Advertisement

Paddy Adenuga: How I NEARLY bought Chevron Netherlands (long read)

Paddy Adenuga: How I NEARLY bought Chevron Netherlands (long read)
January 30
14:53 2018
Advertisement

All weekend, I re-traced my steps. I called my management team, my directors, my advisory board, and my mentor to understand where we went wrong. Vance Querio told me that it looked like I had fallen in love with Chevron Netherlands and it was time to walk away. I said no way, I was too deep in love and I couldn’t turn back now. I made up my mind that I was going to find the remaining active bidders, coax them into joining me, and leave Chevron with no choice. I called my management team for a meeting on Monday and they were soundly reassured that I was mad. The game was up and here I was, trying to bring back life to Catalan after a deathblow. The show was not over and we were going to be victorious. I left the meeting with a sense of purpose. That night I went on a dinner date and bumped into an older friend of mine, Remi. I had always looked up to Remi. Remi is smart, successful, and highly intelligent. I felt like him and I were very much the same person and that he was me, just twenty or so years down the road. Remi asked me what I was up to with work and why I wasn’t in Lagos running the family business. I coyly changed topics as I didn’t want any Nigerians knowing what I was up to, certainly no one in “high society” or the political elite. Even though Remi was a great guy, I couldn’t take the risk. Chevron Netherlands was my Trojan Horse and it was on a strictly need to know basis. We will get back to Remi later.

The next day I called Jan-Dirk of EBN and told him that I was going to make a USD 50 million re-bid for Chevron Netherlands but this time I wanted to do so with the other bidders as part of a JV. I was going to use all the cash I had agreed with my mentor to go for one final strike. Jan-Dirk at first was unsure that this was possible but when he heard my sense of urgency and willingness to put down cash, he invited me to back to his offices in Utrecht and felt there could be a solution. The next morning, I dashed off to the airport and flew back to Amsterdam. I landed early as I usually do and by this time I had gotten used to the city being on bicycles. I remember pulling up to a red light and seeing twin Dutch toddlers on the back of their mother’s bike waving at me. These Dutch and their bicycles.

I met with Jan-Dirk again and this time he was more forthright and eager to help out. He then dropped a few bombshells on me. First off, EBN, the Dutch state oil company, were an active bidder for Chevron Netherlands and were specifically interested in the oil side. I was shocked. The second bombshell was that they had put in a joint bid with an indigenous Dutch oil & gas producer called Oranje-Nassau Energy (ONE). Thirdly, EBN knew that apart from itself, Catalan and ONE, there was one more active bidder that wasn’t European or African for that matter but had no leads. Jan-Dirk pledged that EBN would join my new JV but that I had to meet the Chairman of ONE, Marcel, to get his buy in. In my presence, Jan-Dirk called Marcel and arranged a lunch meeting in London with Marcel and the managing director of ONE, Alex.

Back in London, I met with Marcel and Alex at a prestigious members club that both Marcel and I were members of. Marcel and I hit it off very well and found that we had a lot of mutual interests in common, more so he knew my mentor and on the strength of that would be happy to enter into a JV with Catalan and EBN. However, Alex, was slightly reticent. Alex, it seemed wasn’t too pleased that I was charming his Chairman right before him and wanted to put the brakes on this budding bromance. If he wasn’t careful this young Nigerian could even end up taking his job if this JV worked out. It then became a battle for control now between Alex and I on the fate of the JV. Alex proposed that the Catalan management team meet EBN and ONE at ONE’s offices in Amsterdam the following week to discuss the structure of this new JV and how we would formally propose to Chevron that we wanted to bid together for Chevron Netherlands. I agreed to this meeting. I would come with full force.

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2018 TheCable. Permission to use quotations from this article is granted subject to appropriate credit being given to www.thecable.ng as the source.

Pages: 1 2 3 4 5 6 7 8

Advertisement

Social Comments

8 Comments

  1. lexy
    lexy January 30, 21:55

    The managing director of Petrogas of Oman was a close friend of his and he knew he was bidding for Chevron Netherlands at the time. If I had told him what I was up to when we saw in London, whilst I was searching for the last bidder, he would have introduced us. I was blown away. There it was that whole time. That mystery last bidder that I had searched so hard for was there for my taking and it passed right by me. This killed it.. Had a lot to learn from your business adventure..

    Reply to this comment
  2. CCIMSSS
    CCIMSSS January 31, 05:38

    Try to think outside the box… must it be Oil& Gas?

    Reply to this comment
  3. Adeleke Oriade
    Adeleke Oriade January 31, 07:41

    Almost almost. Buy it and bring refining to nigeria abeg

    Reply to this comment
  4. nonso
    nonso February 01, 04:31

    Interesting read! More grease to your elbow

    Reply to this comment
  5. Suffi
    Suffi February 01, 12:26

    Great story on Paddy business adventure. It’s really inspiring and i have learnt a lot from this young man. Please post more this type of story on your new board

    Reply to this comment
  6. Capt. Eke
    Capt. Eke February 02, 16:28

    It’s always good to be a good son & a good boy. Keep it up. Also remember the down trodden Nigeria youths who need empowerment and job. Oil & gas business is diversifying, it has the opportunity and a wider range where youths can be involved positively
    I sincerely wish you good luck in your future endeavors in Jesus mighty name-Amen.

    Reply to this comment
  7. @DiasporaBro
    @DiasporaBro February 02, 21:10

    I like this story. If he had succeeded in pulling this through, people will say it is because of his father’s money, without knowing the tenacious efforts Paddy put in! Nice one, Paddy! We live and we learn.

    Reply to this comment
  8. Lyn
    Lyn July 05, 07:28

    I will like to meet you; got host of business ideas.

    Reply to this comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement

Exchange Rates

July 06, 2018USDGBPEUR
INTERBANK360.45492.18420.32
LAGOS362495425
KANO363495423
PH365494423
ABUJA364495423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement