Lenders push back as failed pipeline sale is quietly revived
Lenders have raised objections to the revival of a previously terminated plan to acquire a strategic stake in the Amukpe-Escravos Pipeline, questioning the basis on which a September 2025 approval tied to the failed transaction is being advanced.
Documents reviewed by ENERGY TIMES newspaper show that the proposed sale, involving Continental Oil and Gas Limited and a later entrant, Conpurex Limited, was formally terminated in October 2024 following missed payment obligations, unresolved breaches, and attempts to alter agreed terms in ways that would have reassigned core risks to the seller.
By the time of its termination, the process had not only stalled. In the view of financial stakeholders, it had lost credibility.Despite this, the earlier approval linked to that process has resurfaced, prompting concern among lenders that a concluded transaction is being revived without the procedural reset typically required in such circumstances.
The development is now being viewed within the industry as more than a routine commercial matter. This case, stakeholders say, has moved beyond a typical transaction dispute into something that tests how Nigeria handles valuation, process integrity, and national interest when strategic assets are involved. For lenders and other stakeholders, it has become a test of governance and institutional discipline, particularly given the strategic importance of the asset involved.
The Amukpe-Escravos Pipeline has, in recent years, evolved into a critical evacuation route as constraints on alternative corridors have persisted. With throughput capacity of 160,000 barrels per day and uptime consistently above 95 per cent, it is regarded as a high-value infrastructure asset whose pricing is expected to reflect both performance and strategic relevance.===== ENERGY TIMES ===
