Oil magnate, Prince Engr. Arthur Eze, has reacted to the revocation of his oil mining deal in Senegal, accusing the West African country of unjustly targeting his business interests.
Naijaonpoint reports that Eze’s reaction was contained in a press release issued by the management of his company, Oranto Group, in which the firm dismissed the reasons advanced by the Senegalese government for the revocation as false and misleading.
The company said Oranto Petroleum remains a leading indigenous player in hydrocarbon exploration across Africa, with investments exceeding $500m in exploration and development activities on the continent.
“Oranto Petroleum would like to respond to the false narrative currently being perpetuated by the Government of Senegal on the St Louis and Cayar Offshore Licences previously operated by Oranto Petroleum,” the statement read.
It added, “Oranto Petroleum, as a business model, remains an early explorationist focused on acreage de-risking and later-stage development in collaboration with third-party operators.”
According to the company, it decided in 2025 to suspend further investment in the St Louis and Cayar offshore licences after the Senegalese authorities demanded a $25m bank guarantee in place of the corporate guarantee earlier agreed under the contract.
The firm said the same corporate guarantee had reportedly been accepted for other operators in Senegal.
Oranto Petroleum disclosed that it had already committed more than $45m to the Senegal operations.
“For record purposes, Oranto Petroleum has committed over $45m in Senegal, covering seismic acquisition and interpretation, acreage rentals, social projects and training of Senegalese nationals, as stipulated in the contract,” the statement said.
The group described the revocation as unfair and deliberately targeted, noting that other foreign operators facing operational challenges in Senegal were allowed to continue their activities.
“It is worth mentioning that for reasons best known to the Government of Senegal, Oranto Petroleum has been singled out in this false narrative. This we classify as unfair, unjustified and targeted,” the company stated.
The company reaffirmed its commitment to operating within the rule of law in all jurisdictions where it conducts business.
It also urged the public and investors to disregard what it described as misleading narratives capable of undermining confidence in African investment destinations.