In a shocking revelation that raises serious questions about transparency and integrity in President Bola Tinubu’s administration, a Nigerian company with no apparent oil industry experience, Panout Oil & Gas Ltd., outbid global giants TotalEnergies SE and Chevron Corp to secure three lucrative oil blocks in 2024. What makes this deal even more suspicious is that Panout was registered just days before the bidding round opened in May 2024, and its parent company, Blueprint Business Technologies Ltd., is a Lagos-based computer services firm with no track record in the energy sector. This investigative piece delves into the murky waters of Nigeria’s oil block allocation process under Tinubu, uncovering potential corruption, breaches of due process, and ethical lapses that point to a troubling pattern of favoritism within the administration.
A Suspiciously Timed Registration and a Tech Firm’s Unlikely Victory
Panout Oil & Gas Ltd. was incorporated on May 6, 2024, as confirmed by registry documents from b2bhint.com, mere days before Nigeria’s oil regulator announced a bidding round for 19 onshore and deepwater oil blocks on May 8, 2024, at a global oil conference in Houston, Texas. The timing alone raises red flags: how could a company, freshly minted and lacking any visible expertise in oil exploration or production, outmaneuver established players like TotalEnergies and Chevron in a highly competitive bidding process? The answer may lie not in Panout’s qualifications, but in its connections.
Panout is wholly owned by Saheed Alao, the CEO of Blueprint Business Technologies Ltd., an information and communications technology firm based on Awolowo Road in the upscale Ikoyi area of Lagos. Blueprint’s expertise lies in IT services, not oil and gas—a fact that makes its sudden pivot into the energy sector highly suspect. Sources familiar with Nigeria’s oil industry, speaking on condition of anonymity due to fear of reprisals, suggest that Panout’s victory may have been orchestrated through backdoor dealings, potentially involving high-ranking officials in the Tinubu administration who oversee the oil sector.
The Tinubu Administration’s Role: Promises of Transparency, Shadows of Favoritism
President Tinubu has publicly positioned himself as a champion of a business-friendly oil sector. In a keynote address at the 8th Nigeria International Energy Summit (NIES) in Abuja on February 26, 2025, Tinubu assured global investors of an “enabling environment” with “attractive fiscal frameworks” and a commitment to “streamlining regulatory processes.” He also highlighted executive orders aimed at providing fiscal incentives to ease doing business in the oil sector, as noted by Mele Kyari, Group CEO of the Nigerian National Petroleum Company Limited (NNPC). Yet, the allocation of oil blocks to a company like Panout—registered just days before the bidding and lacking industry credentials—casts a dark shadow over these promises.
The bidding process for the 2024 oil blocks was overseen by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which falls under the purview of the Ministry of Petroleum Resources. President Tinubu, who also serves as the Minister of Petroleum Resources, holds direct authority over the sector, meaning any major decisions, including the approval of oil block awards, would likely require his sign-off or the involvement of his trusted appointees. The NUPRC is led by Gbenga Komolafe, appointed by Tinubu in 2023, and the NNPC, which plays a significant role in oil block licensing, is headed by Mele Kyari, another Tinubu ally. Both officials would have been instrumental in the bidding process, raising questions about their roles in Panout’s improbable win.
Digging Deeper: Saheed Alao’s Potential Ties to the Administration
While public records on Saheed Alao, the CEO of Blueprint Business Technologies and owner of Panout Oil & Gas, are limited, investigative leads point to possible connections with influential figures in the Tinubu administration. Blueprint Business Technologies has operated in Lagos, a political stronghold of Tinubu, who served as governor of Lagos State from 1999 to 2007 and remains a dominant political figure in the region. During his tenure as governor, Tinubu cultivated a vast network of loyalists, many of whom now hold key positions in his administration or wield influence in Nigeria’s business circles.
