[21][self-published source], Sanomi co-sponsored the Dance Theatre of Harlem's first Latin American tour in Tegucigalpa from 31 January to 6 February 2014. Young king Elegushi popularly known as King Gushi is the Elegushi of Ikate Land, which is one of the pieces of Lagos state. To promote local content and downsize contracts handed to multinational oil merchants, Nigerias government, through the Nigerian National Petroleum Corporation (NNPC), sought to award roughly half of the 20122013 lifting contracts worth $60 billion to indigenous enterprises and fortunately, Sanomi group was one of the companies that keyed into this opportunity. We made a bid for the first round in 2015 and we were successful. Sanomi put together a small team and opened his own shop, Sarian Oil. Bowel cancer is the fourth most common cancer in the UK. Sanomi, 47, is the founder of the Taleveras Group, an international commodities trading company with operations . As time went on, Sanomi and his team developed the expertise and learned how to manage their risk. In addition to receiving the Martin Luther King Legacy Award for generosity, Dickens Sanomi has made a considerable gift to the Bobby Moore Fund for Cancer Research in the United Kingdom this is to assist fund essential prostate cancer research. A portion of theirdonations was donated to Save the Children and Oxfam as well. Lifeline care association is committed to securing human life and national development. Our drive wasnt just the margins, but to prove to people that we could do it as a Nigerian company. His net worth has been growing significantly in 2021-2022. [28][29], In the first edition its Choiseul 100 Africa, published in September 2014, the Institut Choiseul for International Politics and Geoeconomics ranked Sanomi number one among "growing business leaders, successful entrepreneurs, investors, etc." Sanomi founded Taleveras Group (a Nigerian energy-trading company) in 2004. Eghonghon has moved out of her matrimonial home with the four children from. Eghonghon insists no going back on her separation from Sanomi after years of having her ears full with details of his plays outside the homefront societynow.ng learned. But Sanomi calmly scoffed at projections of Taleveras demise. [5], Venture-Africa, a bimonthly Pan-African business magazine about African capitalism, described the group as, trading close to a billion barrels of crude oil and millions of tons of condensates, gasoline, jet fuel, condensates and LPG every year. He is a recipient of the African Leadership Award. Considering the high barriers to entry in Nigerias oil and gas sector, it seems unlikely that a 23-year-old would break in. About on-going disputes and well publicized settlements, Sanomi goes on to say: Some of these disputes have been blown out of proportion. His mother, Mabel Iyabo Sanomi holds a Royal title of Yeye Jemo of Isotun Ijesha Kingdom in Osun State. Taleveras participated in the 2010 Kaduna International Polo Tourney and sponsored the 2011 tournament. How The Erstwhile Brothers-in-Law Became Enemies Over Infidelity-based Allegations The marriage between billionaire oil magnate and philanthropist, Igho Charles Sanomi, and his wife, Eghonghon, has crashed. Taleveras, he admits, has been through a number of challenges in the last two years, but the company has navigated them successfully and is on the right course. Emerging details have it that former governor Idris is going about making his son gubernatorial candidate in a manner that is alienating power brokers seeking to help the PDP leverage on the unpopularity of re-election seeking incumbent Governor Yahaya Bello to win the election. We will update Igho Sanomi's Height, weight, Body Measurements, Eye Color, Hair Color, Shoe & Dress size soon as possible. Two days later, the sum of $1million also arrived the account from RFB Lengard JVA in which Mr. Igho Sanomi, founder and chairman of Taleveras, owns 30 per cent stake. In April 2012, Taleveras acquired production sharing contracts (PSCs) for three offshore oil blocks in Ivory Coast. On the advisory board of the West Africa Book Development Fund Hewas appointeda literary agent. Sources disclosed that the reasons behind the strategy of King Gushis new wife, Hadiza opting to live apart from the first wife Seki are two folds. Male Entrepreneur of the Year at the Federal Capital Territory Business Excellence Awards, by the Abuja Enterprise Agency (AEA), Department of International Development (DFID) and the Federal Capital Territory Administration in 2007. Credit Suisse Group AG has already taken Nigerian oil trader Igho Sanomi's private jet. For one, some of Taleveras most important revenue streams were cut off. , money, salary, income, and assets. in geology and mining at the University of Jos, Plateau State, Nigeria. Nominations for a position on the Nigeria-South Africa Business Council came from Nigerias Ministry of Industry, Trade and Investment in 2013. He was also the best in 2015 as well. "[22] Sanomi is involved in the Global Initiative for Peace, Love and Care (GIPLC),[23] a non-governmental organisation with a mission "to promote sustainable programs and activities that will ensure a better life for the Orphaned and Vulnerable Children (OVC)",[24] through his company's partnership. In the first edition its Choiseul 100 Africa, published in September 2014, the Institut Choiseul for International Politics and Geoeconomics ranked Sanomi number one among "growing business leaders, successful entrepreneurs, investors, etc." They use the foundation as a medium to fulfill their fathers desire to alleviate socio-economic hardship across Nigeria. Required fields are marked *. We and our partners use cookies to Store and/or access information on a device. With all the good things within the young billionaires reach, his private jet and exotic mansions were once seized by a creditor to settle millions of pounds his company owe the financial institution. He wanted to start his own company. Igho Sanomi is one of Nigeria's youngest billionaire businessmen, with an estimated net worth of $1 billion. [37][38] He is a recipient of the African Leadership Award. Email: highstreetng@gmail.com. The agreement was signed by Patrick Kron, chairman and chief executive (prsident-directeur gnral) of the Alstom group. In 2004, at the age of 28, Igho Sanomi merged various segments of his trading business and renamed the company Taleveras. The terms were generous, but he had decided to take a different path. Labule Thomas Young billionaire, Igho Sanomi almost went under. As a result of his achievements, he has received the African Leadership Award. Igho Sanomi gave the Delta State Sports Commissioner, Amaju Pinnick, $10million to show his support towards the first Africa Youth Athletics Championships in Warri in 2010. She was a renowned nurse and medical entrepreneur from Osun . He was among the Ten Young African Millionaires To Watch in 2013that waslisted by Forbes. In 2004, Sanomi formed Taleveras Group, a Nigerian energy trading corporation, in order to consolidate his economic interests. [18], Through the Dickens Sanomi Foundation, Sanomi has reportedly pledged a "substantial grant" to the Bobby Moore Fund for cancer research in the UK "to help fund vital prostate cancer research" and received the Martin Luther King Legacy Award for philanthropy. Taleveras was frequently in the news; winning two oil blocks in 2005 during the oil bidding round organized by the Ministry of Petroleum Resources. Taleveras offers a wide range of integrated and strategic solutions in the energy and power sector. The foundations activities are limited to Nigeria, and it is funded by the Taleveras Group and the Midel Group. document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()); This site uses Akismet to reduce spam. The list "identifies and ranks the young African leaders of 40 years old and under, who will play a major role in the development of Africa in the near future". [31][32] [2][3][4] His mother, Mabel Iyabo Sanomi, is a yeye jemo (tribal chief) of the Isotun Ijesha kingdom in Osun State in south-western Nigeria and a former nurse. But I cant say so much because discussions are still going and they are bound by confidentiality, Sanomi says. Save my name, email, and website in this browser for the next time I comment. For the next few months, Taleveras is focusing on re-organizing its business, cutting costs and settling pending litigations to avoid distractions in its core business. [40], Institut Choiseul for International Politics and Geoeconomics, "Police Games: Golfers set for Sanomi tourney", "Police Games 2013: Dickens Sanomi Championship Kicks Off", "Bada, Sanomi Bag Police Posthumous Sports Award", "Ten Young African Millionaires To Watch in 2013", "10 Nigerian Billionaires You've Never Heard Of", "New owners emerge for Afam Power Plc, Kaduna Distribution Company", "Nigerians Win Big in Crude Oil Lifting Contracts", "Afam power plant's expansion to begin soon", "Alstom partners Nigeria in infrastructural development", "Firms seal deal over Afam station expansion", "The Dickens Sanomi Foundation | Midel Management", "The Dickens Sanomi Annual Essay Competition 2014", "FLOOD: NGO rescues 12,300 trapped flood victims in Delta", "Igho Sanomi's Addiction to Philanthropy [sic]", "Igho Sanomi Appointed Honorary Chair of the International Salute to Dr. martin Luther King, Jr", "Dance Theatre of Harlem Visits Honduras in First Latin America Tour", "Food for One Million, Save a Child and Child Education Support", "Partners of the Global Initiative for Peace, Love and Care", "Warri 2013 Athletic Championships Begin", "Taleveras sponsors Kaduna Polo Tournament 2011", "Choiseul 100 Africa:Economic Leaders for Tomorrow", "2nd Edition of the Choiseul 100 Africa:Economic Leaders for Tomorrow", "Igho Sanomi Tops the 'Choiseul 100 Africa 2015: Economic Leaders for Tomorrow' for the Second Consecutive Year", "Sanomi nominated for new Nigeria-South Africa Business Council", "137 serving, retired police officers honoured", "Wizkid, Aliko Dangote, Chris Attoh, Elenu, Uti Nwachukwu & More Win at the 2012 Mode Men of the Year Awards in Lagos", "2014 Africa Global Business Forum-Report on the Proceedings", "Igho Charles Sanomi Ii Conferred With Honorary Citizenship Award in Atlanta, By The State of Georgia", https://en.wikipedia.org/w/index.php?title=Igho_Sanomi&oldid=1114941779, This page was last edited on 9 October 2022, at 02:21. While Sanomi is still Chairman of Taleveras and reports to work on most days, he does not run the day-to-day operations of the business. Yahaya Bello is facing groundswell opposition within and outside the ruling All Progressives Congress (APC) in his bid to secure a second term. Taleveras and Igho Sanomi have featured prominently in the media for a myriad of reasons. It is ruled by a Traditional . Honorary chair of the Martin Luther King, Jr. International Salute Committee, succeeding the late Ade Adefuye. All The Details As Oil Baron, Igho Sanomi's Marriage Collapses! Nigerian multi-millionaire oilman Igho Sanomi has received a commendation from Cancer Research UK and the Bobby Moore Fund for his philanthropy towards bowel cancer research in the United Kingdom. Sanomi was cited by Forbes as one of "Ten Young African Millionaires To Watch in 2013", and was ranked one of Africa's top 25 oil and gas leaders of that year by African Leadership magazine. Mode Men Magazine named him Young Entrepreneur of the Year in 2008. Former NAPIMS boss, Dafe Sejebor, Ar Court Set To Commit Guaranty Trust Banks MD Segun Eroton, Midwestern Oil And Gas Enmeshed In Multipl Be There Or Be Squared! Igho Sanomis income source is mostly from being a successful Businessman. Local media was rife with reports that he had enjoyed sweetheart deals from the Goodluck Jonathan-led administration and powerful forces within Nigerias Ministry of Petroleum. High Street. Contributions of the foundation: A yearly essay tournament for Nigerian secondary school students has been sponsored by the Dickens Sanomi Foundation since 2014. Can entrepreneurship solve the high unemployment in Nigeria? To protect her business and maintain the peace while the anger of the first wife cools off societynow.ng learned. Former Governor Ibrahim Idris is accused of engaging in an all-out war to impose his son, Abubakar as the PDP candidate for the Kogi state gubernatorial election in November. He received Mode Men magazine's Humanitarian of the Year Award in 2012. Igho Charles Sanomi (born 17 May 1975) is a Nigerian billionaire businessman, geologist, public speaker and philanthropist with business interests in oil, power, logistics, telecommunications, the maritime industry, aviation Eand real estate. Taleveras met the criteria on a standalone basis because we had the track record and the balance sheet that met the NNPCs requirements and we won. Sanomi co-sponsored the Dance Theatre of Harlem's first Latin American tour in Tegucigalpa from 31 January to 6 February 2014. Igho Sanomi and his company were frequently in the news and pundits wondered where he had come from. Sanomi has also donated substantially to cancer research through the Bobby Moore Fund for Cancer Research in UK to help fund prostate cancer research, a gesture that earned Sanomi the Martin Luther King Legacy Award for Philanthropy and International Service in 2015. It wasnt just our style.. Igho Sanomi, 41, is the founder of Taleveras, a $2 billion (revenues) international commodities trading company active over a wide spectrum of global energy markets including crude oil and refined . View popular celebrities life details, birth signs and real ages. His late father was a retired Assistant Inspector General of the Nigerian Police Force (AIG). This was disclosed in a feature article . After the surgery, the paralyzed Ali Ahmadu regained the use of his legs and is now attending school in Nigeria courtesy of the Dickens Sanomi Foundation. We analyze data for easy understanding, bring you business and investment opportunities, and outlining the core responsibilities of government agencies. For the period he worked with Masefield he had learned the ropes of the trading business and was ready to handle some contracts by himself. I wanted to get an understanding of the oil and gas industry from a downstream trading perspective, and they gave me a thorough understanding of the entire business- from hedging, risk management, shipping and everything else. Through a series of generous donations from the businessman, Father Gado Musa was able to build a 500-seat capacity, ultra-modern Catholic Church . On a shipping operation so much goes on. Subsequently, i. successful bidders for the 2017/2018 crude oil term contracts, Taleveras name was nowhere to be found on the list. The marriage of oil baron Igho Charles Sanomi is done and over with. Over time he made the whole business so exciting that the allure of physical trading was too powerful for me to resist. