Senegal Revokes Nigerian Billionaire Arthur Eze’s 18-Year-Old Offshore Oil Licence in Major Regulatory Crackdown

In a decisive move underscoring Senegal’s renewed push for accountability in its energy sector, authorities have revoked the offshore exploration licence held by Atlas Oranto Petroleum Limited, the upstream oil and gas company founded by prominent Nigerian billionaire and oil magnate, Prince Arthur Eze.

The Cayar Offshore Shallow (COS) exploration licence, awarded to Atlas Oranto in 2008 and held for approximately 18 years despite several extensions, was formally withdrawn in September 2025 by Senegal’s Ministry of Energy and Petroleum under the supervision of Minister Birame Souleye Diop. Officials cited the company’s repeated failure to meet financial and operational commitments, including the provision of required bank guarantees and meaningful exploration activity.

The block spans about 3,600 square kilometres north of the Dakar peninsula and is regarded as oil-prone, with seismic surveys having identified several leads. However, no wells have been drilled to date, and industry reports confirm minimal seismic or drilling progress throughout the licence period.

A senior ministry official framed the revocation as part of a broader policy: “Senegal is reclaiming control to ensure petroleum rights lead to real investment, drilling, and production, rather than speculative holding.” This aligns with President Bassirou Diomaye Faye’s administration’s commitment to stricter compliance, enforceable timelines, and rapid monetisation of hydrocarbon resources amid growing pressure on African governments to convert legacy licences into tangible economic benefits.

The decision reflects a continent-wide trend among producers to reassess underutilised oil and gas acreage from earlier exploration cycles, prioritising delivery over speculative holding.

Arthur Eze and Atlas Oranto’s Regional Footprint

Prince Arthur Eze, a Nigerian billionaire businessman, philanthropist, and pro-chancellor of Peaceland University, founded Atlas Oranto Petroleum as a privately owned upstream player with interests across Africa. While the company maintains operations elsewhere, the Senegalese revocation has spotlighted its execution record in the region.

Just weeks earlier in September 2025, Liberia’s Petroleum Regulatory Authority signed four production-sharing contracts (PSCs) with Atlas Oranto for offshore blocks LB-15, LB-16, LB-22, and LB-24 in the Liberian Basin. The deals reportedly include a signature bonus of between $12 million and $15 million and proposed investments exceeding $200 million per block, aimed at reviving Liberia’s largely dormant petroleum sector.

However, the Liberian agreements faced immediate pushback from lawmakers, civil society groups such as the Economic Empowerment of Citizens Advocacy Forum and STAND, and figures like Gbarpolu County Senator Amara Konneh. Critics raised alarms over transparency, the company’s financial delivery capacity, environmental risks in deep-water environments, and the structuring of signature bonuses via instalments, which they argue weakens enforcement incentives. The Senegalese action has intensified scrutiny, with some now questioning the prudence of the Liberian deals given the firm’s track record.

Implications for Nigerian Investors and Africa’s Oil Sector

This development sends a clear message to Nigerian and other African investors: host governments are increasingly intolerant of stalled licences. Under Faye’s leadership, Senegal is tightening screening of rights holders and demanding proof of commitment through bank guarantees and actual work programmes.

For Nigeria’s oil entrepreneurs eyeing expansion across the continent, the revocation highlights the importance of robust financial backing and timely execution to avoid similar setbacks. It also underscores shifting dynamics in West Africa’s energy landscape, where nations are moving aggressively to attract serious players capable of driving production and revenue.

As Senegal reclaims the Cayar acreage for potential re-tendering or partnership with more active operators, industry watchers will monitor whether Atlas Oranto addresses the concerns raised in Liberia and other jurisdictions. For now, the revocation marks another step in Africa’s broader effort to ensure petroleum resources benefit citizens through genuine investment rather than dormant holdings.