Reps probe Obaseki, 2 others over alleged $16m estate deal

The House Committee on Public Petition on Wednesday flagged off investigation into the alleged misappropriation of $16 million belonging to the Estate of late Chief Humphrey Idisi against KCA-Deutag (Nigeria) Limited.


According to the petition submitted to the Committee chaired by Uzoma Nkem-Abonta (PDP-Abia), the company is co-owned by Vadakkara Manoj Raghavan (Dubai); Ostermeler Hans Joachim and Obaseki Godwin Nogheghase who was elected as the All Progressive Congress (APC) flag-bearer in theSeptember 10 Edo State Governorship election is a current Director of the KCA-Deutag (Nigeria) Limited.

The investigation was sequel to a petition sponsored by Lovett Idisi (PDP-Delta) on the 25th May, 2016 and referred to the Committee on Public Petition for further legislative action.

Idisi who alleged that the company defaulted in the “payment of certain percentage of the day rate in all their drilling operations in Nigeria”, argued that the development was a “violation of certain local content provisions in our laws especially against one of the pioneers of local content initiative in this country besides the obvious criminality herein occasioned.”

The Corporate Affairs Commission share certificate sent to the Committe shows that of the 94 million shares held by KCA-Deutag, Obaseki holds an equal amount of 36 million as the company, while The trustees of the Nigerian People” holds 4.8 million shares while the Estate of late Chief Humphrey Idisi holds 18 million shares.

The lawmaker in the petition had claimed “the outright breach of contract entered between the estate of late Chief Idisi and a German Company called KCA-Deutag (Nigeria) for the payment of certain percentage of he day rate in all their drilling operations in Nigeria.

“This case that witnesses a further violation of certain local content provisions in our laws especially against one of the pioneers of local content initiatives in this country besides obvious criminality herein occasioned,” he alleged.

Obaseki who was represented by his counsel, Olukayode Dada urged the Committee to adjourn sine die until the case instituted against the committee investigatingg the contractual agreement between the late Idisi and KCA-Deutag is concluded.

In a swift reaction, Nkem Uzoma-Abonta who confirmed receipt of the Court order from an Abuja High Court instituted against the Committee to halt the hearing and appear on the 28th June, 2016 to convince it why they should go on with the hearing.

While ruling, Abonta informed the parties the hearing will resume after the committee might have vacated on the 28th June, 2016.