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your email address will not be published. For three offshore oil blocks off the coast of Ivory Coast, Taleveras purchased production sharing contracts (PSCs) in April 2012. The marriage between billionaire oil magnate and philanthropist, Igho Charles Sanomi, and his wife, Eghonghon, has crashed. Igho Sanomi is the controlling shareholder of the group. It is a town called Ughelli in Delta State in Nigeria's south-south region. Africas Emerging Community Development Icon Award in 2014. According to our Database, He has no children. Taleveras trading arm, now based in Dubai and Abuja, is one of the largest independent energy traders in Africa, with additional offices spread across West Africa, Europe and Asia. According to Wikipedia, Ughelli is one of the 24 Kingdoms that make up the Urhobo Nation. On the sales side, you want to hedge your risk or your exposure and have the opportunity to look at the various markets to see where you can optimize your physical position, Sanomi explains. Igho Sanomi, 43, is the founder of Chairman of Taleveras Group, a $1.2 billion (annual revenues) commodities trading company, which trades millions of tons of oil and refined petroleum products annually. At first we decided to ignore all the noise and focus on the business, but now its gotten to a tipping point and I think its a good idea to set the record straight.. As we sit down for dinner in downtown Dubai, Nigerian oilman Igho Sanomi is upbeat. Igho Sanomi vehemently denies this was the case. Taleveras DMCC, Sanomis Dubai- based trading company has helped Bobby Moore Fund raise $1.5 million since partnering with the foundation. Nigerian oilman Igho Sanomi, who is a recipient of a Papal medal of His Holiness Pope Francis for his contributions to the Catholic Church, is currently building multiple structures for the Catholic Church in the Niger Delta region, funded by the support of Dickens Sanomi Foundation (DSF). The foundation also pledged funds to Save the Children and Oxfam. Igho Charles Sanomi II was born to a Catholic family on the 17th of May 1975 to late Dickens Ogheneruemu Patrick Sanomi, the second National Vice-President of Urhobo Progress Union (UPU) and a retired Assistant Inspector General of Police (AIG) in the Nigeria Police Force. The crude for products exchange operated in such a way that the state oil company bartered crude oil for petroleum products, rather than sold for money. This dealt a big blow to Taleveras, as it had entered forward contracts and based revenue projection models on it. It was one of the Nigerian companies that received oil-lifting contracts in the federal governments bid, through the Nigerian National Petroleum Corporation (NNPC). To help those affected by the October 2012 flooding, the foundations Project Rescue 10,000 Flood Victims. The foundation was able to save thousands of lives through this act. The initiative takes care of the needs of orphans and vulnerable children in Nigeria by making food, medical assistance and learning materials available to them. The Dickens Sanomi Foundation (DSF) was established in 2011 by Sanomi and his siblings in honour of their father, and he serves as its chairman. Sanomi was a guarantor for a credit facility extended to one of his companies by Credit Suisse Group AG. While pundits are quick to say that Igho Sanomi and his company have not found any success in cohabiting with the current administration, Sanomi says it was not his priority. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. In 2011 Sanomi founded the Dickens Sanomi Foundation (DSF) in honor of his father. In 2017, the Dickens Sanomi Foundation spent more than $50,000 in funding the surgery of Ali Ahmadu, a seven year old boy who became paralysed after he was run over by the militant Nigerian Boko Haram forces when they attacked Chibok Town in Nigerias Borno State. As the executive director, he made trading operations better through his negotiations for export and delivery of fuel-oil from West Africa to the United States Gulf Coast. In April 22, 2010 the Local Content Act became law. Sanomi became an executive director at Cosmos Oil (an international oil-trading company with its core business activity in Nigeria) during the