The investment initially had WSML as the Special Purpose Vehicle (SPV) for the transaction but this failed to materilaise. Milost had proposed to acquire 70 percent equity in TWL in a deal valued at $150 million with disbursements expected to be concluded within four years. The associated companies are Big Time Holdings Incorporated (BTHI) and Williamsville Smith Management Limited (WSML). In a report by The Nation, Turner Wright (TWL) Limited terminated its deal with Milost Global Incorporated and its associated companies because the foreign firms failed to honour the terms of the investment agreement. Its much-talked about investment in Unity Bank and others are still very fresh in the memory of observers in the Nigerian financial market. This is not the first time Milost is having a failed business dealings with Nigerian company. Milost had planned to acquire the indigenous manufacturer of veterinary pharmaceuticals for $150 million, but due to some reasons, the deal could not see the light of the day. The business relationship between an American private equity firm, Milost, and that of a Nigerian company, Turner Wright Limited (TWL), has been terminated.
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