• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 3 hours Oil prices going down
  • 5 hours Oil and Trade War
  • 18 hours Two Koreas Agree To March Together At Asian Games
  • 5 hours When will oil demand start declining due to EVs?
  • 7 hours Sell out now or hold on?
  • 10 hours Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 8 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 5 hours venezuala oil crisis
  • 4 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 3 hours What If Canada Had Wind and Not Oilsands?
  • 3 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 9 hours Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 5 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 1 hour The Wonderful U.S. Oil Trade Deficit with Canada
  • 18 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 15 hours Trump Renews Attack On OPEC Ahead Of Group's Production Meeting
EV Makers Receive Little Support From Trump

EV Makers Receive Little Support From Trump

Electric vehicle makers find themselves…

Can U.S. Shale And OPEC Find Common Ground?

Can U.S. Shale And OPEC Find Common Ground?

OPEC and U.S. shale have…

Investments In Nigerian Oil Played Part In Becker’s Bankruptcy

Boris

Unsuccessful investments in the Nigerian oil industry may have had a part to play in tennis legend Boris Becker’s recent bankruptcy, according to documents from the sports whistleblowing website Football Leaks, cited by German magazine Der Spiegel.

The Telegraph quotes Spiegel as reporting that at one point in time, Becker considered a single investment of over US$10 million in the Nigerian oil industry. However, Spiegel does not say whether the investment was indeed made and if yes, whether it was successful. Other documents, however, including emails from Doyen Global – the sports management agency that represented Becker for a while a few years ago – reveal that the tennis star had extensive interests in Nigerian oil.

Although no specific details about these interests were revealed, the magazine said that the internal Doyen documents also revealed Becker had met with Lakshmi Mittal, the head of the ArcelorMittal steel concern as well as Ghana’s President at the time, in 2013, to apparently “open doors” for Doyen.

Boris Becker was declared bankrupt by a London court last month, over debts to private bank Arbuthnot Latham & Co. His assets were estimated at US$130 million (100 million pounds) and will now be distributed among his creditors. Becker has been plagued by what may be seen as bad financial luck or maybe evidence that, as his lawyer told the bankruptcy court last month, “He is not a sophisticated individual when it comes to finances.”

Nigeria was among the hardest hit oil producers in the 2014 price crash. On top of dwindling oil revenues, it has had to deal with a series of militant attacks on oil infrastructure in the Niger Delta that crippled its output. Now the problem with the militants seems to be largely resolved, with government pledges for more investments in the wellbeing of the Delta communities. Prices have stabilized, although at levels much lower than in 2013. It’s likely Becker was not the only one who lost money from Nigerian oil investments.

By Irina Slav for Oilprice.co

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News