Summit Oil International Limited, established by MKO Abiola in 1990, is an independent indigenous upstream oil company.
Abuja, Nigeria – Abdulmumuni Abiola, son of the late business magnate and politician, MKO Abiola, has called on President Bola Tinubu to intervene in the management issues plaguing his late father’s company, Summit Oil.
He made this appeal during an interview on the ‘Mic On Podcast’, hosted by Channels TV presenter, Seun Okinbaloye.
Abdulmumuni alleged that his half-brother, Kola Abiola, and sister, Wura Abiola, have been running Summit Oil independently without the involvement or consent of other family members. He disclosed that Kola and Wura have designated themselves as Executive Chairman and Managing Director of the company, respectively, a move he described as illegal.
The troubled relationship among the siblings, Abdulmumuni pointed out, is rooted in the exclusion of children from MKO Abiola’s second wife, Kudirat Abiola, from the company’s board, while those from his first wife, Simbiat Abiola, dominate the management.
During the interview, Abdulmumuni recounted that he had previously petitioned the Inspector-General of Police, Kayode Egbetokun, urging an investigation into the operations of the oil company. He further alleged that since 2017, Summit Oil has been lifting crude in collaboration with a third-party company, Duport Midstream Limited, without the knowledge or approval of the other family members.
He claimed that over 566,000 barrels of crude oil had been lifted, generating approximately $50 million, which has not been accounted for.
He expressed his disappointment over the situation, noting that the late MKO Abiola’s will had clearly outlined the distribution of his assets among his children, yet the current board of Summit Oil does not include any of his siblings.
“We are writing a letter to Mr. President, seeking his intervention in this matter,” Abdulmumuni stated. “He is the Minister for Petroleum and he should see what they have done with my father’s oil company. He was a close friend of my father, and he knows what my father suffered to build these assets.”
He appealed to President Tinubu to call Kola and other involved parties to order and ensure a fair resolution of the ongoing dispute. “Let it not be that in Asiwaju’s administration, we’ll still be having this conversation come this time next year. Let him solve this problem once and for all. Call all the parties to order! Call Kola to order! Enough is enough!” he asserted.
Abdulmumuni expressed dismay that none of MKO Abiola’s children are on the current board of Summit Oil and questioned how his half-siblings assumed such pivotal roles in the company. He cited “revelations” that the company had been involved in undeclared lifting of crude oil since 2017, a fact that only came to light when Kola initiated legal action against the operator for alleged corruption and fraud.
“I wonder where all that money is going. That money was never declared. We wouldn’t have known of this problem if not that my brother is now suing the operator for corruption and fraud. And I wonder who is doing the fraud,” he remarked.
He lamented that despite the family’s large assets, the proceeds have not been shared fairly, adding that the company’s reserves of 20 million barrels of oil would be sufficient to secure the financial future of all Abiola’s children and grandchildren.
Summit Oil International Limited, established by MKO Abiola in 1990, is an independent indigenous upstream oil company.
The company made its first oil discovery in 1992 at the Otien Field on OPL 205, located in the Anambra Basin on the northern edge of the Niger Delta. The Otien Field discovery was one of the first oil finds by a private indigenous company in Nigeria.
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