Abdulmumuni, the son of the late billionaire businessman MKO Abiola, has urged President Bola Tinubu to advise his half-brother, Kola, regarding the operations of their late father’s company, Summit Oil.
He pointed out that, despite Tinubu being a friend of Abiola before his passing, the ongoing disputes over managing their father’s assets should not occur while Tinubu is in office.
Abdulmumuni has accused Kola and his sister, Wura, of independently overseeing the oil company, one of their father’s many businesses, without the approval of other family members.
This information was shared during an episode of the ‘Mic On Podcast,’ hosted by Channels TV presenter Seun Okinbaloye, with the video released on Saturday, October 5, 2024.
Abdulmumuni expressed his concerns that Kola and Wura have positioned themselves as Executive Chairman and Managing Director, respectively, which he deemed illegal.
Kola and Wura are children of Abiola’s first wife, Simbiat, while Abdulmumuni and others are offspring of the second wife, Kudirat. He emphasized that the oil company and other assets were included in his father’s will.
He mentioned that he had filed a petition with the Inspector-General of Police, Kayode Egbetokun, to investigate the company’s operations. He stated, “We are reaching out to Mr. President for his intervention in this matter.
He is the Minister for Petroleum and should assess what has transpired with my father’s oil company. If such things can occur there, imagine what might be happening in other companies, potentially contributing to the rising costs of subsidies.
“He (Tinubu) is my father’s friend and knows everything. My father endured a lot, and Tinubu has similar assets. Would he want this to happen to his children? I urge him to address this issue… Let’s not be having this discussion next year during Asiwaju’s administration. He needs to resolve this problem once and for all and bring Kola to account. Enough is enough!”
He further explained, “None of us (Abiola’s children) are on the board. I have no idea how they became chairman and director. Their actions are illegal. Nobody appointed them as directors.”
Abdulmumuni revealed that he learned Summit Oil had been lifting crude oil since 2017 under an agreement Kola made with a third party, Duport Midstream Limited. Since then, over 566,000 barrels of oil have been extracted, with approximately $50 million exchanged between the operator Kola and Wura.
“I wonder where that money is going. It was never disclosed to us, and we would have remained unaware of this issue if my brother hadn’t sued the operator for corruption and fraud.
I find it ironic that he accuses someone else of fraud while engaging in illegal activities himself, lifting oil without notifying the family,” he asserted, expressing frustration that despite having a $1 million inheritance, Kola has failed to share the proceeds from the alleged $50 million.
He lamented that the company possesses 20 million barrels of oil, which he believes is sufficient for Abiola’s children and grandchildren to thrive.
According to the company’s website, Summit Oil International Limited was founded in 1990 by Abiola as a pioneering independent indigenous upstream oil company. It was granted OPL 205, primarily located in the Anambra Basin on the northern edge of the Niger Delta, in 1990.
The site notes that Summit Oil conducted 2D seismic acquisition in 1991 and drilled its first exploration well in early 1992, discovering the Otien Field on OPL 205—arguably the first oil discovery by a private indigenous company in Nigeria.
