LEKOIL
African-focused independent oil and gas exploration and production company.
Last updated August 26, 2026
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Overview
LEKOIL is an African-focused independent oil and gas company incorporated in the Cayman Islands and operated principally through its Nigerian subsidiary, Lekoil Nigeria. Its business was built around acquiring interests in exploration, appraisal, development, and production assets in Nigeria and offshore Namibia. The company was founded in 2010 by Olalekan “Lekan” Akinyanmi, a Nigerian national and former AllianceBernstein analyst, together with professionals from the finance and oil industries. LEKOIL initially sought opportunities arising from the divestment of Nigerian assets by major international oil companies, although it did not immediately secure a suitable Nigerian transaction. It subsequently obtained interests in offshore Namibian Blocks 2514A and 2514B in the Luderitz Basin and entered into a farm-out arrangement involving OPL 310, an offshore Nigerian licence in the Dahomey-Benin Basin. These assets formed the basis of its 2013 admission to the Alternative Investment Market of the London Stock Exchange. The flotation raised approximately £27 million in net proceeds and gave the company a market capitalisation of approximately £73 million at the placing price. The company later raised additional capital to support drilling and appraisal work on the Ogo prospect within OPL 310. The company expanded its Nigerian portfolio in 2014 by acquiring a 40% interest in the Otakikpo marginal field, located on the onshore OML 11 licence, from Green Energy International. LEKOIL raised additional funds for development of the field. Production testing reported first oil in 2015, followed by continuous commercial production in 2017. The company later outlined drilling and infrastructure plans intended to raise Otakikpo production substantially, with a target range of approximately 15,000 to 20,000 barrels per day stated in 2018 materials. LEKOIL also raised equity in 2015 to acquire a 62% economic interest in Nigerian licence OPL 325. Concerns about the geological potential of the relevant portion of the Dahomey-Benin Basin contributed to later plans to farm down part of that interest. LEKOIL’s most serious corporate crisis occurred in January 2020. The company announced that it had secured a purported US$184 million loan facility from the Qatar Investment Authority to fund appraisal drilling and early development of the Ogo field. Eleven days later, after queries from the purported lender, LEKOIL disclosed that the financing arrangement was fraudulent and that the individuals involved had allegedly created a complex façade to appear to represent the QIA. The company reported approximately US$600,000 in advance fees and legal costs associated with the transaction. The disclosure caused a sharp decline in the company’s share price and intensified existing concerns about its liquidity, funding position, and ability to progress OPL 310. The episode also prompted questions about corporate governance, due diligence, advisers, management changes, and related arrangements involving the founder. Publicly available reference material describes LEKOIL as having interests in Nigeria and offshore Namibia, but does not establish a current operating position, current ownership structure, active website, or present listing status. Its later corporate status therefore requires verification from authoritative corporate, regulatory, or exchange records.
History
LEKOIL was established in 2010 by Olalekan “Lekan” Akinyanmi, a former AllianceBernstein analyst, and colleagues with backgrounds in finance and the petroleum industry. The company was organized in the Cayman Islands but pursued African exploration and production opportunities through its Nigerian operating interests. Its early strategy was to acquire positions in assets that could be developed by a smaller independent company rather than competing directly with the largest international producers. The company initially attempted to participate in Nigerian asset opportunities associated with divestments by Shell and ConocoPhillips. After failing to secure one of those opportunities at first, it obtained interests in offshore Namibia, including Blocks 2514A and 2514B in the Luderitz Basin. It also entered into a farm-out arrangement involving OPL 310, an offshore Nigerian licence in the Dahomey-Benin Basin. OPL 310 and its Ogo prospect became central to LEKOIL’s subsequent exploration and financing plans. In May 2013, LEKOIL joined the Alternative Investment Market of the London Stock Exchange. The flotation was based on the company’s Namibian and Nigerian interests and raised approximately £27 million in net proceeds. At the placing price, the company’s market capitalisation was approximately £73 million. Later in 2013, LEKOIL raised a further US$20 million and US$100 million in separate transactions to support drilling and testing of the Ogo-ST well on OPL 310. At the time of admission, the company’s indirect OPL 310 exposure was described as approximately a 27% economic interest and a 15.43% participating interest. LEKOIL broadened its Nigerian portfolio in May 2014 by acquiring a 40% interest in the Otakikpo marginal field, located on the onshore OML 11 licence, from Green Energy International. The company raised approximately £22 million to help finance development. Production testing at Otakikpo produced first oil in September 2015, and continuous commercial production was reported in 2017. By late 2018, LEKOIL was discussing additional drilling intended to increase output to approximately 15,000–20,000 barrels per day. In 2015, the company raised US$46 million in equity to fund the acquisition of a 62% economic interest in Nigerian licence OPL 325. The licence’s prospectivity was debated, with scepticism reported about the likelihood of sufficiently large discoveries in that part of the Dahomey-Benin Basin. After a technical evaluation report was published in January 2018, LEKOIL said it intended to farm down part of the licence. The company was also reported to have considered a secondary listing on the Nigerian Stock Exchange, potentially in 2022, although the reference material does not establish that such a listing occurred. The company’s finances and governance came under severe pressure in January 2020. On 2 January, LEKOIL announced a US$184 million loan facility purportedly provided by the Qatar Investment Authority. The facility was presented as funding for appraisal drilling and initial development of Ogo. Following questions from the QIA, LEKOIL announced on 13 January that the transaction was fraudulent. According to the company, the individuals involved had constructed an elaborate façade to impersonate QIA representatives. LEKOIL said it had paid approximately US$600,000 to Seawave Invest Limited as an introducer fee and for related legal costs. The disclosure led to a collapse in the company’s share price and raised questions about due diligence by LEKOIL and its professional advisers. The episode occurred alongside legal and financing difficulties connected with OPL 310. Reference material indicated that the company had approximately US$2.7 million in cash after the loss, creating uncertainty around the future of the business and the Ogo project. Management and board changes were also reported around the transaction: Greg Eckersley, who had been acting as interim CFO, left, while Tony Hawkins and former UK minister Mark Simmonds were appointed as non-executive directors. The financing arrangements also included a proposed write-off of a US$1.7 million company loan to founder and chief executive Lekan Akinyanmi and a new bonus plan, adding to governance criticism. The available reference material does not provide a reliable account of LEKOIL’s subsequent ownership, operations, exchange status, or corporate survival. Those matters should be checked against current filings and official company or exchange records before being treated as settled facts.
