Nigeria: Aiteo to secure Shell’s OML 29 for $2.5bn

A consortium led by Benedict Peters’ Aiteo Group has reached an agreement to purchase Shell’s lucrative oil block OML 29 and the Nembe Creek Trunk pipeline for $2.5bn. The consortium, which includes Igho Sanomi’s Taleveras Group and the little-known Timi Aladetimi’s Tempo Energy, was named as preferred bidder. The sale is awaiting ratification from petroleum minister Diezani Alison-Madueke. Oil trader Aiteo is diversifying its portfolio, having been selected as the preferred bidder for the yet-to-be-completed 1,131MW Alaoji National Integrated Power plant (although the $902m transaction has been held up by a court injunction), which will be supplied gas from Total Exploration and Production.