A source close to the Lagos business community, speaking anonymously, alleged that Saheed Alao may have ties to prominent Lagos-based politicians or their proxies, potentially including members of Tinubu’s inner circle. One name that surfaced in these discussions is Wale Tinubu, the president’s nephew and the CEO of Oando Plc, a major player in Nigeria’s oil and gas industry. While no direct evidence links Wale Tinubu to Panout’s bid, his influence in the sector and his familial connection to the president make him a figure of interest in this investigation. Wale Tinubu’s Oando has benefited from favorable deals under the administration, and it’s plausible that he or his associates could have facilitated Panout’s entry into the bidding process as a front for larger interests.
Another potential link is through the Ministry of Petroleum Resources or the NUPRC. Gbenga Komolafe, the NUPRC boss, has been criticized in the past for allegedly favoring certain companies in licensing rounds, though no formal charges have been brought against him. Mele Kyari of the NNPC, who praised Tinubu’s executive orders for enabling investment, has also been accused by industry watchers of prioritizing political considerations over merit in oil block allocations. Both officials would have had the authority to influence the bidding process, either by relaxing due diligence requirements or by fast-tracking Panout’s application despite its lack of qualifications.
Breaches of Due Process and Ethical Concerns
The allocation of oil blocks to Panout Oil & Gas represents a clear breach of due process and ethical standards. International best practices for oil block bidding, as outlined by organizations like the Extractive Industries Transparency Initiative (EITI), require rigorous vetting of bidders to ensure they have the technical and financial capacity to develop the assets. Panout, a company controlled by an IT firm with no known history in oil exploration, would likely fail to meet these criteria. The fact that it was allowed to participate—and win—suggests that the NUPRC either neglected its due diligence obligations or was instructed to overlook Panout’s deficiencies.
Moreover, the timing of Panout’s registration—just days before the bidding round opened—indicates possible insider knowledge of the process. Industry experts note that preparing a credible bid for oil blocks typically takes months of geological studies, financial planning, and legal documentation. For Panout to have submitted a winning bid so soon after its incorporation, it may have had access to privileged information or pre-arranged support from within the administration.
This case also highlights a broader pattern of ethical lapses under Tinubu’s leadership. The president’s dual role as head of state and Minister of Petroleum Resources creates a conflict of interest, as he holds unchecked power over a sector notorious for corruption. By centralizing control, Tinubu has positioned himself to influence oil block awards, potentially to the benefit of allies or proxies like Panout. The lack of transparency in the bidding process, coupled with the absence of public accountability for the NUPRC’s decisions, further erodes trust in the administration’s commitment to fairness.
A Call for Accountability
The Panout Oil & Gas scandal is a stark reminder of the systemic corruption that continues to plague Nigeria’s oil sector, even under an administration that promised reform. The Tinubu government must be held accountable for what appears to be a blatant misuse of power. Key questions remain unanswered: Who authorized Panout’s participation in the bidding process? What role did Gbenga Komolafe, Mele Kyari, or other administration officials play in the decision? And what, if any, connections exist between Saheed Alao and the Tinubu family or their associates?
Civil society organizations, including the EITI Nigeria chapter, should demand a full investigation into the 2024 oil block bidding round, with a focus on Panout’s award. The National Assembly, which has oversight over the oil sector, must also probe the actions of the NUPRC and NNPC to determine whether due process was followed. Until these questions are answered, the Tinubu administration’s claims of fostering a “business-friendly” environment will ring hollow, overshadowed by the stench of corruption and favoritism.
As Nigeria struggles to attract genuine investment to its oil sector—amid declining production, as noted in a January 2024 report by Africa Oil+Gas Report, which pegged 2023 output at a mere 1.46 million barrels per day—the allocation of oil blocks to unqualified firms like Panout only deepens the crisis. Nigerians deserve better than a government that prioritizes cronyism over competence, and the international community should take note of the risks of doing business in a sector where transparency is sacrificed at the altar of political expediency.
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