- 2020
Purported QIA facility exposed as fraudulent
[1]LEKOIL disclosed that a purported US$184 million Qatar Investment Authority financing arrangement was fraudulent.
- 2017
Otakikpo commercial production
[1]Continuous commercial production was reported from the Otakikpo field.
- 2015
Otakikpo first oil testing
[1]LEKOIL reported first oil from production testing at Otakikpo.
- 2014
Acquisition of Otakikpo interest
[1]The company acquired a 40% interest in the Otakikpo marginal field on Nigeria’s OML 11 licence.
- 2013
Admission to London AIM
[1]LEKOIL listed on the Alternative Investment Market of the London Stock Exchange, raising approximately £27 million in net proceeds.
- 2010
Company founded
[1]Olalekan Akinyanmi and professionals from the finance and oil industries founded LEKOIL.
Products and positioning
African-focused independent oil and gas exploration and production company with an emphasis on Nigerian assets and regional growth.
Hydrocarbon production
Crude oil
Crude oil was the company’s principal produced commodity, associated particularly with development of the Otakikpo marginal field in Nigeria. LEKOIL’s business model involved acquiring interests in petroleum licences, funding appraisal and development work, and seeking commercial production from discovered or prospective resources.
Hydrocarbon production
Natural gas
Natural gas formed part of LEKOIL’s broader oil and gas exploration and production portfolio. The available reference material does not identify a distinct branded gas product or provide confirmed current production volumes.
Exploration and development asset
Ogo field
The Ogo field or prospect within OPL 310 was a core Nigerian exploration and appraisal asset. LEKOIL raised capital for drilling and testing and later sought major financing for appraisal drilling and initial development. The project’s future became uncertain after the fraudulent financing episode disclosed in 2020.
Oil production asset · 2014
Otakikpo marginal field
Otakikpo is a Nigerian marginal-field development in which LEKOIL acquired a 40% interest in 2014. The company reported first oil from production testing in 2015 and continuous commercial production in 2017. Later plans contemplated further drilling and production expansion.
Controversies
2020
Fraudulent purported Qatar Investment Authority financing
LEKOIL announced a US$184 million loan facility said to be backed by the Qatar Investment Authority, then disclosed eleven days later that the arrangement was fraudulent. The company said individuals had impersonated QIA representatives and reported approximately US$600,000 in advance payments and legal costs. The incident triggered a severe share-price decline and raised governance and due-diligence questions.
Brand decisions
2020
Disclosure and termination of purported QIA financingOtherBackground
LEKOIL had announced a US$184 million facility for Ogo appraisal and development, but the purported lender questioned the transaction.
Action taken
The company disclosed that the financing was fraudulent, reported approximately US$600,000 in related losses, and faced intensified funding and governance scrutiny.
Aftermath
The share price collapsed, management changes followed, and the future of the company and Ogo project became uncertain.
Reported loss from fraudulent transaction. Approximately US$600,000 in advance payments and legal costs (January 2020)
2018
Planned farm-down of OPL 325StrategyBackground
A technical evaluation and continuing debate about the licence’s exploration potential affected the company’s approach to OPL 325.
Action taken
LEKOIL announced an intention to farm down part of its interest in the Nigerian licence.
Aftermath
The available reference material does not confirm whether a farm-down was completed.
2014
Expansion into Nigerian marginal-field productionStrategyBackground
LEKOIL sought to complement higher-risk exploration interests with a Nigerian development and production asset.
Action taken
The company acquired a 40% interest in the Otakikpo marginal field and raised funds for its development.
Aftermath
Production testing began producing first oil in 2015, followed by reported continuous commercial production in 2017.
Development financing. Approximately £22 million raised (2014)
2013
Public-market funding through AIM listingStrategyBackground
LEKOIL needed capital to advance its Nigerian and Namibian exploration portfolio, including OPL 310.
Action taken
The company listed on the London Stock Exchange’s Alternative Investment Market and raised approximately £27 million in net proceeds.
Aftermath
The listing provided funds for drilling and was followed by additional capital raises later in 2013.
Net proceeds. Approximately £27 million raised (May 2013)
Sources2 sources
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