late 1990s, and negotiated fuel-oil exports from the Port Harcourt refinery. What most people dont realize is that we were doing much better prior to Jonathans government in terms of our profitability and our peace of mind. Sources disclosed Oba Elegushi had stayed well ahead of the consequence of his first wifes anger -and strong opposition by informing her of the plan to take a second wife when she could do little or nothing to st, Still smarting from the internal issues of the imposition of candidates for the National Assembly in the recent general election, Peoples Democratic Party in Kogi state faces another major trouble. We started quite small with a line of credit that could allow us do business at the time, but we utilized it well by turning over transactions that were straightforward in terms of performance, back-to-back. Juneteenth - Stony the road we trod, Bitter the chastening rod, Felt in days when hope unborn had died; Yet with a steady beat, Have not our weary feet Come to the place for which our fathers sighed? Contact us today to make your brand the preferred choice for our audience of entrepreneurs and business leaders. Igho Charles Sanomi (born 17 May 1975) is a Nigerian billionaire businessman, geologist, public speaker and philanthropist with business interests in oil, power, logistics, telecommunications, the maritime industry, aviation Eand real estate. Thanks for reading infomediang.com. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. We are very keen on our power business and we are exploring a number of ideas on how we can approach it. PRESS OFFICE. Sanomi added he has never improperly obtained any contracts. Eghonghon has moved out of her matrimonial home with the four children from the union, and has even filed for a divorce. Taleveras participated in the 2010 Kaduna International Polo Tourney and sponsored the 2011 tournament. The group Power subsidiary constructs electrical substations in Nigeria and recently acquired a majority stake in the Port Harcourt Electricity Distribution Company. He then continues to engage, in very interesting conversations about his views, on a number of subjects during dinner. There is no gainsaying in the fact thatIgho Sanomi is one of the billionaires in Nigeria who is living large. Several months into the partnership the CEO of Masefield made Sanomi a job offer. Discover Igho Sanomi's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. [15], The foundation's Project Rescue 10,000 Flood Victims aided about 12,300 people displaced by floods which ravaged communities in Delta State in October 2012, donating food and relief material worth millions of naira to flood victims at settlements in the Ughelli, Ewu, Arhavwarhien, Orere and Okparabe communities and the Ughelli North and South local government areas of Delta State. Businessman, geologist, founder, chairman & ceo of taleveras. May 16, 2019 Hadiza, the new wife of Oba Saheed Ademola Elegushi would be living apart from first wife Olori Sekinat Aramide - for now. He insists that there has been a thorough misunderstanding of his affairs in Nigeria, and that any negative press Taleveras has received in certain quarters is the creation of cutthroat detractors. Martin Luther King Legacy Award for Service and Philanthropy in 2015. trades over 100 million barrels of crude oil as well as several million tons of gasoline, LPG and jet fuel. It is a leading global energy and services company, with interests and operations in the upstream, midstream, downstream and power sector of the energy industry in Nigeria. Manage Settings Interestingly Akanimo Udofia, the money man known as AK47 is alleged to have a thing or two to do with the breakup of Sanomis marriage. All I ever wanted to do was to quietly build a successful company, keeping to the old traditional way of doing business with a handshake, and performing the contracts we got very well. We recommend you to check the complete list of Famous People born on 17 May. The Dickens Sanomi Foundation in a non-governmental organization (NGO) founded in 2011, by Igho Charles Sanomi II and his siblings to honor the life of their late father, Dickens Oghenereumu Patrick Sanomi. Young entrepreneurs in Nigeria across different industries. Igho Charles Sanomi II was born on May 17th, 1975 in Agbor, Delta State, Nigeria to Dickens Oghenereumu Patrick Sanomi, a retired Assistant Inspector General of the Nigerian Police. According to a Vanguard report, "The displaced persons were rescued in 500 seater engine and speed boats from communities in Ughelli North, Ughelli South, Patani, Isoko North, Isoko South and Burutu Local Government Areas of Delta State and were subsequently taken to some government designated camps". With a $3 million debt, Igbo Sanomi lost his private plane in 2019 and had to give it up to the Suisse Group AGbecause of debt by one of his companies in the UK. In 2014, the Dickens Sanomi Foundation began sponsoring an annual essay competition open to all Nigerian secondary-school pupils. The Dickens Sanomi Foundation supports the Abuja for Children project by sending children from less privileged backgrounds to the Strauss School of music and dance. