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14 Feb 2018

Paddy Adenuga slams Quartz Africa for linking his Chevron acquisition story to his father’s debt

Quartz Africa has linked Paddy Adenuga‘s coming close to buying Chevron’s facility in Netherlands to his Father, Mike Adenuga’s debt to AMCON. This is coming after the billionaire son revealed he came close to buying Chevron Netherlands, but eventually lost the bid.

The publication by African business journal stated that Mike Adenuga was revealed to be a debtor to AMCON, among others, by a newspaper a couple of years ago. Asset Management Corporation of Nigeria (“AMCON”), according to Quartz Africa is the ‘bad bank’ set up in 2010 to stabilize the Nigerian banking sector after it had run into all sorts of trouble making dud loans.

Excerpt from the journal’s publication read;

‘The best thing about Paddy Adenuga’s story is that he did not win the bid. Indeed, Adenuga senior was revealed to be a debtor to AMCON, among others, by a newspaper a couple of years ago. The last time AMCON published a list of its top 100 debtors, the top three were all oil and gas companies with close to $1 billion outstanding among them. All of them taken out in the heady days of $100 oil and aggressive assumptions about how much money it was possible to make’.

However reacting to this, Paddy Adenuga tweeted;

‘The @qzafrica article’s attempt to tie my chevron NL acquisition with AMCON is dangerous, ill-informed, and a case of poor journalism. i’d never use Nigeria’s tax payer money for a private European deal – NEVER! i’m open to criticism – i am just not open to lies and falsehoods’.

Since Paddy Adenuga released the promised article on how he came close to buying the Chevron facility in Netherlands without his family’s help, he has faced lots of criticism.
Rather than Nigerians drawing motivation from his story, some Nigerians have come out to criticize the billionaire son, one of such persons is Media Personality Shade Ladipo.  Shade Ladipo thinks it is completely ridiculous for him to say that he almost bought Chevron if he hadn’t used his father’s name.

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