January 24, 2022

TNN Newspaper

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Board Chair Denies Plans To Sell Bayelsa Oil Firm

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At last, the management of the Bayelsa Oil Company Limited has spoken on the allegations of plans by the state government to sell the company. Chairman of the board, Chief Solomon Agwana said in a statement obtained by our correspondent on Thursday that there was no truth in the allegation.

The statement reads in part: “The attention of the Board of Directors and Management of the Bayelsa Oil Company Limited (BOCL) has been drawn to a news report on an online medium wherein unfounded allegations were levelled against the Managing Director of our company.

“The report, sadly, ignored the time honoured journalistic best practice of crosschecking facts and getting potentially opposing views before publication.

“The said medium quoted copiously from a letter allegedly written by Consider Oruah to the Chairman of the Board Of Directors Of BOCL wherein the petitioner complained about a purported sale of interests in BOCL and its assets.

“Though we are currently in negotiations to alter our relationship with existing partners and in discussion with prospective investors, the allegations in the publication are false. Besides, I did not receive any such letter from the said Consider Oruah. BOCL has also not sold its shares or property.

“BOCL embodies the aspirations of the entire people of Bayelsa State regarding control and management of her resources. In line with this, BOCL has partnered with companies and will continue to seek out credible investors to work with to produce its assets and grow its reserves and asset base as every forward thinking company will do.

“Bayelsa State has one of the largest crude oil and natural gas deposits in Nigeria and our focus in BOCL is to acquire more of these assets for the benefit of our people.”


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