FG revokes Pan Ocean and 5 others oil licenses to recover debts.

The Department of Petroleum Resources (DPR) has withdrawn five Oil Mining Licences (OML) and one Oil Prospecting Licence (OPL) belonging to five companies.

In a notice issued on Thursday, the revocation was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences.

The five companies affected are Pan Ocean Oil Corporation (OML 98); Allied Energy Resources Nigeria (OML 120 and 121); Express Petroleum and Gas Company (OML 108); Cavendish Petroleum Nigeria (OML 110) and Summit Oil International (OPL 206).

Summit Oil is owned by the late Chief M.K.O. Abiola Family.

Pan Ocean Oil is owned by Dr. Festus A Fadeyi, the billionaire Oil Mogul who’s children went online and exposed his relationship with Popular on air personality Toke Makinwa, who they begged to leave their father alone as he is heavily in debt bankrolling her fabulous lifestyle.

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