Court papers and documents detailing correspondence between both companies on one hand and between Tectonic and NNPC Limited showed that the debt owed Tectonic by Eroton is $37million and N6 billion respectively.
According to a letter from Tectonic dated April 6, 2023 and addressed to the Group Managing Director of NNPCL, the money was for contract awarded Tectonic by Eroton dated May 1, 2016 for the provision of Coiled Tubings, Pumping, and Nitrogen Lift Services with contract No. EEP 16-0125.
The letter said TOTL has since executed the contract but is yet to be fully paid.
Recall that recently NNPCL took over operatorship of the OML 18 Asset from Eroton Exploration and Production Company. It was gathered that while NNPCL has duly paid Eroton all its dues, Eroton was yet to pay off TOTL the balance of $37 million and N6billion for the said contract executed even when they had agreed to pay.
Following a court order, Eroton had in a letter dated 2nd July 2021, addressed to The Vice President Operations, Tectonic Oil Tools Limited, No 4, Okunola Martins Close, Off Awolowo Road, Ikoyi, Lagos, Nigeria, admitted to owing TOTL a balance “sums (net of taxes) of NGN $37million and N6billion.”
The letter which detailed a Payment Plan to liquidate the debt owed TOTL by Eroton read in part: “We also recognize that some other claims have been submitted and confirm that same are currently undergoing verification and reconciliation. These additional claims would be included in the outstanding sums detailed above upon completion of the reconciliation exercise. The payment plan will be amended accordingly to include the additional claims and paid within the same time frame.
“In respect of the reconciled outstanding sums referenced above, please find below our payment plan,” the letter said.
The letter signed by Ibironke Olaniyi, Chief Financial Officer (CFO) for Eroton Exploration & Production Company ended with “Please be advised that we would notify you of the payments as they are made in line with the specified timelines and assure you of our highest regard.”
However, it was reliably learnt that despite the tone of camaraderie of the letter, Eroton has reneged on the payment terms and agreement.
“We are shocked that in spite of our mutual respect for and patience with Eroton, they have reneged on a mutually agreed payment plan which was the aftermath of a court order. We have laid our complaint with appropriate authorities including the NNPCL. We will use every legal means available to us to recoup our money,” a source at TOTL told our reporter.
It will be recalled that Onajite and his wife, Salma, had been locked in a divorce drama. Onajite had filed for a divorce in 2020, threatening to send his wife out of their Florida (United States) home with their two kids.
But rather than filing for divorce in Florida where they got married and where he confirmed as his place of residence, he went to a court in Badagry, Lagos. The divorce case is currently at the Appeal court.
Recall that Okoloko and his Eroton Exploration have been in and out of the EFCC after he was accused of mismanaging OML18 by under-reporting production of the oil field which under him, fell from 30,000 barrels per day to 1,000 barrels per day.
