Nigerian Billionaire Arthur Eze To Become Richer After Securing Oil Deal in Uganda, Details Emerge

• In the coming months, Nigerian billionaire Prince Arthur Eze is poised to increase his wealth as his company has secured a lucrative oil deal
• His company, Oranto Petroleum Ltd., has received approval from the Ugandan government for oil exploration
• The company will now help Uganda government increase its oil production levels and revenue capacity

Legit.ng journalist Dave Ibemere has over a decade of experience covering tech, energy, stocks, investments, and the economy.

Nigeria's Oranto Petroleum Ltd(OPL) has secured an extension on its exploration license for another two years.

This will serve as compensation for the company by the Ugandan government for the time lost during COVID-19.

The oil company, fully owned by Prince Arthur Eze and his royal family from the Kingdom of Dunukofia, will now help the country scale up its oil production.

Read also

NNPC finally explains why it borrowed N3.3bn to pay back with $12bn worth of oil

Atlas Oranto Petroleum International Limited (AOPI) comprises Atlas Petroleum International Limited and Oranto Petroleum International Limited.

Details of Arthur Eze oil exploration licence

The extension permit was announced in an email statement signed by Solomon Muyita, Uganda Energy Ministry spokesman.

The Ugandan government said the extension permit is in line with the drive to boost recoverable oil from current levels of 1.4 billion barrels.

The statement added that the production sharing agreement, royalties, cost of recovery, and profit sharing are part of the terms included in the extension.

Prince Arthur Eze's company first secured the licence to scour the Ngassa Deep and Ngassa Shallow contract areas in 2017, which was due to expire on December 20, 2023.

Message from Uganda to Arthur Eze

At the extension signing ceremony, BusinessDay reports that Ruth Nankabirwa, Uganda's energy minister, urged the company to maximise the additional time granted and ensure a successful outcome.

Read also

Meet the Nigerian billionaires behind consortium that acquired $2 billion Shell assets in Nigeria

The minister also emphasised the importance of the extension, stating that it will contribute to increasing Uganda's oil volumes.

Presently, Uganda has a reserve of six billion barrels of oil; among these, 1.4 billion barrels are considered retrievable.

In response, Abdul Byakagaba, the general manager of OPL, pledged that the company would complete the scheduled work program within the specified two-year period.

Billionaire Theophilus Danjuma sets record, donates $1.36m to Nigerian University

Legit.ng earlier reported that one of the wealthiest investors on the Nigerian exchange, Theophilus Danjuma, broke previous records for charitable deeds in Nigeria.

The 84-year-old politician, businessman, and retired army general gave the University of Ibadan's College of Medicine (CoMUI) a donation of $1.36 million.

Source: Legit.ng