Aiteo Eastern Exploration and Production Company (AEEPCO), a major operator in the Nigerian National Petroleum Corporation (NNPC)/Aiteo Joint Venture, has terminated its security surveillance contracts with multiple firms and individuals. This action was taken following verified instances of crude theft, fraud, and other criminal activities that have significantly undermined the company’s operations.
On Monday, Aiteo announced the immediate halt of its partnerships with Amotoi Global Services Limited, and its promoter, Barrister Clement Amunaboye, alongside individuals known as Obiene M Obiene (also referred to as “Organiser”), Thomas Livingstone, and Christophere Ezekiel Enu. The decision marks a critical turning point in the company’s efforts to safeguard its assets, particularly on Oil Mining Lease (OML) 29, where these security providers were previously engaged.
Aiteo’s official statement outlined the gravity of the situation, noting that the terminated entities and individuals were involved in activities that not only posed severe safety risks but also facilitated substantial financial losses through ongoing crude theft and trafficking. These actions have led to considerable disruptions in Aiteo’s operations, affecting its output and placing significant strain on its business sustainability.
Victor Okoronkwo, AEEPCO’s Group Managing Director, expressed profound dismay over the betrayal by those entrusted with the security of the company’s facilities. “For years, our company and its stakeholders have borne the brunt of the consequences of crude theft, facilities vandalization, and crude trafficking, resulting in huge financial losses and severe operational disruptions,” Okoronkwo stated. He further emphasized the deep-rooted corruption and the critical need for urgent and comprehensive corrective measures to address these issues.
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