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. Igho Sanomi is a businessman, geologist, motivational speaker and philanthropist whose business interest cuts across telecommunications, shipping, aviation and real estate investments worldwide. The Early Life And Education Of Igho Sanomi. The marriage between billionaire oil magnate and philanthropist, Igho Charles Sanomi, and his wife, Eghonghon, has crashed. We are reorganizing our affairs so that we can continue to prosper without the government business.. Igho Charles Sanomi II was born in Agbor, Delta State, Nigeria, the fifth child and first son of a Catholic family. After a couple of structured deals like this, I went into a long-term venture with Masefield around 1998-99, Sanomi recalls. For now, Sanomi is working to restructure his businesses, together with his trading arm, led by CEO Martial Beauvallon, a former oil executive who worked with Total for 35 years, and William Brock Tuppeny, a seasoned upstream executive formerly with Petrofac; he remains committed to doing business in Africa. This agreement was made in the presence of former Nigerian president Goodluck Jonathan, Nigeria business leaders and members of the international business community in Lagos, Nigeria. Patrick Kron, chairman and chief executive (prsident-directeur gnral) of the French engineering conglomerate, signed the agreement with Taleveras Group during his visit with Nigerian president Goodluck Jonathan, Nigerian business leaders and members of the international business community in Lagos, Nigeria. Continue with Recommended Cookies, Last updated on July 14th, 2022 at 10:47 pm. Taleveras has an annual turnover of several billions of dollars. The foundation's Project Rescue 10,000 Flood Victims aided about 12,300 people displaced by floods which ravaged communities in Delta State in October 2012, donating food and relief material worth millions of naira to flood victims at settlements in the Ughelli, Ewu, Arhavwarhien, Orere and Okparabe communities and the Ughelli North and South local government areas of Delta State. Learn how your comment data is processed. In April 2012, Taleveras acquired production sharing contracts (PSCs) for three offshore oil blocks in Ivory Coast. He soon found one. Udofia was a best friend and in law to Sanomi. According to a press release on the U. S. Embassy website, "DTH's trip was also made possible by Igho Charles Sanomi II, Executive Director of Taleveras Group." Igho Sanomi is a Nigerian billionaire philanthropist and businessman who has interests in the oil industry as well as in the transportation of goods, the marine industry as well as in the aviation and real estate sectors. On the surface, Taleveras future looked dire. Learn How rich is He in this year and how He spends money? It was in October of that year that Taleveras Group reached an agreement with Patrick Kron the chairman and chief executive (prsident-directeur gnral) ofAlstom Groupfor the renovation and expansion of the Afam power plant in Rivers State. [17] This Day's society editor, Lanre Alfred, wrote: "The Dickens Sanomi Foundation gave out a comprehensive funding package worth over 100 million to flood victims in Delta and Bayelsa State, as part of its intervention programme to mitigate the effects of the devastating flood on the people". Arising from the cancellation of this key contract, Taleveras had to restructure and engage its international creditors. In 2013, Sanomi was nominated by Nigeria's Ministry of Industry, Trade and Investment for a post on the Nigeria-South Africa Business Council. Sources disclosed Oba Elegushi had stayed well ahead of the consequence of his first wifes anger -and strong opposition by informing her of the plan to take a second wife when she could do little or nothing to st, Still smarting from the internal issues of the imposition of candidates for the National Assembly in the recent general election, Peoples Democratic Party in Kogi state faces another major trouble. [7][8] It was one of the Nigerian companies reportedly awarded oil-lifting contracts in the federal government's bid, through the Nigerian National Petroleum Corporation (NNPC), to award nearly half of the 20122013 lifting contracts (worth $60billion) to indigenous companiespromoting local content and "downsizing contracts awarded to international oil traders". This led to issues taking a legal course and to a number of out-of-court settlements.